StaFi Officially Announces Liquid Staking Solution for BNB Staking

It has been a long time coming, but it’s finally happening. StaFi Protocol unveiled its liquid staking solution for BNB staking. This comes as the DeFi project continues to salvage PoS chains from an impending liquidity crisis.

Binance Smart Chain uses the Tendermint BFT consensus algorithm, which requires BNB holders to stake BNB through delegators and stack up rewards.

Despite tweaking the PoS chain, the BFT isn’t free of that consensus’ liquidity issues. 50% of stakers struggle to maximize reward through attempts at learning how the BFT consensus works. Add the 7-day unbonding timeline, and more than 80% of stakers are unhappy staking BNB through this route.

What Is rBNB?

This is yet another staking derivative from the stable of StaFi protocol. Like all the other synthetic staking derivatives, you get rBNB when you stake BNB through Staking Finance (StaFi) protocol rApp.

Until recently, StaFi’s rApp didn’t support BNB staking, so those holding that asset had to rely on either the centralized exchange or DeFi protocols on the BSC for staking. That has changed with the introduction of the rBNB rApp.

Valuation Of rBNB

Like any rToken, rBNB derives its value from the underlying asset value and the reward accrued through staking. The interest-bound token gets issued on staking BNB, but its value is higher than that of the Binance token. Interestingly, the value of rBNB continues to rise as the actual asset remains staked.

StakingDrop Campaign

StaFi liberates PoS chains from the shackles of a liquidity crunch, making these blockchains more attractive to users. Yet, that’s not enough for the DeFi project as it proceeds to incentivize stakers that leverage this opportunity.

Through the various StakingDrop campaigns, all those that stake their BNB through the StaFi rBNB rApp will get their vested FIS tokens. For those not in the know, FIS is the native token of the StaFi protocol. And it’s currently trading on major exchanges like Binance and Huobi.

Participating in this StakingDrop has a specific timeline. You need to have staked your BNB through the rBNB app between September 27th, 2021, and March 17th, 2022. It’s such a long period for everyone to get FIS tokens, yet many will still miss it. About $1,000,000 worth of FIS will be shared among BNB stakers.

It’s worth emphasizing that FIS is based on the StaFi chain, so you would need the Polkadot JS wallet to claim your FIS staking drop reward.

What Next For rBNB?

On getting the rBNB, you can easily trade the synthetic staking derivative for other assets on PancakeSwap, the DEX on Binance Smart Chain. However, doing that means you can no longer claim your staked BNB asset.

Besides the opportunity to trade your rBNB easily — without the stress of unbonding the staked BNB — rBNB also has other potentials. StaFi plans to roll out the drums for these synthetic derivatives through collaborations with DeFi protocols on the BSC. Imagine staking your rBNB on PancakeSwap and earning rewards CAKE or lending your rBNB on a BSC-based lending protocol and getting interest on your asset. These are in addition to your BNB staking rewards that continue to increase the value of your rBNB.

Conclusion

rBNB joins a host of other asset-backed tokens in the StaFi rToken universe. Through this addition, StaFi makes BNB staking attractive to anyone holding BNB — the unbonding time and maximum reward calculation are no longer issues.

With liquid staking now a reality on BSC, the true potential of that blockchain will be realised. rBNB will bring renewed vigor to all the DeFi protocols that abound on that chain.

For more information, visit these websites below:

Website: www.stafi.io

rToken App: https://app.stafi.io

Twitter: @Stafi_Protocol

Telegram Chat: https://t.me/stafi_protocol

Telegram Announcements: https://t.me/stafi_ann

Discord: https://discord.com/invite/jB77etn

Forum: https://commonwealth.im/stafi

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Oracle Token Presale Live on Pinkswap.Finance

Thanks for adding my crypto article to your list. Have you seen my two most recent ApeCoin stories?

#ApeAbu Minting will be live soon!

Forex brokers, exchanges and wallets for trading cryptocurrency

What is cryptocurrency?

BIG TECH AND CRYPTOCURRENCIES

He Bet His Family’s Entire Life Savings to Amass a $13M Fortune

DeFi11 enters into a close Partnership with Polycrystal Finance, a Decentralized Yield Swap

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Adaora Anders

Adaora Anders

More from Medium

MatrixETF Token Airdrop Distribution.

TNODE Token Vault Update: TNODE Promotional Vault to Discontinue

Crodo — finding new stars in the Cronos Network ecosystem

DocuChain X Solana Network