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. BNB is currently up by more than 5% and is trading at $270.53.
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 reveals that BNBx does not have a fixed APY. Instead, it has a dynamic APY that depends upon the rewards that validators are offering. When the users will stake BNB with their platform, they will automatically mint more $BNB. The platform then optimally stakes it with various validators.
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.
