@Momentum_6 Portfolio Spotlight: @PersistenceOne
@binance Integrates the @pStakeFinance Ecosystem to Offer Liquid Staking on the #BNB Chain Network
With its #PoS chain BNB, Binance has been growing steadily
BNB Chain is currently positioning itself as the third Layer 1 network just behind Bitcoin and Ethereum. By partnering with protocols such as pSTAKE, BNB Chain has continued growing and strengthening its position in the crypto market.
How does pSTAKE protocol work?
The pSTAKE protocol offers a liquidity system for users, in which users contribute their native tokens, BNB, and simultaneously a token is generated within the protocol called stkBNB.
This solution provides two main benefits:
1. The value of the stkBNB token issued by the pSTAKE solution accumulates a reward that accumulates in such a way that it appreciates against the value of the BNB, which is the native token.
2. The issuance of the stkBNB token allows the user to use that same locked value in other compatible DeFi products to generate additional returns.
Currently, it is estimated that $8.9 billion is locked in the liquid staking pools of the Ethereum network, which represents approximately 33.5% of the value of Ethereum in the network, according to data provided by @DuneAnalytics
BNB's partnership with the Liquid Staking solution developed by @PersistenceOne entails an opportunity to continue deploying financial solutions that support all those who interact in the crypto ecosystem.
In addition, pSTAKE works in parallel with the Ethereum ($ETH), Cosmos ($ATOM), and Persistence ($XPRT) networks, and work is underway to make it operable on the Solana and AVAX networks.
Through the multi-chain support by pSTAKE, the user can move tokens in a simpler way, taking advantage of the best staking performance options.
To do this, there are integrations with @PancakeSwap, in which a pair of liquidity groups will be available, allowing users to stake the stkBNB/BNB and PSTAKE/BUSB tokens.
Users will be able to exchange pairs and provide liquidity while earning liquidity tokens.
And when these same tokens are wagered, the user receives $CAKE as a reward.
In the same way, on @AlpacaFinance, users can take advantage of yield farming for PancakeSwap's stkBNB/BNB and PSTAKE/BUSB pairs by depositing and borrowing assets.
Alpaca users will receive PSTAKE rewards through their grazing groups and according to their rank.
All these solutions and integrations for the Binance Smart Chain ecosystem are expected to increase the interest of users in the adoption of this network.
We believe BNB can continue to grow and position itself in the market hand in hand with pSTAKE.
Continue reading the full article on Binance's pStake integration here: momentum6.substack.com/p/binance-integrates-the-pstake-ecosystem
Get the latest news and research from M6 Labs directly in your inbox before Crypto Twitter!
Subscribe to our Substack for institutional quality content curated by a community of degens:
momentum6.substack.com/