BNB Chain has a new member in the form of Stader Labs’ latest staking token, BNBx and it is now live on the exchange. Incidentally Stader Labs is a crypto company that builds staking products. The latest addendum from Stader Labs was introduced last month to capitalize on yield while maintaining liquidity.
BNB Chain is a blockchain which is maintained by Binance and BNB is its native token. BNB is witnessing a surge in its values. The token has surged by 5% in the past 24 hours and by 15% in the last one week.
As per data received by Stader , more than $1 million BNB was staked in just three hours and are currently offering close to 300% APY.
Stader revealed that they saw over $1 million worth of BNB staked in less than 3 hours
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.
Know More About This Binance Token
Stader had done a beta test for assessing the BNBx experience. The test has been hailed as a major success with 100% of the users able to stake under a minute. Users have rated the experience very highly.
BNBx is a reward-driven liquidity token and as the rewards increase, the value of the token will keep surging. Exchange rate presently between BNBx and BNB is currently at 1, but is bound to increase as per a mathematics formula.