Stader Labs’ latest staking token, BNBx, just went live on the BNB Chain. Stader Labs is a crypto company that builds staking products. Stader announced their new products last month, to maximize yield while maintaining liquidity.
BNB Chain is a blockchain launched by Binance with BNB as its native token. BNB is currently seeing a surge in its price, increasing more than 5% in the last 24 hours and close to 15% in the last 7 days.
Stader revealed that they saw over $1 million worth of BNB staked in less than 3 hours and are currently offering close to 300% APY.
How BNBx Operates On BNB Chain
BNBx is a staking product for users who currently hold BNB. During their announcement, Stader revealed that as more people chose to stake with BNBx, its value will increase in comparison to BNB.
BNBx does not have a fixed APY. Upon staking with BNB on their platform, BNBx will be minted and staked optimally across the various validators on the platform. The validators offer a reward, which determines the APY for the users. The company released an estimated table of the APY that users can earn, depending on the total value locked, with APY over 500% in certain cases.
The APY numbers currently include the base APY of 5.5%, plus over 270% rewards APY from Stader.
All Else You Need To Know About This Binance Token
Stader recently did a beta test for gauging the BNBx experience. They revealed that their test was a major success, with 100% of the users able to stake under a minute. They also revealed that the users rated the experience very highly.
BNBx is a reward-driven liquidity token. As more and more rewards are accrued, the value of the token will increase as well. The exchange rate between BNBx and BNB is currently at 1, but will soon change according to a mathematical formula.
The users will also not pay any commission fees for the staked BNB, only on the earned rewards.