pStake Gains Traction Days After stkBNB Launch

$3.7M TVL in stBkBNB

Four days after the official launch of its $BNB staking functionality, pStake Finance has seen an influx of users and deposits into its network. 

The liquid staking protocol rolled out its liquid staking functionality for BNB coin on Aug. 8. Through this, users can stake BNB coins to receive staked BNB (stkBNB). Further, these stkBNB tokens can be minted directly as BEP-20 tokens. Hence, they can be integrated with Decentralized Applications (dApps) deployed on BNB Chain. 

According to data from Dune Analytics, since its launch, the total value locked for the stkBNB token has grown. As of this writing, it stood at $3.68 million. 

There are 254 total stkBNB users, with all of them active. Since launch, 695 transactions involving stkBNB have been completed. 

In a tweet on Aug. 11, pStake told users that since the launch of the stkBNB mainnet, 550 users had staked more than 12,000 BNB coins. This has resulted in a Total Value Unlocked (TVU) of over $3.86 million. 

On PancakeSwap, the $stkBNB-$BNB pool has a Total Value Locked (TVL) of $7.06 million, while on Alpaca Finance, the pool’s TVL is $5.43 million. Although these pools offer APRs as high as 30%, stakers must exercise caution to avoid losing funds. 

What Is pSTAKE Finance:

pSTAKE Finance is a liquid staking solution built on the Persistence blockchain in the Cosmos ecosystem. Unlike conventional liquid staking models, pStake currently uses a dual token model that allows users to use capital more efficiently with $PSTAKE as the main governance token of the project.

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Where to find pSTAKE Finance:

Website | Twitter | Forum | Telegram |

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