Six weeks since its launch on BNB Chain, liquid staking protocol Stader Labs has seen tremendous growth in TVL, staked BNB, partnerships and more.
Liquid Staking With Stader Labs on BNB Chain
Since its launch on BNB Chain on Aug. 5, the liquid staking solution from Stader Labs has seen tremendous growth, including a surge in the amount of staked BNB, partnerships with seven decentralized finance protocols, integrations with several wallets, and much more.
Founded in 2021, Stader Labs is a non-custodial smart contract-based staking platform that is currently deployed on BNB Chain, Fantom, Hedera, Near, Polygon and Terra 2.0.
Since the BNB Chain launch, more than 1,3000 users have staked $BNB via Stader. Almost immediately upon launch, Stader’s Total Value Locked (TVL) rocketed to $3 million, and it has risen steadily since then.
According to data from Dune Analytics, the project’s TVL on BNB Chain stood at $12.1 million as of publication. Further, 39,434 $BNB (valued at $10.7 million) were staked with Stader.
To ensure its continued success, within six weeks of its deployment on BNB Chain, Stader has partnered with seven Decentralized Finance (DeFi) projects native to BNB Chain. The various partnerships have one thing in common – to provide users with access to more DeFi-based opportunities where they earn additional yields on top of their staking APYs.
Stader has integrated with a variety of wallets since its launch on BNB Chain to ensure that a wide range of users have access to its service offerings. That includes MetaMask, Binance Wallet, Trust Wallet (via WalletConnect), Safepal Wallet, Coin98, Coinbase Wallet, and Ledger (via WalletConnect).
As stated above, Stader Labs is currently deployed on six different chains, with BNB Chain being the most recent.
In the latest edition of its fortnightly update, published on Sept. 18, Stader confirmed that its total TVL across all chains is $100 million. Although its the newest deployment, Stader’s TVL on BNB Chain alone was $11.2 million, putting it above Near ($9.4 million), Terra ($9.1 million), and Fantom ($9.1 million).
Further, save for its pools on Hedera, Stader’s BNBx/BNB pools on platforms such as OpenLeverage, DeltaTheta, and Wombat Exchange offer the highest yields among all chains, per the report.
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, BNB Chain, NEAR, Terra 2.0 and Fantom blockchains. Stader plans to extend its support to Solana, Ethereum and Avalanche 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
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