Boosted Savings: Cross-Chain Delegation on BSC
Highlights
- Cross-Chain Delegation as Validator on BSC
- Lenders receive additional validator rewards on BNB markets
- Collateralize BNB for higher efficiency
- No UX change for the user
C.R.E.A.M. Finance runs a BNB delegation service on Binance Chain, which allows users to delegate their BNB to the C.R.E.A.M. node. For new users this can be complex as it requires the user to first hop from BSC to Binance chain and then delegate their BNB.
https://www.binance.org/en/staking/validator/bva1asktsxqny35hwxltpzqsvr64s5vr2ph2t2vlnw
Today we are launching an innovative new feature: Boosted Savings — which provides Cross-Chain Delegation on C.R.E.A.M. Finance’s BSC market. This is accomplished without the user needing to do anything different than the usual process of lending their BNB.
This is the first BNB delegation service of its kind. By automatically delegating BNB, users earn additional rewards on BSC without the previous steps of bridging over to Binance Chain first.
As always, users can still borrow against their BNB position, currently with 75% collateral factor. This means that for every $100 worth of BNB supplied, users can borrow up to $75 of any other asset. Users are still able to hold liquidity on BSC while delegating BNB. This makes C.R.E.A.M. Finance’s BNB delegation more efficient than other delegation services available on Binance Chain.
How to Delegate (in this new way?)
For users, the new delegation product is simple. Supply BNB to C.R.E.A.M. Finance on BSC, and the user has finished the delegation! Regardless of whether users borrow against their position, they will earn both the supply APY and validator rewards through the liquidity mining mechanism.
To undelegate, they simply withdraw their BNB balance anytime.
How It Works
As a validator on Binance Chain, Boosted Savings combines the best of lending and validator services, to offer a higher yield than lending alone. This is done without the burden of the 7-day unlock period.
With Credit Limits in BSC markets, BNB from the C.R.E.A.M. Finance lending platform is borrowed and moved to Binance Chain. Currently, a Validator earns approximately a 10% ~ 20% BNB reward rate. After staking BNB for a week, BNB rewards are moved back to BSC by C.R.E.A.M. Finance for distribution.
C.R.E.A.M. Finance is dedicated to increasing Capital Efficiency by always building new features for our users. Cross-Chain Delegation is a big step to increasing efficiency in BNB staking.
