August 8, 2022, marked pSTAKE’s launch of our very own BNB liquid staking solution, bringing stkBNB into the BNB Chain DeFi ecosystem and expanding our stkASSET product line.
Throughout the last few months, the stkBNB ecosystem has grown and flourished, attracting the likes of new investors and garnering a surge in activity. Along with these benefits, it’s also helped provide additional security for BNB Chain via on-chain staking.
Today, we’ll look deeper into stkBNB and how it’s evolved into a thriving environment for pSTAKE users.
stkBNB is one of the most well-integrated liquid-staked BNB assets on the market today, thanks to several BNB Chain DeFi (decentralised finance) integrations.
Here’s a comprehensive list of what’s currently available:
- PancakeSwap: Provide liquidity to the stkBNB/BNB pool to receive LP (liquidity provider) tokens and earn rewards. Users can also swap their stkBNB for BNB on the DEX.
- Alpaca Finance: Leverage farm the stkBNB/BNB pool on PancakeSwap by opening a yield farming position (up to 4x), increasing your potential rewards.
- Wombat Exchange: Deposit your stkBNB into Wombat’s pSTAKE BNB pool to earn yield (single-sided liquidity providing).
- Beefy Finance: Deposit BNB within the stkBNB/BNB vault, where 50% of the amount is converted into stkBNB and used to provide liquidity to PancakeSwap’s stkBNB/BNB farm. Earn rewards are automatically sold and reinvested to enable an auto-compounding feature.
- OpenLeverage: Enables stkBNB margin trading and leveraged staking, allowing you to go long (up to 5.9x) on your underlying position to maximise earning potential.
- Midas Capital: Allows stkBNB & BNB holders to borrow BNB from the platform’s liquidity pool by providing liquidity with either token or LP tokens received from the PancakeSwap stkBNB/BNB pool.
- Other Partnerships: Thena, MoonFarm, Shield.
Security has also been our highest priority to protect our users’ funds and ensure the utmost trust in the pSTAKE protocol.
To that end, we’ve executed the following security measures for stkBNB to date:
- Security Audits: stkBNB’s smart contracts have undergone three security audits by Peckshield, Halborn, and Certora (formal verification).
- Bug Bounty Program: pSTAKE partnered with Immunefi to launch an stkBNB bug bounty program, incentivising users and white-hat hackers to test the product and report any identified bugs, with up to $300k in rewards for those who successfully locate issues.
- On-Chain Tracking & Monitoring: We’ve partnered with Forta Network to implement on-chain tracking of malicious events associated and alert bots to monitor and flag suspicious activities associated with stkBNB.
- BNB Chain Testing Support: pSTAKE has worked closely with the BNB Chain team, where they’ve helped stress test the stkBNB product and code as an added layer of security verification.
Read more about our security measures on our blog: https://blog.pstake.finance/2022/08/04/stkbnb-security-partners-measures/
We’ve selected a high-quality validator set to delegate our users’ BNB, picking some of BNB Chain’s top validators. Our team is confident that these validators will improve the reliability and performance of our BNB liquid staking solution for our user base while fostering greater confidence in the product.
On pSTAKE, our staked BNB is equally distributed among all of these validators.
Here’s a summary of our current BNB Chain validators for stkBNB:
- Legend III
- Coinbase Cloud
Supported Web3 Wallets
To ensure a smooth and seamless user experience across the pSTAKE BNB liquid staking interface and BNB Chain dApps, having a wide array of supported web3 wallets is important to appeal to a broad range of users.
Below is a list of wallets that supported the stkBNB token:
- Binance Wallet
- Trust Wallet
- Coin98 Wallet
- Coinbase Wallet
- Ledger Nano
Enjoy a smooth UX and multiple options to use for storing stkBNB within any of the above wallets to participate in BNB Chain DeFi across pSTAKE’s integrations, allowing you to take your liquid staking experience to the next level.
Learn more about our wallet integrations through our Twitter thread: https://twitter.com/pStakeFinance/status/1557306104157175808
Additional Key Partnerships
The pSTAKE team is adamant about collaborating with other projects and protocols that share our liquid staking vision.
To that end, here’s a list of our past and current partnerships for stkBNB:
- Binance Labs: Our initial partnership with and strategic investment from Binance Labs kickstarted the development of stkBNB, allowing us to build a powerful BNB liquid staking solution to support the BNB Chain ecosystem.
- Galxe: pSTAKE launched BNB Chain’s first-ever Stake-to-Earn campaign, powered by Galxe, to provide BNB liquid stakers with the opportunity to earn rewards and exclusive NFTs via liquid staking on pSTAKE.
- MyCointainer: BNB liquid staking on pSTAKE was directly integrated into MyCointainer’s website and mobile app, allowing their users to deposit BNB tokens and earn auto-compounding rewards while receiving stkBNB.
- TokenPocket: The pSTAKE dApp was integrated into TokenPocket’s platform, allowing users to have direct access to BNB liquid staking through the app.
- CoinMarketCap: The CoinMarketCap team held a BNB Boost campaign where users could learn more about pSTAKE and take a quiz on liquid staking to earn rewards.
- Celer Network: Celer enabled support for users to bridge the PSTAKE token between Ethereum and BNB Chain using cBridge, fostering greater interoperability.
- Dune Analytics: Shortly after launch, a dashboard was created on Dune, one of the most popular crypto analytical platforms, to display real-time data and metrics for pSTAKE’s stkBNB.
For more details on how to mint and use stkBNB across BNB Chain, please refer to our full guide and tutorial.
The Next Phase
Since inception, the stkBNB ecosystem has grown tremendously, providing multiple DeFi integrations and opportunities to entice users to liquid stake their BNB on pSTAKE.
Our efforts to improve and support the product continue to remain strong, with more partnerships and integrations on the way.
BNB liquid staking on pSTAKE will only get better, so make sure to stick along for the ride.
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.
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