We’re excited to announce that we’ve partnered with PancakeSwap to create two key liquidity pools for stkBNB and PSTAKE, allowing users to easily swap using the trading pairs and earn LP rewards.
PancakeSwap is the largest DEX (and leading protocol) on BNB Chain, allowing users to swap, farm, participate in lotteries, and more. It currently has 2.3M+ users, $3.2B in TVL (Total Value Locked), and 56%+ network dominance.
The pSTAKE team will be launching two liquidity pools on Pancakeswap from the get-go:
- stkBNB/BNB: This pool is also critical for PSTAKE users to be able to swap out of stkBNB whenever they want (instead of waiting for the 15-day unstaking period). It’s also an important base for many further integrations in the BNB Ecosystem, where automated strategies rely on being able to easily swap stkBNB with low slippage.
- PSTAKE/BUSD: This pool provides BSC Chain users with the option to purchase the PSTAKE token on BNB Chain while also making PSTAKE tokens distributed to BNB Chain protocol users tradeable on the network. With BUSD being a widely used stablecoin across the ecosystem, the PSTAKE/BUSD pair will ensure easy trading routes.
Users will be able to trade both the pairs, and provide liquidity to the pairs to get LP tokens.
LP & Staking Rewards
A proposal is live on the PancakeSwap forum and, if passed, it will allow users to provide liquidity to receive LP (liquidity provider) tokens, which can be staked within stkBNB/BNB and PSTAKE/BUSD farms to earn rewards in CAKE.
Also included in the proposal is the ability for CAKE holders to stake their tokens in the PSTAKE syrup pool to earn PSTAKE tokens as rewards.
Liquidity farms will go live on PancakeSwap the day after the stkBNB mainnet launch: Tuesday, August 9, 2022.
pSTAKE is looking forward to continuing to build our relationship with the PancakeSwap team and to exploring further integrations and collaboration.
Launched in September 2020, PancakeSwap is the leading DEX (decentralized exchange) on the BNB Chain network that allows for permissionless token swaps, yield-farming, staking, perpetuals trading, lotteries, NFT trading, and more.
The protocol is best known for its optimal user experience and breakfast-themed products, in addition to offering various DeFi products under one roof.
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.