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In a recent move, Helio Protocol has unveiled its latest innovation: SnBNB Liquid Staking on PancakeSwap. With this latest addition, users can now enjoy enhanced staking benefits with the added assurance of a trusted platform.
Stake BNB To Receive SnBNB
According to the latest blog post, Helio protocol has launched SnBNB liquid staking on PancakeSwap to provide more earning and staking opportunities to BNB holders. SnBNB serves as Synclub’s liquid staking token that not only bears yield but also grows in value alongside BNB’s staking APR.
Unlike the conventional staking methods, where assets remain locked within a contract, liquid staked tokens like SnBNB offer flexibility, allowing them to be traded or utilized as collateral to amplify yield throughout the DeFi landscape.
Synclub has recently joined forces with the renowned DeFi entity, Helio Protocol. This collaboration aims to pioneer LSTFi trends by leveraging the potential of liquid staking tokens, optimizing the yield production for their decentralized stablecoin, HAY.
Converting BNB to SnBNB on PancakeSwap is straightforward and seamless. Begin by visiting PancakeSwap and linking the wallet. It’s essential to have BNB available in the wallet on the BNBChain network for the conversion to SnBNB.
Once there, head to the “Earn” section and opt for “Liquid Staking.” Ensure the staking pair displayed is BNB/SnBNB before clicking “proceed.” Input the BNB quantity to transform and view the equivalent SnBNB amount. To activate the SnBNB token, click on ‘stake.’ Confirm the transaction in the wallet with another click on ‘stake.’ SnBNB tokens will be quickly added to the wallet.
With SnBNB Liquid Staking, users no longer have to choose between staking their assets and maintaining liquidity. By staking on PancakeSwap, users can tap into the platform’s vast user base and liquidity pools. Moreover, users can stake CAKE tokens to earn SnBNB.
Liquid Staking Market Continues To Expand
Liquid staking tokens are the user’s staked assets within a blockchain ecosystem. They boost users to engage in Proof-of-Stake (PoS) networks while retaining asset liquidity.
In the conventional staking approach within a PoS system, users’ cryptocurrencies are immobilized for a set duration, rendering them unusable. However, liquid staking offers a tokenized counterpart of these immobilized assets. This means users can trade, offload, or integrate them into decentralized finance (DeFi) platforms even while they remain staked.
Typically, these liquid staking tokens are distributed in a 1:1 proportion with the staked assets and accrue rewards akin to the original staked entities. This setup ensures users can improve the network, gain staking incentives, and remain active within the market.
For example, on the Wombat exchange, users have the opportunity to supply single token liquidity for SnBNB and potentially earn an approximate 5% APR in $WOM token rewards, complementing the staking yield of SnBNB. Wombat Exchange’s single LP token framework ensures users remain unaffected by impermanent losses.
Helio Protocol operates as a decentralized, open-source lending and liquid staking platform within the BNB chain. The introduction of SnBNB pools and the Liquid staking feature on PancakeSwap has further strengthened Helio’s partnership with PancakeSwap, pushing its market value.