The proposal would bring 12 million PSTAKE tokens to PancakeSwap, Alpaca Finance and other platforms.
New DeFi Product on BNB Chain
Liquid staking platform pSTAKE Finance announced a proposal to allocate 12 million $PSTAKE to promote the project’s expansion to 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.
Depending on the platform, the tokens will be used to create pools, trading pairs and/or yield farms. Other integrations under consideration include Beefy Finance, Wombat Exchange and Venus Protocol.
When you deposit native assets into pSTAKE, you receive pTOKEN in return (i.e. BNB ⇒ pBNB) that can be staked to receive stkTOKEN (i.e. pBNB ⇒ stkBNB).
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
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