LiquiStake launching on SX!
Liquid staking is coming to the SX Network blockchain
SX Network is thrilled to announce the launch of LiquiStake, a new liquid staking protocol exclusively on the SX Network!
LiquiStake is set to transform the staking landscape on SX Network by offering unparalleled flexibility and yield-generation opportunities. The LiquiStake team was also the first recipient of our new grants program, and we’re thrilled to help announce their upcoming launch to SX!
With their tentatively planned mainnet launch on March 1st, SX stakers have a couple of weeks to try out LiquiStake pre-launch on testnet to get ready!
What is Liquid Staking?
Liquid staking enables users to stake their native SX tokens while avoiding the 30-day unstaking cooldown period. It does this by enabling stakers to access liquidity directly, by providing them with a liquid token in exchange for their staked tokens. This liquid token (tokenized staked SX i.e. stWSX) can then be used in DeFi applications, such as lending and borrowing, decentralized exchanges, and more. Users can effectively withdraw their staked balance instantly by swapping the liquid token on SharkSwap.
There are a number of big benefits for SX Network by having a liquid staking platform:
- Capital Efficiency: Liquid staking is far more capital-efficient and enables DeFi applications to avoid being crowded out or competing with the native SX staking yield.
- Liquidity and Flexibility: Liquid staking enables participation in network security while giving users the flexibility to swap or borrow/lend against their staked assets at the same time.
- Improved Staking Participation: The increased efficiency of liquid staking incentivizes more token holders to stake their assets, thereby enhancing overall blockchain network security.
How Does LiquiStake Work?
LiquiStake stands out as the first and only liquid staking protocol on the SX Network, offering a unique blend of security, simplicity, and liquidity.
Users can now stake their WSX tokens effortlessly, receiving stWSX in return, which represents their stake and accrues value through daily staking rewards.
The protocol is designed to enhance participation in the DeFi ecosystem. By staking WSX, users receive stWSX, which can be used across various DeFi platforms, thus integrating staking rewards into the broader DeFi experience. This integration aims to expand the utility of staked assets and foster a more robust DeFi ecosystem on the SX Network. You can read more about how LiquiStake works here.
How Does This Impact SX?
Liquid staking is the biggest source of TVL for most blockchains as it unlocks huge amounts of capital efficiency for the native DeFi ecosystem. Relatedly, there will be an incentivized WSX/wstWSX LP pair on SharkSwap, to facilitate liquidity for those wanting to go from staked SX to USDC in swap.
In conclusion, LiquiStake will bring lots of new TVL to both SX Network and SharkSwap, increase liquidity and activity in the SX DeFi ecosystem, and opens up opportunities for other emerging DeFi protocols on SX such as lending/borrowing.
Join the LiquiStake Community
LiquiStake is more than just a staking protocol; it’s a community-driven project. The LiquiStake DAO empowers token holders to make key decisions, ensuring the protocol evolves in alignment with the community’s interests. A portion of the protocol’s fees contributes to the DAO treasury, further aligning the protocol’s success with its users.
Get ready to transform your staking experience with LiquiStake. Visit LiquiStake’s website to learn more and start staking today and join their brand new telegram to stay up to date on their updates. Unlock the full potential of your assets and amplify your gains on the SX Network.
LiquiStake’s launch also marks a significant milestone for SX Network, demonstrating our commitment to spurring on innovation in the SX Network ecosystem. This is merely the first in long line of exciting upcoming announcements in the SX ecosystem, so stay tuned for more!
About SX
SX Bet is the #1 blockchain sports betting platform by betting volume across all chains. All bets are peer-to-peer and settled on-chain. SX lets you get the best odds when you bet on sports with crypto, all from the security of your own wallet. SX has processed +$400,000,000 in betting volume. SX Bet is not available in the United States or other prohibited jurisdictions.
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