Protocol Upgrade Compatibility Review: Binance staked ETH

Target Protocol : Binance staked ETH (TVL: $8731.9M)

Protocol Upgrade Compatibility Review – Binance Staked ETH (BETH)

TVL: ≈ $8.73 B (Ethereum + L2)

Prepared by: [Your Firm] – Senior DeFi Security Research & Auditing Team

Date: 24 Oct 2026

1. Executive Summary

Binance Staked ETH (BETH) is the liquid‑staking token issued by Binance for ETH that has been deposited into the Ethereum consensus layer via Binance’s validator infrastructure. The protocol consists of three on‑chain components:

Component Contract Primary Role

BETH Token BETH (ERC‑20) Mint/burn representation of staked ETH

Staking Manager StakingManager (proxy) Coordinates validator deposits, reward distribution, and withdrawal requests

Upgrade Controller UpgradeGovernor (Timelock + Multisig) Governs upgrades to the proxy implementation and critical parameters

The upgrade compatibility review focuses on the ability to safely upgrade the implementation contracts while…