Unlocking BNB Rewards: Utilizing Liquid Staking with slisBNB
Jessie A Ellis Aug 14, 2024 15:45
Discover how liquid staking with slisBNB can enhance BNB rewards, improve fund utilization, and secure the BNB Chain network.
Liquid staking is gaining traction as a method for maximizing the utility and returns on cryptocurrency holdings. According to a recent post by the BNB Chain Blog, liquid staking with slisBNB offers a compelling way for BNB holders to optimize their assets.
Benefits of Liquid Staking with slisBNB
Liquid staking allows users to stake their tokens in a protocol and receive an equivalent amount of tradable assets known as liquid staking tokens (LSTs). For BNB holders, this means improved utilization of funds and enhanced ecosystem security.
For BNB Holders
- Improved utilization of funds: By leveraging liquid staking, BNB holders can ensure their assets are actively generating returns both on and off the chain.
- Ecosystem security: As an LST, slisBNB helps secure the network by serving as a pledge, thus supporting the chain’s integrity and security.
For Ecosystem Development
- Participation: BNB holders are encouraged to actively engage in on-chain projects, promoting the development of the entire crypto landscape.
- Network security: Staking BNB in validator nodes enhances the blockchain’s consensus mechanism and security, making network attacks more costly and less likely.
- Governance participation: Staking often comes with voting rights, allowing users to participate in decision-making processes like protocol upgrades.
Earn Rewards From Both CeFi and DeFi
To foster a healthier BNB ecosystem, Binance Launchpool has extended BNB benefits from the Binance Exchange to the decentralized world through its DeFi BNB Assets feature. Holding supported BNB assets like slisBNB in your Binance Web3 MPC Wallet counts towards your Launchpool BNB holdings for additional rewards.
Guide to Liquid Staking with slisBNB
Liquid staking with slisBNB is straightforward.
Using Your Binance Web3 Wallet
- Step 1: Click "Find" → "dApps"
- Step 2: Search for "ListaDao protocol" (lista.org)
- Step 3: Click "Stake BNB" → Enter "BNB Liquid Staking" → Stake your BNB.
Other Wallet Solutions
- Step 1: Go to Lista’s BNB liquid staking page, connect your wallet.
- Step 2: Enter the BNB amount to stake, click "stake," and confirm the transaction to receive slisBNB.
- Step 3: In your browser wallet, click "import tokens," then scroll to the end of your tokens page.
- Step 4: Paste slisBNB’s contract address (0xB0b84D294e0C75A6abe60171b70edEb2EFd14A1B) in "token contract address" and click "add custom token" to see your slisBNB balance.
Why We Need Both BNB Staking and Liquid Staking
BNB staking and liquid staking serve complementary roles in the ecosystem:
| BNB Staking | Liquid Staking | |
|---|---|---|
| Security and Network Stability | Ensures network security by incentivizing validators to participate in the consensus process. | Enhances network robustness by encouraging decentralization and allowing liquidity. |
| Economic Incentives | Staking BNB provides rewards in the form of additional BNB. | Liquid staking offers yields from trading fees and farming rewards. |
| Ecosystem Growth and Development | Rewards from BNB staking can be reinvested into the ecosystem. | Supports DeFi growth by providing essential liquidity for financial products and services. |
| Long-Term Significance | Continuous staking ensures a secure and reliable network. | More staking options increase BNB Chain's appeal to a broader range of users. |
Conclusion
Liquid staking with slisBNB unlocks the full potential of BNB, offering a seamless way to enjoy the benefits of both Binance.com and BNB Chain. This method allows users to benefit from both centralized and decentralized platforms simultaneously, enhancing their overall BNB experience.
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