- Binance Labs makes a strategic investment in Liquid Staking Protocol pSTAKE.
- pSTAKE will bring liquid staking to the BNB community and promote growth of DeFi in the BNB Chain ecosystem.
- “At pSTAKE, we are developing a solution that allows users to seamlessly stake their assets,” said Persistence Founder Tushar Aggarwal.
Binance Labs, Binance’s venture capital arm and innovation incubator, has decided to make a strategic investment in pSTAKE Finance. The latter pointed out that the recent collaboration will bring liquid staking to the BNB ecosystem.
pSTAKE Finance provides a liquid staking protocol developed by Persistence.
The liquid staking protocol now accepts Proof-of-Stake (PoS) assets like BNB to be staked on pSTAKE. Specifically, this move will allow liquid staked representative tokens (stkASSETs) to be minted. These tokens can be used in DeFi protocols to earn staking rewards and additional yield.
“Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem,” the Executive Director at Binance Labs Ken Li said along with the announcement. He added that they are “excited by the quality of the team leading pStake and look forward to partnering closely.”
Tushar Aggarwal, the founder of Persistence said in a blog post:
“At pSTAKE, we are developing a solution that allows users to seamlessly stake their assets to help secure the underlying networks and abstract the complexities of staking while providing an opportunity to leverage their staked assets within the broader DeFi ecosystem to generate yields on top of staking rewards.”
Aggarwal also claimed that liquid staking will constitute the base layer for DeFi on PoS networks. Moreover, he said it will play a vital role in bringing more exciting use cases to DeFi.
pSTAKE Finance launched in August 2021 and has assets staked through its platform worth around $60 million. Presently, it integrated with DeFi protocols including Anchor Protocol and Sushi. It also backed liquid staking for ATOM and XPRT.
Last month, pSTAKE launched its testnet version for ETH 2.0 liquid staking backed by Solana, Avalanche, and BNB CHain. Additionally, ETH 2.0 liquid staking will officially launch in public in a couple of months.
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