Stader Labs, a crypto company that builds staking products, has launched a new token, BNBx, on BNB Chain. Stader and BNBChain revealed that the token allows users to maximize their yield on BNB while maintaining liquidity.
BNB Chain is a blockchain platform that is launched by Binance and is powered by Binance Coin or BNB.
How BNBx Works With BNB
In a blog post, Stader explained that BNBx will seamlessly work for those that are currently holding $BNB and choose to stake with Stader. With time, the value of BNBx will grow more compared to BNB.
Stader emphasizes that BNBx does not have a fixed Apy. Instead, he emphasized that it has an ever-changing Apy based on the rewards offered by validators. They will automatically mint BNB with their staked BNB.
In a different post, Stader explains that they will prioritize the validators who charge less than 10% from their delegators and have a reward rate higher than 5%. When the validators process transaction, they will generate rewards and increase the BNBx supply.
Stader reveals that BNBx is a determinant of reward-oriented liquidity, even though their odds against each other will be 1 at first. As BNBx offers more rewards, the value of the token will increase compared to BNB. The rate of increase will be according to a certain formula.
The Fee Structure Of The Token
Stader also detailed the fee structure of their token. They revealed that the users who stake will have to pay a transaction fee to Binance, which is not controlled by Stader. Moreover, there is also a reward fee of 10%, which will be paid by the users only after they have earned the reward.
Stader explicitly states that users will not pay any commission for staked BNB, only on the earned rewards.
Everyone is looking forward to the new token, it can be a source of income at a time when the market is bleeding.