The proposal would bring 12 million PSTAKE tokens to PancakeSwap, Alpaca Finance and other platforms.
New DeFi Product on BNB Chain
Depending on the outcome of the governance vote, the tokens from the project’s Community Development and Incentive Fund would be bridged from Ethereum to BNB Chain to boost the adoption of stkBNB.
The tokens have a value of about $2.4 million. As of publication, the vote was 99% in favor of the proposal.
The proposed $PSTAKE allocation to different BNB Chain platforms is as follows:
PancakeSwap (DEX) – 4 million $PSTAKE for 60 days.
Alpaca Finance (Leveraged Yield Farming) – 4 million $PSTAKE for 60 days.
Others (TBD) – 4 million $PSTAKE for 60 days.
The platform’s Stake LP feature allows stkTOKEN to participate in other DeFi products and receive rewards.
The project is on the Cosmos-based Persistence blockchain.
This proposal, which is wholly targeted to expand and develop the stkBNB product, could open up many new opportunities for interaction between BNB Chain and Cosmos.
What Is pSTAKE Finance:
pSTAKE Finance is a liquid staking solution built on the Persistence blockchain in the Cosmos ecosystem. Unlike conventional liquid staking models, pStake currently uses a dual token model that allows users to use capital more efficiently with $PSTAKE as the main governance token of the project.
Where to find pSTAKE Finance:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.