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Eth 2.0 staking (BETH) rewards are too low - update

Binance

Cryptocoins Exchanges / Binance 224 Views

I posted this previously and still haven't gotten satisfactory reply from the customer service. When I asked the binance customer service rep, she told me that

Me:

"I see that the rewards for ETH 2.0 staking have dropped dramatically. https://launchpad.ethereum.org/en/ - says current APR is 5.5%. But I am getting only 4.7%. Aren't 100% of onchain rewards distributed to stakers? That is what binance originally said"

CS rep:

"The APY is subject to change daily without notice as the price of the ETH is also fluctuating in the market place.

"Once the ETH coin price is dropping the APY received also drops". (What ???!!! Facepalm )

"The ETH staked is converted and received in BETH but the APY percentage that you are supposed to received is calculated based on the market price. The percentage will change once the price for ETH is changing, You will still receive BETH in your account but the percentage is calculated for ETH as that is the coin staked, and not for BETH the coin received."

So the staking rewards are based on the fiat price of ETH???!!!

submitted by /u/acemachine123
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