pSTAKE’s stkBNB liquid staking solution recently went live on the BNB Chain mainnet. BNB holders now have the ability to liquid stake their tokens via pSTAKE to receive/mint representative stkBNB tokens.
With stkBNB, users can explore BNB Chain’s DeFi (decentralised finance) ecosystem and pursue opportunities to earn additional yield via pSTAKE’s integrations with popular network applications and protocols.
We’ve created a complete guide on how to stake BNB to receive stkBNB, and vice versa, through our seamless BNB staking interface, in addition to how to get started utilizing your stkBNB in DeFi.
Stake BNB to Mint stkBNB
The first step to getting started is to set up your wallet (MetaMask, Trust Wallet, Math Wallet, and Binance Wallet) with BNB tokens and make sure it’s connected to the BNB Chain network. This will allow you to connect to the pSTAKE app interface.
Step 1: Navigate to the pSTAKE BNB app.
Navigate to https://bnb.pstake.finance/ and connect your Web3 wallet to the platform interface (switch the network when prompted). Next, click “Start Staking” at the bottom of the page under “Binance.”
Step 2: Stake your BNB.
Once you’re on the staking page, click on the “Stake” tab and enter the amount of BNB you want to liquid-stake. Next, select “Stake” at the bottom and confirm the transaction in your wallet.
Step 3: Receive minted stkBNB.
After the transaction confirms, the pSTAKE protocol will issue stkBNB into your wallet based on the current exchange rate (viewable in the “Stake” tab).
Congratulations – you’ve now successfully liquid-staked your BNB on pSTAKE!
If your stkBNB balance doesn’t appear in your wallet, visit the stkBNB CoinGecko page and copy the token contract address. Enter the address into your wallet and the full balance should now appear.
Using stkBNB in DeFi: PancakeSwap
Users can leverage their stkBNB to pursue additional yield on PancakeSwap, the leading DEX and AMM built on BNB Chain – see below for more details.
Step 1: Navigate to the BNB Chain DeFi Page on pSTAKE.
Return to the BNB liquid staking interface and select the “DeFi” tab on the left. From there, you’ll see the stkBNB/BNB pool on PancakeSwap where you can click “Add Liquidity” to supply your assets.
Step 2: Import stkBNB Into Your Wallet.
You’ll be redirected to PancakeSwap and prompted to import the stkBNB token into your wallet. Check “I Understand” on the bottom left of the popup screen and click “Continue.”
Step 3: Approve stkBNB.
Enter the amount of stkBNB and BNB you would like to supply to the pool. Next, click “Approve stkBNB” and confirm the transaction in your wallet.
Step 4: Provide Liquidity.
Enter the amount of stkBNB and BNB you want to provide liquidity with. Next, click “Supply” and confirm the transaction in your wallet to move forward.
Step 5: Confirm Supply.
Double-check to ensure the transaction details are correct, then click “Confirm Supply.”
You’re all done and are now successfully engaging in BNB Chain DeFi through our BNB liquid staking solution. Enjoy the additional yield!
Step 1: Find the stkBNB/BNB Farm.
To get started, navigate to the “Earn” tab and click “Farm”. Locate the stkBNB/BNB farm, expand the selection by clicking the down arrow, then select “Enable” and confirm the transaction to proceed.
Step 2: Stake LP tokens.
Click the “Stake LP” button and enter the amount of LP tokens you want to stake – then click “Confirm” to proceed with processing the transaction in your wallet.
Remember that if you haven’t completed the previous step to provide liquidity, you can also obtain stkBNB/BNB LP tokens from this interface.
That’s it! You’re all set – you’re now farming your LP tokens and earning CAKE rewards in the process.
If you’re looking to exit your stkBNB position, you can easily swap your tokens for BNB within the stkBNB/BNB pool on PancakeSwap.
Step 1: Go to pSTAKE’s DeFi Interface.
