pSTAKE & Binance Labs Partner to Develop BNB Liquid Staking Solution
Originally published May 17. 2022.
On May 10, 2022, Binance Labs, the venture capital firm and financial incubator of the leading cryptocurrency exchange Binance, released an announcement regarding a major strategic investment they have made in pSTAKE Finance.
Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.
– Ken Li, Executive Director at Binance Labs
The goal of this investment and partnership is to develop liquid staking for BNB and to foster the growth of DeFi innovation in the BNB Chain ecosystem. From here on out, the pSTAKE team will be collaborating and working closely with Binance’s team to bring this to fruition, ultimately unlocking liquid staking functionality (and the DeFi opportunities that will ensue) for the BNB community.
Read the full article on our official blog here: https://bit.ly/3PrVTdD
About pSTAKE
pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can stake their tokens via the pSTAKE application to receive stkASSETs (ERC-20 representative assets of the respective underlying tokens) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Currently, pSTAKE issues ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term aim of building a multi-chain protocol issuing liquid staked representatives on multiple networks including the Persistence Core-1 chain.
We have a bag full of new features and an exciting roadmap for the coming months, so follow our socials below to stay up-to-date with the latest developments.
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Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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