Stader Labs Creates BNBx Portfolios After Strong Launch on BNB Chain
Stader Labs is building on its BNB Chain offerings with the launch of BNBx Portfolios, which deploy BNB/Stablecoin deposits across DeFi protocols.
BNBx Rewards Proving Popular
After a successful expansion to BNB Chain, Stader Labs announced a new product, BNBx Portfolios.
The multi-chain liquid staking platform launched its BNBx reward platform two months ago. The BNBx reward platform has been met with significant support, with about 50,000 BNB staked on it. It has about $10 million in liquidity on numerous Decentralized Exchanges (DEXes) as well as eight Decentralized Finance (DeFi) integrations.
This response, according to Stader, encouraged its team to launch the new BNBx Portfolios.
“The response we’ve received till now has been exceedingly positive. We also did one-on-one interviews with the BNB community to get a better understanding of the user pain points and were thrilled to see how our solution could address the same,” Vansh Batra, business manager at Stader Labs, told BSC News. “Given the solution aims to address multiple issues DeFi participants face today, the reaction we received surely surpassed our expectations.”
The BNBx Portfolios will be launched in November 2022. But how does it work?
About BNBx Portfolios
BNBx Portfolios are smart contracts that take BNB/Stablecoin deposits and deploy them across DeFi protocols, including Staking with Stader. According to the team, they have multiple portfolios, each one associated with a specific strategy, risk, time lock, etc.
Rather than having to engage with multiple protocols and governance tokens, users can allocate funds with a single click.
Stader’s BNBx functions as a reward liquid token, mintable when users stake BNB on its platform. As designed, Stader usually stake every deposited BNB on various validators running on the network.
Rewards are accrued when those validators process transactions. The rewards are then channeled into the staking pool to increase the value of the circulating BNBx.
What Is Stader Labs:
Stader Labs was founded in April 2021 by Amitej Gajjala, Sidhartha Doddipalli, and Dheeraj Borra. It specializes in cryptocurrency stake management. Stader plans to use decentralized financial protocols and applications to manage stakes efficiently on public blockchain networks. Currently, the company’s staking product is available on Hedera, Polygon, BNB Chain, NEAR, Terra 2.0 and Fantom blockchains. Stader plans to extend its support to Solana, Ethereum and Avalanche soon.
Stader Labs raised $12.5 million this January in a strategic private sale, raising their valuation to $450 million. Stader Labs is backed by Pantera Capital, Coinbase Ventures, Jump Capital, Accomplice, Accel, Huobi Ventures, Hypersphere, and True Ventures, among others.
Where to find Stader Labs:
Read More: Stader Labs Creates BNBx Portfolios After Strong Launch on BNB Chain
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. NewsOfBitcoin.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.