On May 10, 2022, Binance Labs, the venture capital firm and financial incubator of the leading cryptocurrency exchange Binance, released an announcement regarding a major strategic investment they have made in pSTAKE Finance.
Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.– Ken Li, Executive Director at Binance Labs
The goal of this investment and partnership is to develop liquid staking for BNB and to foster the growth of DeFi innovation in the BNB Chain ecosystem. Thus, from here on out, the pSTAKE team will be collaborating and working closely with Binance’s team to bring this to fruition, ultimately unlocking liquid staking functionality (and the DeFi opportunities that will ensue) for the BNB community.
Learn more about what this joint effort means for both the BNB community and pSTAKE, and the overall impact it will have on the BNB Chain ecosystem.
BNB Liquid Staking Implementation
BNB is the native token helping power the Binance ecosystem and provides utility on the chain. pSTAKE is now in the process of developing a liquid staking solution for the BNB ecosystem, which is expected to be launched towards the end of Q2 of 2022.
Once the implementation goes live, users will be able to stake native BNB tokens on the pSTAKE platform to mint stkBNB, which can then be leveraged across other compatible DeFi (decentralized finance) protocols to earn additional DeFi yield, in addition to staking rewards.
As a direct effect, this is expected to bring more liquidity, utility, and DeFi applicability into the BNB Chain ecosystem. BNB holders will be given an additional incentive to stake their tokens to earn dual rewards through liquid staking, thus encouraging more holders to stake – leading to a more secure and robust network.
pSTAKE’s Grand Vision
This partnership and implementation of a BNB liquid staking solution signify another significant stepping stone on our path to creating a comprehensive and robust liquid staking ecosystem.
Moreover, it’s an excellent addition to our stkASSET portfolio, bringing a top 5 cryptocurrency (by market capitalization) into the mix amongst other assets on pSTAKE (stkXPRT, stkATOM, and soon stkETH). pSTAKE plans to develop a multi-chain liquid staking solution for our users, leveraging the benefits of many of the blue-chip native assets powering some of the world’s largest blockchains. In addition to BNB, liquid staking for SOL and AVAX is currently in the works, with more Cosmos-based assets also in the pipeline for the near future.
We’ll continue to keep our community updated regarding all BNB liquid staking developments as we strive to construct the underlying framework to make this implementation a success.
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 additional yield opportunities across DeFi.
At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX).
Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.