https://ift.tt/Jt8TfWn sAVAX Integration by BENQI and Anchor

The integration will provide sAVAX tokens tremendous flexibility and utility, allowing users to decide what to do with their staked tokens and letting them do more with them.

As part of this agreement, Anchor Protocol will solely employ BENQI’s liquid staking token, sAVAX, to:

• Allow customers of Avalanche to cooperate in the Terra Ecosystem.
• Borrow the Terra Stablecoin (UST) with sAVAX and take part in other ecosystem DeFi methods.
• Create a flywheel effect between the two most exciting ecosystems, Avalanche and Terra.
• Users will get a larger yield if they deposit on Anchor Protocol, both on Avalanche and Terra.
• Provide sAVAX tokens with unrivaled adaptability and convenience, allowing users to pick what to do with their staked tokens and expand their capabilities.

BENQI Liquid Staking is a non-custodial liquid staking technique that allows users to stake AVAX in return for sAVAX, an on-chain representation of Avalanche verifier delegation roles.

Traditional Avalanche staking locks down the participant’s AVAX on the P-Chain, preventing users from accessing the asset until the staking period ends. BENQI’s Liquid Staking allows users to use liquid staked sAVAX to unleash these “staked” assets.

Participants will earn sAVAX by putting AVAX into the BENQI Liquid Staking protocol, which also reaps the advantages of staking on the Avalanche system. As rewards are accrued to the core staked AVAX, the cost of sAVAX, similar to AVAX, climbs each epoch.

On the C-Chain, sAVAX might be utilized in DeFi apps like AMMs (Trader Joe, Pangolin) and lending protocols (BENQI, Anchor, Aave). Consumers may now participate in DeFi and get extra benefits by using their yield-bearing sAVAX as liquidity.

Users may earn liquid sAVAX tokens by staking Avalanche’s token, AVAX, via BENQI’s Liquid Staking Protocol. The sAVAX token offers its users a yield generated by rewards for attempting to secure the Avalanche network and the possibility to freely utilize the token within powerful Decentralized Finance apps like Anchor Protocol.

sAVAX joins bLUNA and bETH as leverage on Anchor, offering new efficiency between two of the most exciting public blockchains today. The Anchor Markets and BENQI’s liquid-staked sAVAX asset will be decentralized due to this cross-chain connection.

Anchor is a decentralized lending and savings protocol that provides users with a stablecoin deposit with a lower return. The Anchor savings rate is supported by a diverse flow of staking benefits from significant proof-of-stake blockchain systems, contributing to its stabilization compared to the fluctuation of money market interest rates. The Anchor group understands that a stable, credible source of produce in Anchor has the potential of becoming the cryptocurrency’s benchmark interest rate.

Cross-chain Anchor enables the users on chains such as Avalanche to get a native lending and saving experience by leveraging Anchor’s simplicity and Earn rate without bridging assets.