Guide: pSTAKE BNB Pool
The pSTAKE BNB pool offers users a variety of opportunities to make the most of their assets. We have created a handy guide on how you can get started with the pool
Below is an infographic that covers the whole process, followed by a step-by-step breakdown of the same.
Users can get started with the pSTAKE pool on BNB in just a few clicks.
Connecting To Midas Capital
Step 1: Visit The Midas Capital Application
The Midas App features all available pools on the platform across chains such as BNB, Polygon, and Moonbeam. Users can visit and review the integrated chains, available pools, supported assets, and other vital details without needing to connect any wallet.
Step 2: Connect Your Wallet
Next, users will have to connect their wallet to Midas. The app supports Metamask and WalletConnect. The UI makes it easy to log in with just a single click.
If you do not have a BNB chain network in your wallet or are using a new wallet altogether, you can visit Chainlist, connect your wallet, and add Binance to your Metamask account. This, of course, is valid for all chains that you may encounter at Midas or anywhere else.
Supplying Assets To The pSTAKE Pool
Step 1: Choose The pSTAKE BNB pool
The main menu displays all the pools currently active on Midas Capital. You can filter the pools across a variety of parameters, including the chain it is on, total supply, total borrow, your supply, and your borrow amount. Select the pSTAKE BNB pool from the menu to supply your assets.
Step 2: Choose The Asset You Wish To Supply
Within the pool page, select the asset you wish to supply. The pool currently supports WBNB, stkBNB, and stkBNB-WBNB tokens as depositable assets. Once you have selected the asset, click on it, then click supply.
Step 3: Confirm The Transaction
Once you click on Supply, choose the amount you wish to supply, and then confirm the transaction. Now you have added liquidity to the pool and can earn lending interest for supported assets or borrow against your collateral.
Midas enables users to deposit supported liquid-staked derivatives LP tokens in the pool as well, enabling them to access the liquidity of their assets while their original capital earns rewards. Moreover, many of these LP tokens are then redeposited by Midas into supported yield-generating strategies for additional yield for users. This is possible through the ERC-4626 tokenized vault standard. In the pSTAKE BNB pool, users can deposit their Pancakeswap stkBNB-WBNB LP tokens, which are then deposited into the respective Beefy vault.
Collecting Rewards
The pSTAKE BNB pool offers rewards to users supplying supported assets and LP tokens. The details of the rewards are available in the pool UI itself. Once you have accrued rewards, you can click on the ‘Rewards’ section to collect your rewards.
Borrowing Against Your Collateral
Once you’ve supplied enough liquidity, you can borrow assets against your collateral. The minimum you can borrow is $100 worth of assets.
At this time, the pSTAKE BNB pool only allows users to borrow WBNB. Click on WBNB, enter the amount you wish to borrow, and then click confirm.
You can also view your borrow limit in the pool, which can help you see how much of your collateral LTV you are borrowing. We do not recommend users borrow 100% of their borrow limit to avoid unintended liquidations. Moreover, the more volatile the collateral, the less amount you should borrow to have some breathing room in case the price of the asset fluctuates. This will help avoid liquidations in minimal price movements.
Repaying The Borrowed Assets
Once you wish to repay the assets you have borrowed, you can head to the pool and select the respective asset. Since, at this time, the pool only allows WBNB to be borrowed and repaid, click on WBNB and then repay.
Select the amount you wish to repay or click on ‘MAX’ to clear your debt balance. Once the amount is confirmed, click on confirm transaction. Note that you will have to pay a higher amount than borrowed due to the accrued interest.
Withdrawing The Supplied Liquidity
Once you wish to withdraw the assets you have supplied, you can head to the pool and click on the respective asset, then click withdraw. Select the amount you wish to withdraw, or click on ‘MAX’ to withdraw all of the respective asset. Once the amount is confirmed, click on confirm transaction.
About Midas Capital
Midas Capital is bringing isolated and customizable money markets to EVM-compatible blockchains. Enabling users, DAOs, and protocols to create customized and isolated pools for lending and borrowing any asset, Midas is building a cross-chain ecosystem that democratizes money markets. Pool creators have the flexibility to modify pool parameters (interest rate curves, oracles, collateral factors, pool fee, etc.) according to their risk appetite. With isolated pools, Midas offers stellar features for large-scale institutions, protocols, and traditional investors.
