What is stkBNB?
stkBNB is the underlying representative token (liquid-staked version) of BNB, which is minted when BNB is staked on pSTAKE.
What are stkBNB’s use cases across BNB Chain DeFi?
Users can leverage their stkBNB tokens to pursue DeFi opportunities across the BNB Chain ecosystem.
pSTAKE is initially integrating with PancakeSwap and Alpaca Finance to provide liquidity pools, yield-farming, and yield optimization for stkBNB. More integrations are expected with other BNB Chain protocols in the near future.
Which wallets are compatible with the stkBNB tokens?
stkBNB is a BEP20 token that is compatible with Metamask, Binance Web Wallet, Trust Wallet, and Math Wallet.
How can I get started with BNB liquid staking?
Getting started is easy with our friendly user interface and minting process – simply navigate to the pSTAKE app and select “Binance” under “Supported Networks.”
What is the minimum and maximum amount of BNB I can stake?
There is no minimum or maximum limit to the amount of BNB a user can stake. pSTAKE allows users to stake any non-zero amount of BNB on our platform.
Please ensure you leave enough BNB in your wallet to pay for any associated gas fees.
Why do I get less stkBNB for my 1 BNB?
stkBNB follows an exchange rate model (Compound’s cToken model) which increases in value as the protocol accrues staking rewards. Thus, 1 stkBNB is worth more after each reward epoch (24 hours). Users are issued stkBNB tokens at the ongoing exchange rate.
What is the unbonding period for stkBNB?
Users can claim BNB from the pSTAKE protocol 15 days after the unstaking transaction.
To by-pass the unbonding period, users can swap their stkBNB for the underlying assets meaning users will be able to exit their liquid staked BNB position directly by swapping stkBNB with BNB on DEXs, and need not wait for the 15-day unstaking period.
How do I receive rewards?
Rewards accrue into the value of stkBNB which rises after every epoch (UTC 00:00 hrs). Users start earning rewards from the first epoch after staking.
Does pSTAKE charge for the service?
No, the protocol doesn’t charge any fees.
100% of earned rewards will be distributed to BNB holders who stake through pSTAKE. User rewards will automatically be compounded at every epoch as staked BNB continues to earn rewards.
The protocol has decided to waive fees in it’s bootstrapping phase, with potential reconsideration of this plan after 3 months through a governance vote.
What determines the amount of reward I receive after every epoch?
Staking rewards mainly come from the transaction fees paid by users of the BSC chain and thus vary according to the network activity. pSTAKE uses a validator scoring mechanism based on APR, uptime, and number of slashing instances to delegate to the top validators on the BNB chain.
Does my stake immediately stop accumulating rewards after unstaking?
Yes, the stake immediately stops accumulating rewards once an unstake transaction is performed. Please note that there is a 15-day unbonding period after unstaking – once complete, they will be able to claim their underlying BNB tokens.
Is there any risk from staking, like slashing or penalties?
Stakers do not directly face slashing risk as validators are slashed from their self-staked BNB. Stakers do face the risk of missing out on staking rewards if any of the validators in pSTAKE’s validator set is jailed or is offline. The loss of rewards is distributed across all the stkBNB stakers on pSTAKE. pSTAKE stakes only with the top validators on the BNB chain and will implement an onchain validator scoring mechanism to minimise such incidences.
What are the benefits of BNB liquid staking on pSTAKE?
Users can stake their BNB via pSTAKE to earn auto-compounded staking rewards while contributing to BNB Chain’s network security.
In addition, users can earn additional rewards by using their minted stkBNB tokens across BNB Chain DeFi and bypass the traditional 7-day unbonding period by swapping stkBNB for BNB within PancakeSwap’s liquidity pool.
How are we ensuring security?
pSTAKE has undergone several security audits conducted by top blockchain security firms including Peckshield, Halborn, and a formal verification by Certora to analyze and test the stkBNB product smart contracts.
Additionally, the team has partnered with Forta for on-chain tracking and implementing alert bots for suspicious activities. We’ve also launched a bug bounty program to identify additional vulnerabilities and have partnered with BNB Chain’s team, where they’re helping stress-test the network.
How are we ensuring security?
As with any protocol, there’s smart contract security risk. pSTAKE always aims to ensure we’re providing top-notch security and has partnered with multiple security partners – details above.
In addition, third-party wallet risk is a factor to consider. We’ve integrated with industry-leading wallets to support our UX and recommend that users do research on their wallet of choice before utilizing them.