BENQI Finance Partnership With Anchor Protocol

BENQI announced collaboration with Anchor Protocol and Terra. 

Through this collaboration, Anchor Protocol will exclusively use BENQI’s liquid staking token, sAVAX to:

• Earn additional yield by depositing on Anchor Protocol, both on Avalanche and Terra
• Borrow the Terra Stablecoin (UST) using sAVAX, and participate in other yield-bearing DeFi strategies on the ecosystem.
• Provide Avalanche users the chance to participate in the Terra Ecosystem
• Generate a flywheel effect between two of the most exciting ecosystems, Avalanche and Terra

This will bring unprecedented flexibility and utility to sAVAX tokens, allowing users to determine what to do with their staked tokens and providing them with the ability to do more with them.

BENQI Liquid Staking is a non-custodial liquid staking solution that allows users to stake AVAX and receive sAVAX, an on-chain representation of delegation positions with Avalanche validators.

Traditional Staking on Avalanche locks up user’s AVAX on the P-Chain, preventing users from accessing the asset until the staking period ends. BENQIs Liquid Staking provides users the opportunity to unlock these “staked” assets through liquid staked sAVAX.

sers receive liquid sAVAX tokens by staking Avalanche’s token, AVAX on BENQI’s Liquid Staking Protocol. The sAVAX token provides users yield generated through rewards for securing the Avalanche network while simultaneously providing users the chance to freely utilize the token within powerful Decentralized Finance applications such as Anchor Protocol.

Joining bLUNA and bETH as collateral on Anchor, sAVAX opens up new synergies between two of the most exciting blockchain networks today. This cross-chain integration essentially creates inroads for decentralizing BENQI’s liquid staked sAVAX asset and the Anchor Markets.

ABOUT Anchor Protocol
Anchor is a decentralized borrowing and savings protocol offering users low-volatile yield on stablecoin deposits. The Anchor savings rate is powered by a diversified stream of staking rewards from major proof-of-stake blockchains, which support its stability relative to the volatility of money market interest rates. The Anchor community believes that a stable, reliable source of yield in Anchor has the opportunity to become the reference interest rate in crypto.

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ABOUT BENQI
Built on Avalanche’s highly scalable network, BENQI’s vision of bridging decentralized finance (DeFi) and institutional networks starts by launching BENQI on the Avalanche C-Chain. BENQI’s suite of yield-generating DeFi products consists of the BENQI Liquidity Markets and BENQI Liquid Staking.

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