Binance staked ETH
Best for independently tracked protocol
How it rates
- Audit report linked from a public dataset
- TVL of $7,120m recorded independently
- No accounting methodology published at this check
Each indicator scores 2, 1 or 0. A pillar is the points earned over the points available; the overall score is the weighted sum. Every source below is public — check any of them yourself.
- MetIndependent audit report linked publicly
Audit report linked from the public protocol dataset.
github.com/peckshield/publications/blob/master/audit_reports/PeckShield- - Met
- MetTracked by an independent analytics platform
Listed with published TVL and history.
defillama.com/protocol/binance-staked-eth - Not metAccounting methodology published in the dataset
No methodology published at this check.
defillama.com/protocol/binance-staked-eth - MetApplication reachable at a public address
Reachable without an account at this check.
www.binance.com/en/wbeth
- MetApplication reachable without an account
Reachable without an account at this check.
www.binance.com/en/wbeth - MetProtocol economics published independently
TVL and change history published.
defillama.com/protocol/binance-staked-eth - Not metAccounting methodology published
Not published at this check.
defillama.com/protocol/binance-staked-eth - PartialFee or reward model documented publicly
Application reachable for review; specific rates not captured at this check.
www.binance.com/en/wbeth - MetNo account required to reach the application
Reachable without an account at this check.
www.binance.com/en/wbeth
- MetTotal value locked published independently
TVL $7,120m at this check.
defillama.com/protocol/binance-staked-eth - Met
- Met
- Met
- MetListed on the dataset for over a year
Listing date recorded in the dataset.
defillama.com/protocol/binance-staked-eth
- MetIndependent analytics page published
Public protocol page with history.
defillama.com/protocol/binance-staked-eth - MetAudit documentation linked
Linked publicly.
github.com/peckshield/publications/blob/master/audit_reports/PeckShield- - MetChains and category disclosed
Category Liquid Staking, 2 chain(s).
defillama.com/protocol/binance-staked-eth - Met
- Not met
- Met
- Met
- MetAudit links reachable
Linked publicly.
github.com/peckshield/publications/blob/master/audit_reports/PeckShield- - Not met
- Met
An exchange-operated liquid staking product holding $7.12bn across two chains, with published audits and exchange custody of the underlying.
Our assessment
Binance Staked ETH holds $7.12bn across two chains with two audits and reports linked — the second-largest staking position in this comparison. The distinction from every protocol above it is that the counterparty is an exchange rather than a set of contracts.
Custodial staking is a different instrument
With a protocol, the underlying ETH sits in contracts you can inspect and the risk is code. Here the exchange holds the assets, runs the validators and issues the derivative — the risk is the exchange's solvency, its operational integrity and its regulatory position. Those are the questions to ask, not which auditor reviewed which contract.
The convenience is genuine
For someone whose assets already sit on the exchange, this removes every friction: no wallet, no gas, no bridging, no unbonding queue to manage. That is why it holds billions, and it is a legitimate reason to choose it if you already accept exchange custody.
Concentration on top of concentration
A very large staking position operated by a single exchange raises the same validator-concentration concern as Lido, with a corporate rather than a governance structure behind it. Anyone considering Ethereum's decentralisation as part of their decision should weigh that explicitly.
Who it suits
Binance Staked ETH fits users already holding on the exchange who want frictionless staking and accept exchange counterparty risk. Users who want non-custodial staking should use Lido, Rocket Pool or StakeWise.
How rivals compare
Frequently asked
Does this score mean Binance staked ETH is safe?
No. It measures what an outsider can verify: linked audits, published methodology and independently recorded market data. Contract risk is not tested by us.
Where do the TVL and audit figures come from?
A public analytics dataset queried at the verification date, plus the audit reports it links. Both are re-runnable by anyone.
Why do some protocols score zero on audits?
Because no audit report is linked in the public record. The indicator records what a user can reach, not a claim that no audit exists.