Abstract
Recently, Binance's Earn team at Curve.fi launched a proposal to add $wBETH to the gauge controller, a move that will enable the distribution of gauge weights, which its users can use to mint $CRV.
The Supremacy research team is committed to exploring cutting-edge projects and building a secure and stable ecosystem. Considering the importance of the ecosystem security of Curve.fi and Binance, we decided to perform a centralized risk assessment of $wBETH.
This report is not intended to be used as any financial advice.
Introduction
Wrapped BETH ("WBETH") is a special kind of BETH, and is a token created by depositing BETH into the BETH wrapper. Each WBETH represents 1 BETH (1:1 to staked ETH) plus all of its accrued ETH2.0 staking rewards starting from when WBETH's conversion rate was initialized at 1:1 on 27 Apr 2023 00:00 (UTC+0).