pSTAKE Launching stkBNB to Unlock a New Wave of Liquidity for BNB Chain

stkBNB will encourage broader participation in BNB ecosystem, enabling new use cases and opportunities for BNB community.

SINGAPORE, SINGAPORE / ACCESSWIRE / August 8, 2022 / pSTAKE, the protocol unlocking liquidity for staked assets, is launching stkBNB to enable enhanced liquid staking functionality for the BNB community and help supercharge the growth of the BNB Chain ecosystem.

Liquid staking opens the door to a range of new opportunities and use cases for participants in the BNB ecosystem, providing the best of both worlds around yield generation and utility. With stkBNB, users will be able to stake their native BNB tokens via the pSTAKE app while simultaneously receiving/minting stkBNB, its liquid staked representative asset.

This will allow users to double up on their yield opportunities, earning auto-compounded staking rewards generated by their native assets staked on-chain while simultaneously using their stkBNB throughout the broader BNB Chain ecosystem. Throughout the runup to launch, pSTAKE has been supported by Binance Labs, both as an investor and strategic partner, working towards the mutual goal of bringing additional DeFi innovation into the BNB Chain ecosystem.

stkBNB will be directly minted as a BEP-20 token on the BNB Chain and will offer seamless integration with dApps in the ecosystem. Its issuance follows an exchange rate model, meaning the value of stkBNB will keep increasing against BNB as the BNB staked through pSTAKE continues accruing staking rewards in the background.

Compared to traditional staking models that tie up liquidity, pSTAKE’s BNB liquid staking solution enables instant liquidity on BNB staking positions, which is then free to flow into the BNB Chain DeFi ecosystem as users seek additional use cases and yield generation opportunities using their stkBNB. This will incentivize both new and existing BNB holders/users to increase their participation in the broader BNB ecosystem, which means a higher staking ratio and a stronger network.

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Users staking via pSTAKE will receive instant liquidity on their positions in the form of stkBNB, which they are free to utilize, trade, or hold at will. This flexibility provides a staking experience unmatched by traditional solutions and overcomes a major area of concern for potential stakers: illiquidity of capital. Users can also opt to bypass the traditional 7-day unbonding period when unstaking BNB by trading their stkBNB for another asset at any time.

pSTAKE’s low barrier to entry, which allows users to stake any non-zero amount of BNB, has the potential to attract more active participants and accelerate growth of the ecosystem. As stkBNB demand and adoption increases, it will encourage further innovation and development from BNB Chain DeFi applications looking to capitalize on the interest by providing even further utility.

The launch of stkBNB will see users directly benefit from increased opportunities and rewards, while at the same time driving higher activity and liquidity to DeFi protocols from new and existing users. The end result will be a more secure and robust BNB network; a win-win situation that will lay the groundwork for users, DeFi protocols, and the BNB ecosystem at large to thrive.

Security has always been a front-of-mind concern in pSTAKE’s approach to building products, and stkBNB is no different. Leading up to the launch the product has been rigorously stress tested, including audits by leading industry security firms including Peckshield and Halborn for auditing smart contracts and Forta for on-chain tracking. The stkBNB codebase is also in the process of being formally verified by Certora, and pSTAKE has partnered with Immunefi for a bug bounty program that rewards white-hat hackers for any bugs they find and report.

In the weeks following the mainnet launch, stkBNB holders will be able to participate in DeFi protocols. stkBNB aims to increase adoption in the BNB DeFi ecosystem and is enabling integration opportunities with some of the largest protocols in the BNB ecosystem, including PancakeSwap, Alpaca Finance, and more.

About pSTAKE

pSTAKE is a Liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore yield opportunities across DeFi. At present, pSTAKE supports Cosmos ($ATOM), Persistence ($XPRT), and Ethereum ($ETH) networks’ native tokens with BNB staking going live on 8th August 2022, with a view to support more chains and assets in the future.

Media Contact:

Dan Spencer
Dan@energentmedia.net

SOURCE: pSTAKE

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