Steakwallet adds native support for BENQI's liquid AVAX staking
Steakwallet (now Omni) users can now natively liquid stake AVAX via BENQI and gain access to AVAX staking rewards – without the tradeoffs. Read on to learn more about Steakwallet's sAVAX via BENQI integration. 👇
Steakwallet is a next generation multi-chain self-custodial Web 3 wallet on mobile. Our goal is to give users one place to manage all their assets across chains and make engaging with Web 3 as easy as never before. To achieve this, Steakwallet brings critical functionality natively into the app where we abstract away backend complexity and add market leading user experience. This includes Steakwallet’s signature 3-tap staking flows, which make participating in securing blockchain networks and earning yield as simple as ordering an Uber or a pizza. With our Explore Screen, Steakwallet allows you to find all the right dApps on any chain. With one simple tap via WalletConnect, you can now easily bridge, swap, and ape into any yield opportunity right from your phone. And with multi-chain NFT support, you can collect all of your favorite NFTs in one place and even set them as your background for to easily flex your collection.
Now this is what a Web 3 wallet should look like!
Your Keys = Your Crypto
Multi-Chain By Default
Native Staking Flows
Discover the best of each chain on our Explore Screen
BENQI is a Decentralized Finance (DeFi) liquidity market protocol, built on the Avalanche blockchain. BENQI consists of the BENQI Liquidity Market (BLM), a protocol that enables users to effortlessly lend, borrow, and earn interest with their digital assets. Depositors providing liquidity to the protocol may earn passive income, while borrowers are able to borrow in an over-collateralized manner.
The BENQI Liquid Staking (BLS) protocol is a liquid staking solution that tokenizes staked AVAX to grant users the ability to utilize the yield-bearing asset within DeFi applications. BLS helps to free up the otherwise locked and staked AVAX by tokenizing the staked asset into sAVAX, which users can use freely with other DeFi dApps, creating greater capital efficiency with the Avalanche ecosystem.
Liquid AVAX Staking
Liquid staking is the process of participating in the validation of Proof-of-Stake (PoS) blockchains by staking and then receiving an interest-bearing asset in return that reflects staking rewards. Many blockchains have a certain unbonding period if a user wishes to unstake, through which assets are still locked, but not earning rewards. Many networks also have a minimum requirement for the amount a user needs in order to stake, which may exclude people from being able to participate.
Liquid staking allows those staking to earn rewards while retaining liquidity through the tokenized version of the staked funds, which can be traded or used to earn additional rewards. BENQI Liquid Staking (BLS) allows users to stake AVAX on the Avalanche C-Chain* without needing to stake on the Avalanche P-Chain*. This allows users to earn validating rewards from the P-Chain without running a full node or locking up AVAX on a validating node.
By tokenizing the staked AVAX into sAVAX (BENQI's Liquid Staked AVAX), users will now be able to utilize the asset within dApps while earning passive returns from Avalanche staking itself. The sAVAX asset provides developers and users a wealth of strategies and options to build off from. Steakwallet has integrated BENQI's Liquid Staking protocol natively in-app to allow more users to gain access to AVAX staking rewards without tradeoffs.
Steakwallet brings users native sAVAX staking
Steakwallet’s signature 3-click staking mechanism makes it as easy as possible for users to start earning yield on their AVAX. Users simply:
Click Stake AVAX via BENQI
Choose the amount to stake
Confirm and earn via your sAVAX!
By allowing anyone to stake in just a few taps, Steakwallet helps users to provide better economic security for the Avalanche blockchain. Apart from earning rewards for participating in the network, staking your AVAX helps secure the PoS Avalanche network and protects the ecosystem – all while you utilize your sAVAX to participate in the Avalanche DeFi ecosystem.
Stake your AVAX on Steakwallet
Check out our guide here learn how to earn tasty yields through Steakwallet's simple three-click staking mechanism. 🍴 🥩
Benefits of staking AVAX on BENQI via Steakwallet
No lock-up periods
Zero fees for depositing and withdrawing from BLS
Full control over your assets and associated accounts
Seamlessly stake your AVAX and start earning without the need to execute cross-chain transfers to the Avalanche P-Chain
Gain additional utility on your interest-bearing asset to be freely utilized within Decentralized Finance (DeFi)