Two days after BNB Chain disclosed that it had added native liquid staking on the Binance Smart Chain, the value of staked assets
Binance Smart Chain At press time, the exact value was $582.76 million. The TVL of Stader, another liquid staking protocol on the network, registered a 6.98% increase within the same period.The increase in the metric implied that market participants deposited more assets on the BSC. Furthermore, the increase was proof of increased trust in the protocol.“By issuing liquid staking tokens that represent staked BNB, users can engage in DeFi activities without sacrificing asset utility.
With the development, delegators can compound staking rewards. Also, cross-chain migration between the BSC and BNB Beacon Chain might become easy.Despite the increase in assets staked, the TVL of the BSC at large fell by 22.16% in the last 24 hours. If staking on the network improves, then the metric might climb.
Otherwise, the chain might not produce a substantial yield for participants. However, staking activity could also affect BNB Chain’s revenue. In Q1, AMBCrypto reported how the chainon several days. However, since the full liquid staking integration could be ready before the end of May, the revenue condition might improve.that the sentiment around it improved. According to Santiment, the Weighted Sentiment was as low as -1.631 on 20 April.
Meanwhile, press time data showed that the reading was positive. The boost was a hint that the perception around BNB was not as bearish as it was a week ago.If this reading rises, then assets allocated to staking on BNB Chain might increase. If not, the value might stall, or in the worst case, participants might take out their assets.In addition, on-chain data showed that social volume dropped. This means that arbitrary search for BNB, as an asset, decreased.
While this might affect demand for the cryptocurrency negatively, it is not a prerequisite that activity on the network will plunge.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population.
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