Stake AVAX without locking it up. Earn and freely use it within DeFi.
BENQI Liquid Staking (BLS) is a liquid staking protocol built on Avalanche. It tokenizes staked AVAX and allows users to freely use it within Decentralized Finance dApps such as Automated Market Makers (AMMs), Lending & Borrowing Protocols, Yield Aggregators, etc. BLS allows users to stake AVAX on the Avalanche C-Chain* without needing to stake on the Avalanche P-Chain*. This allows users to earn validating rewards from the P-Chain without running a full node or locking up AVAX on a validating node.
Avalanche is a Proof-of-Stake (POS) network that generates returns for users "staking" the AVAX token on validator nodes to secure the network. This is done on the Avalanche Platform Chain (P-Chain) which essentially locks up the AVAX token for a predetermined time. This results in the lock up of capital, unable to be utilized within Decentralized Finance (DeFi). Liquid Staking provides a solution for freeing up this locked up capital, creating greater capital efficiency within the Avalanche network. By tokenizing the staked AVAX into sAVAX (BENQI's Liquid Staked AVAX), users will now be able to utilize the asset within Decentralized Finance dApps while earning passive returns from Avalanche staking itself. The sAVAX asset provides developers and users a wealth of strategies and options to build off from.
Overview of BENQI Liquid Staking
- No lock-up periods
- Zero fees for depositing and withdrawing from BLS
- Full control over your asset and associated accounts
- Seamlessly stake your AVAX and start earning without needing to execute cross-chain transfers to the Avalanche P-Chain
- Gain additional utility on your interest-bearing asset to be freely utilized within Decentralized Finance (DeFi).