Binance adds restaking and other applications to its web3 wallet


Key facts:
  • In total, there were 24 integrated applications.

  • The Binance wallet serves as a bridge between the exchange and Web3.

Binance expanded its wallet use cases in February by completing the integration of 24 new dApps into the Binance Web3 Wallet. From now on, users will be able to interact and use these applications. Among them, an Ethereum restaking protocol stands out.

A good number of the newly integrated applications are related to registration markets in various chainssuch as POLS Market, in the Polygon chain, or FRC20 Market, in the Fantom chain and zks Market, in the zkSync rollup.

Other applications have a multi-chain scope, that is, they allow the commercialization of BRC-20, ERC-20 registrations and other standards on various networks simultaneously. XRC Market, EVMs, EVM Ink are some of these. DApps like IERC 20 or BIIS expand and extend the registration protocols on Ethereum and Bitcoin, respectively.

Binance’s web3 wallet expands its usefulness by integrating new dApps. Source: Binance

Among the new applications integrated into the Binance wallet, other financial services stand out. Owlto Finance, for example, allows you to use a bridge between rollups to pass tokens from a second layer to another, a solution expected by users and which is very useful.

The Binance wallet also has new decentralized trading services, such as UXUY, and perpetual futures decentralized exchanges (DEX) such as KiloEx and SynFutures. To use these dApps, you must create an account on Binance and found the web3 wallet from your account.

Perhaps the most striking dApp of all is Swell Network, a liquid staking protocol for decentralized finance (DeFi). With it, users will be able to do traditional Ethereum staking, or restaking to secure one of EigenLayer’s validated services, which provides extra benefits. Restaking rewards are delivered in rswETH, Swell’s native token.

What is restaking?

Restaking is an expanded form of staking that is offered as a mechanism or service by a third party, such as Swell Network or EigenLayer.

This mechanism allows the same coins to be used, for example, in staking on Ethereum to secure a network with them, receiving an increased annual interest or benefit.

Restaking serves to secure other networks and protocols. Source: Founderz.com

In addition, restaking can be very useful for newly created networks or protocols that use the consensus mechanism. Proof-of-Stake, since they can be capitalized and protected through a more secure network like Ethereum.

According to analysts at investment management company VanEck, restaking or Ethereum’s SaaS (security as a service) consist of the following:

Conceptually, ETH value can be used both inside and outside of Ethereum to secure applications, protocols, and ecosystems. Using projects like EigenLayer, ETH can be used to support entities such as oracles, sequencers, validators, bridges, contractual agreements, and perhaps novel entities yet to be discovered.

VanEck, investment manager.

The same analysts clarify that this is a “flourishing and uncertain use case for ETH that is difficult to predict.”

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