Beefy Finance recently announced a partnership with pSTAKE to enable compound interest for stkBNB. It will bring additional utility into BNB Chain DeFi, helping users access DeFi strategies.
As the multi-chain yield optimizer, Beefy Finance is developed on BNB Chain. The platform is renowned for helping users accrue compound interest in digital assets via different features and strategies.
Currently, it supports over 16 blockchain networks with 321 million dollars locked in TVL. With the integration, users can deposit the BNB on Beefy Finance. Out of the amount, 50% will be converted into stkBNB to offer liquidity to PancakeSwap stakBNB – BNB farm.
The earned rewards are automatically sold off and reinvested into the pool for auto-compounding. This process is conducted via a single transaction using the platform’s interface.
It allows users to deposit and earn rewards by depositing stkBNB or BNB into Beefy’s vault, and doing so makes the entire process seamless and smooth. pSTAKE also expressed extreme excitement to enter a partnership with Beefy Finance.
The venture released an official post stating how the integration will help it innovate and bring more opportunities to users. pSTAKE is known for being one of the best liquid staking protocols in the market.
The platform unlocks liquidity for staked assets, allows users to partake in protocol updates, and provides staking rewards. At the same time, it proposes stkASSETs (staked underlying representative tokens) to help users explore more yield opportunities throughout DeFi.
Currently, it supports coins from Binance, Cosmos, Persistence, and Ethereum. However, pSTAKE is constantly trying to add more assets and chains to its portfolio, with AVAX and SOL being the closest.
Given its features and future plans, the integration will be beneficial for every involved party, adding to their value proposition significantly.