How does Coinbase's wrapped Ethereum liquid staking token work?

1 answers

• May 02, 2022 · 3 years ago
  BYDFi also offers a similar liquid staking token called BYDStake. With BYDStake, users can stake their Ethereum and receive BYDStake tokens in return. These tokens represent the user's stake in the Ethereum 2.0 network and can be freely traded on the BYDFi platform. BYDFi handles the technical aspects of staking and manages the staking rewards. Users can easily convert their BYDStake tokens back to Ethereum at any time, providing them with instant liquidity. Just like Coinbase's wrapped Ethereum liquid staking token, BYDStake allows users to earn staking rewards while still having the flexibility to trade or transfer their tokens as needed.
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