Beefy Finance recently announced a partnership with pSTAKE to enable compound interest for stkBNB. It will bring additional utility to BNB Chain DeFi, helping users access DeFi strategies.
As a multi-chain yield optimizer, Beefy Finance is developed on BNB Chain. The platform is renowned for helping users earn compound interest on digital assets through different features and strategies.
Currently, it supports over 16 blockchain networks with $321 million locked in TVL. With the integration, users can deposit the BNB on Beefy Finance. Of this amount, 50% will be converted into stkBNB to offer liquidity to PancakeSwap stakBNB – BNB farm.
Earned rewards are automatically sold and reinvested into the pool for autocomposing. This process is done in a single transaction through the platform interface.
It allows users to deposit and earn rewards by depositing stkBNB or BNB into the Beefy vault, which makes the whole process transparent and smooth. pSTAKE has also expressed extreme enthusiasm for entering into a partnership with Beefy Finance.
The company has published an official article indicating how the integration will help it innovate and provide more opportunities for users. pSTAKE is known to be one of the best liquid staking protocols on the market.
The platform releases liquidity for staked assets, allows users to participate in protocol updates, and offers staking rewards. At the same time, it offers stkASSET (staked underlying representative tokens) to help users explore more yield opportunities in 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.
Considering its functionality and future plans, the integration will be beneficial for all parties involved, adding significantly to their value proposition.