pSTAKE continues to push further into the Blast ecosystem with another high-profile decentralized exchange listing on Fenix Finance. This means that from today, users can officially trade using the PSTAKE/WETH pool on Fenix Finance within the Base ecosystem.
pSTAKE has been expanding its offering into new ecosystems over the past few weeks, with the PSTAKE token being directly launched on chains like Ethereum, Base, Blast, Li.Fi, and Sui. PSTAKE is also integrated onto Axelar, making it an interchain token. The goal is to expand the reach for pSTAKE’s incoming Bitcoin Liquid Staking solution, which recently went live in a testnet environment.
This latest addition depends on our liquidity on the Blast chain. Fenix Finance provides traders and liquidity providers with additional incentives to trade on its DEX. Let’s take a look at why we’re excited about a PSTAKE liquidity pool going live on Fenix.
pSTAKE Sees Second Liquidity Pool Going Live on Blast Through Fenix Finance.
pSTAKE is excited to announce the launch of the pSTAKE/WETH pool on Fenix Finance. This pool not only allows for seamless swapping to PSTAKE on Blast with low fees and high transaction speeds. Liquidity providers are also incentivized to add liquidity to the platform.
Fenix Finance is now the second DEX on Blast to list PSTAKE, helping boost potential trading activity and expand the arbitrage opportunities for savvy traders.
According to the announcement, the pSTAKE/WETH pool is live and will provide 500 Blast Gold, Blast Points, and Fenix Rings as incentives for traders.
Let’s take a deeper look into why we chose to introduce PSTAKE to the rapidly rising Fenix Finance.
Why Fenix Finance?
Fenix Finance is described as Blast’s unified trading and liquidity marketplace. It’s a decentralized exchange that allows traders to easily swap tokens on the Blast network with low fees and provide liquidity to earn rewards. It also has a perpetual platform called EON, allowing traders to conduct advanced leverage trading strategies.
With over 6,000 active users, $3.3 million in total value locked, and $160 million facilitated on its exchange, Fenix is clearly a rapidly rising trading venue for Blast ecosystem participants.
We selected Fenix as our next decentralized exchange on Blast due to its unique community-oriented operational structure. The platform is dedicated to rewarding its users, with 100% of revenues going directly to active community members. This commitment to the community is a key reason why we believe Fenix is the right platform for pSTAKE.
One of the most apparent forms of evidence surrounding its community-orientated structure is that it provides Blast Gold as an incentive for liquidity providers. Blast Gold is a reward distributed to dApps based on TVL and user activity on the Blast network. dApps have the choice to keep Blast Gold, but Fenix rewards its users instead of keeping it for operations.
In addition, every component of Fenix’s platform is designed to reward users with incentives. For example, it provides Blast Points to traders and liquidity providers. Once the token launches, these can be used to claim a Blast token airdrop. LPs are further incentivized with FNX token emissions.
Finally, Fenix Finance takes its security very seriously, with audits from high-profile security firms such as PeckShield, ChainSecuirty, and OpenZeppelin.
Overall, having a liquidity pool on Fenix Finance is a wonderful addition for PSTAKE, and we look forward to seeing the trading activity increase on Blast.
About pSTAKE Finance:
pSTAKE Finance is a Bitcoin Yield and Liquid Staking protocol, backed by Binance Labs.
With pSTAKE Finance, users can liquid stake BTC to get rewards from Babylon’s Trustless BTC staking for securing other app chains while maintaining their liquidity, powered by institutional custody providers like Cobo.
Accessing Bitcoin yields should not be complex, risky, or unsafe. With four years of liquid staking expertise and expert-curated yield strategies, pSTAKE Finance helps individuals and institutions put their BTC to work in BTCfi.
pSTAKE Finance has partnered with leading blockchain security firms, such as Halborn, Hexens, Oak Security, Immunefi, Forta, and more, to offer a secure liquid staking product suite.
PSTAKE is the governance and incentivization token of the pSTAKE Finance protocol. It has some of the most prominent investors, including Binance Labs, DeFiance Capital, Spartan Group, Coinbase Ventures, and Kraken Ventures.
