With $BNBx, users get more rewards by staking BNB coins on Stader Labs.
Liquid staking on BNB
Multi-chain staking protocol Stader Labs is giving the public access to liquid staking on BNB Chain through beta testing of its integration with BNB.
Further to its launch of liquid staking on BNB, Stader said that it would also launch a liquid token called $BNBx. When users stake $BNB, BNBx tokens are minted, which can then be deployed on other DeFi protocols to earn more yields.
The BNBx token can be used to borrow stablecoins which can be staked to earn more rewards. The collateralized $BNBx will also earn more rewards. Further, upon launch, $BNBx can be used as collateral to borrow any other BEP-20 token from a lending/borrowing protocol. The borrowed tokens can then be swapped for more BNB tokens which can be staked to mint more $BNBx.
For more information on Stader’s plans for 2022, read this Medium post.
Today, Tuesday July 19 at 7 p.m. UTC, Stader is joining BSC News for a Twitter Spaces AMA.
What is Stader Labs?
Stader Labs was founded in April 2021 by Amitej Gajjala, Sidhartha Doddipalli, and Dheeraj Borra. It specializes in cryptocurrency stake management. Stader plans to use decentralized financial protocols and applications to manage stakes efficiently on public blockchain networks. Currently, the company’s staking product is available on Hedera, Polygon, and Fantom blockchains. Stader plans to extend its support to Solana, Ethereum, Cosmos, Near, and BNB Chain soon.
Stader Labs raised $12.5 million this January in a strategic private sale, raising their valuation to $450 million. Stader Labs is backed by Pantera Capital, Coinbase Ventures, Jump Capital, Accomplice, Accel, Huobi Ventures, Hypersphere, and True Ventures, among others.
Where to find Stader Labs:
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.