pSTAKE is thrilled to announce our latest collaboration with OpenLeverage, as we’ve integrated with their protocol to bring margin trading and leveraged staking for stkBNB holders, in addition to lending opportunities for BNB holders.
OpenLeverage is a fully permissionless and multi-chain decentralized lending and margin trading protocol, allowing users to enter into long or short positions on thousands of different token pairs across DEXs (decentralized exchanges) built on BNB Chain, Ethereum, and Kucoin Community Chain.
Through their margin trading market that integrates with PancakeSwap’s stkBNB/BNB pool, traders can use their stkBNB as collateral to borrow BNB, which can then be used to open leveraged staking positions.
Learn more about this partnership and what else we have in store for the future.
Margin Trading & Leveraged Staking
Users can use the OpenLeverage protocol to participate in leveraged staking by entering into long positions (up to 6x leverage) on their stkBNB. This can be done by using stkBNB as collateral to borrow BNB, where the protocol then converts the borrowed funds into stkBNB using the stkBNB/BNB pool on PancakeSwap.
This feature provides additional use cases for stkBNB and offers users another lucrative way to maximise their opportunity to profit.
Lend to Earn
Lend to earn is an attractive way for BNB holders to earn high yield on their tokens. Users can deposit BNB to the stkBNB/BNB lending pool via OpenLeverage – by doing so, they’ll earn interest as yield, depending upon the amount deposited and how long their assets remain locked in the pool.
To help improve liquidity for stkBNB leveraged staking and maintain a strong peg between stkBNB & BNB, the OpenLeverage team is running a 28-day incentive campaign with a prize pool of $10,000 worth of OLE. All OLE tokens will be used to incentivise users lending BNB to the stkBNB/BNB pool.
pSTAKE will match all OLE rewards with $10,000 worth of PSTAKE tokens for users who participate in leveraged staking, adding further incentives for traders.
In order to be eligible to receive PSTAKE rewards, traders must maintain their leverage positions for 24 hours.
This integration is now live, where users can utilize these new features to begin engaging in more DeFi opportunities, providing further use cases for stkBNB.
Our team is thrilled to partner with the team at OpenLeverage and excited for more to come.
OpenLeverage is a permissionless lending margin trading protocol that enables traders or other applications to long or short on any trading pair on DEXs efficiently and securely. The platform offers several key features, including risk isolation lending pools, risk calculation, a sleek user interface, and more.
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.