Return to our BNB liquid staking interface and head over to the “DeFi” tab on the left-hand side of the screen. Next, click “Swap” in the stkBNB/BNB pool section for Pancakeswap to proceed to their platform’s user interface.
Step 2: Swap stKBNB for BNB.
Input the number of BNB you want to trade for stkBNB (or vice versa). Next, click “Swap,” reconfirm the amounts who want to trade in the popup window, then click “Confirm Swap.”
Once the transaction is fully processed, your swap will be confirmed and your new token balance will appear in your wallet.
Syrup Pool Staking
In PancakeSwap’s syrup pool, users can deposit CAKE tokens to earn PSTAKE as rewards. Simply select the “Earn” tab, then click “Pools,” and find the PSTAKE pool to get started. Click “Enable” to confirm the transaction, hit “Stake,” and enter the amount of CAKE you want to stake. Once you click confirm, the transaction will process and you’ll begin accruing PSTAKE rewards.
Using stkBNB in DeFi: Alpaca Finance
Users can leverage yield farm on PancakeSwap’s stkBNB/BNB pool through Alpaca Finance’s interface, allowing them to maximise their yields and earn additional rewards in the process.
Leverage Yield Farm
Step 1: Navigate to pSTAKE’s DeFi Interface.
Go to the pSTAKE interface and click on the “DeFi” tab. From there, scroll down until you see the Alpaca Finance section and click “Start Farming.”
Once you’re on the Alpaca Finance platform, click the “Farm” tab on the left, select the stkBNB/BNB pool, and click “Farm” to proceed. When prompted, choose your preferred wallet and select “Farm” again.
Step 2: Leverage Yield Farm.
Add your desired amount of BNB and stkBNB (single asset or both), enter the amount of desired leverage (up to 4x for this pool), then choose the asset you want to borrow.
Scroll down the entire page and check/confirm all transaction and position details. Next, approve and confirm the transaction.
Step 3: View Your Position.
After the transaction processes, you’ll now be redirected back to your portfolio page on Alpaca Finance.
Here, you can view/adjust your leverage/close your position size at any time. Please remember that whenever using leverage you keep any potential liquidation risk in mind.
Grazing Program: Staking
In order to earn additional rewards in PSTAKE, Alpaca Finance users can stake their ALPACA tokens through the platform’s Grazing Range program. To get started, simply go to the “Governance” tab on the left-hand side of the Alpaca Finance app and click “Create Lock” under “Staking Management.” Lock the amount of ALPACA you want to stake to begin earning rewards from partners, including pSTAKE.
The unstaking process from stkBNB to BNB is very straightforward – see below for the steps to unstake.
Step 1: Navigate to the pSTAKE BNB app.
Head back to https://bnb.pstake.finance/ and connect your Web3 wallet to the platform interface (switch the network when prompted). Next, click “Start Staking” on the bottom of the page under “BNB”.
This step is identical to the first step under the “Staking” section of this blog above.
Step 2: Unstake your stkBNB.
When you’re on the staking page, select the “Unstake” tab and enter the number of stkBNB you want to unstake from the protocol. Then click “Unstake” and confirm the transaction in your wallet.
Step 3: Receive BNB.
When the prior step has been completed, pSTAKE will burn the stkBNB (after deducting protocol fees) and create a user claim for BNB based on the exchange rate.
You will now see your BNB balance within the “Unstaking” section on the left-hand side of the screen.
Step 4: Claim BNB.
It’s important to note that there is a 15-day unbonding period when unstaking stkBNB – after this period has ended, users can claim their BNB via the protocol interface.
Simply select “Claim” under the “Unstaking” section and the below popup will appear. Once the 15-day unbonding period is over, you’ll be able to claim your BNB tokens.
Start BNB Liquid Staking Today
We hope this guide was a helpful resource to help walk you through the BNB liquid staking process. pSTAKE will continue to further build out the stkBNB product and add more integrations to the mix to broaden our users’ horizons across BNB Chain opportunities.
Start your BNB liquid staking journey today with pSTAKE.
*Last updated August 15, 2022
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.