Breaking: New Binance Token Explosive Launch, Here’s How To Earn It
Stader Labs’ latest staking token, BNBx, just went live on the BNB Chain. Stader Labs is a crypto company that builds staking products. Stader announced their new products last month, to maximize yield while maintaining liquidity.
BNB Chain is a blockchain launched by Binance with BNB as its native token. BNB is currently seeing a surge in its price, increasing more than 5% in the last 24 hours and close to 15% in the last 7 days.
Stader revealed that they saw over $1 million worth of BNB staked in less than 3 hours and are currently offering close to 300% APY.
How BNBx Operates On BNB Chain
BNBx is a staking product for users who currently hold BNB. During their announcement, Stader revealed that as more people chose to stake with BNBx, its value will increase in comparison to BNB.
BNBx does not have a fixed APY. Upon staking with BNB on their platform, BNBx will be minted and staked optimally across the various validators on the platform. The validators offer a reward, which determines the APY for the users. The company released an estimated table of the APY that users can earn, depending on the total value locked, with APY over 500% in certain cases.
The APY numbers currently include the base APY of 5.5%, plus over 270% rewards APY from Stader.
All Else You Need To Know About This Binance Token
Stader recently did a beta test for gauging the BNBx experience. They revealed that their test was a major success, with 100% of the users able to stake under a minute. They also revealed that the users rated the experience very highly.
BNBx is a reward-driven liquidity token. As more and more rewards are accrued, the value of the token will increase as well. The exchange rate between BNBx and BNB is currently at 1, but will soon change according to a mathematical formula.
The users will also not pay any commission fees for the staked BNB, only on the earned rewards.
- Just-In: Changpeng “CZ” Zhao Counters Peter Schiff, Says “Tokenizing Gold Is Not On-Chain Gold”
- $240 Million Hacked Crypto Exchange WazirX Reopens Deposits But Faces Community Backlash
- Expert Flags Pi Network Team as Source of Selling Pressure After Reported 1.2M PI Dump
- Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal
- Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
