In February, Binance expanded the use cases of its wallet by completing the integration of 24 new dApps into the Binance Web3 Wallet. Users can now interact with and utilize these applications, including a restaking protocol for Ethereum.
Many of the recently integrated applications are related to inscription markets across various chains, such as POLS Market on the Polygon chain, FRC20 Market on the Fantom chain, and zks Market on the zkSync rollup. Others have a multicloud scope, allowing for the trading of BRC-20, ERC-20, and other standard inscriptions across multiple networks simultaneously. XRC Market, EVMs, and EVM Ink are some examples.
The Binance wallet also includes new financial services. Owlto Finance, for instance, allows for the use of a bridge between rollups to transfer tokens from one layer to another, a solution eagerly awaited by users.
Additionally, there are new decentralized trading services and perpetual futures decentralized exchanges (DEX), such as UXUY, KiloEx, and SynFutures. To use these dApps, users need to create an account on Binance and fund the web3 wallet from their account.
One of the most striking dApps is Swell Network, a liquid restaking protocol for decentralized finance (DeFi). With it, users can perform traditional Ethereum staking or restake to secure some of EigenLayer’s validated services, yielding extra benefits. Restaking rewards are delivered in rswETH, Swell’s native token.
Restaking is an expanded form of staking offered as a service by third parties like Swell Network or EigenLayer. It allows users to utilize the same coins, for example, staked in Ethereum, to secure another network, earning increased annual interest or benefit.
Furthermore, restaking can be highly beneficial for newly created networks or protocols using the Proof-of-Stake consensus mechanism, as they can capitalize and protect themselves through a more secure network like Ethereum.
According to analysts from investment management firm VanEck, restaking or Ethereum’s SaaS (security as a service) entails utilizing ETH value both inside and outside Ethereum to secure applications, protocols, and ecosystems. This includes backing entities like oracles, sequencers, validators, bridges, contractual agreements, and perhaps undiscovered entities.
However, analysts also note that it’s a burgeoning and uncertain use case for ETH that’s difficult to predict.