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Exclusive sAVAX integration by BENQI and Anchor


The integration provides sAVAX tokens with tremendous flexibility and usability, allowing users to decide what to do with their staked tokens and do more with them. As part of this agreement, Anchor Protocol will exclusively use BENQI’s liquid staking token, sAVAX, to: Enable Avalanche customers to collaborate in the Terra Ecosystem. Borrow the Terra Stablecoin (UST) with sAVAX and participate in other ecosystem DeFi methods. Create a flywheel effect between the two most exciting ecosystems, Avalanche and Terra. Users get a bigger return when they deposit on Anchor Protocol, both on Avalanche and Terra. Offer sAVAX tokens unparalleled customization and convenience, allowing users to choose 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 exchange for sAVAX, an on-chain representation of Avalanche verifier delegation roles. Traditional avalanche staking locks the participant’s AVAX to the P-Chain, preventing users from accessing the asset until the stakeout period has ended. BENQI’s Liquid Staking allows users to use Liquid Stake sAVAX to unleash these “staked” assets. Participants earn sAVAX by entering AVAX into the BENQI Liquid Staking protocol, which also reaps the benefits of staking on the Avalanche system. As rewards are awarded to the AVAX with core stakes, the cost of sAVAX, similar to AVAX, increases with each era. On the C-Chain, sAVAX can be used in DeFi apps such as AMMs (Trader Joe, Pangolin) and lending protocols (BENQI, Anchor, Aave). Consumers can now participate in DeFi and reap additional benefits by using their revenue-bearing sAVAX as liquidity. Users can earn liquid sAVAX tokens by staking Avalanche’s token, AVAX, through BENQI’s Liquid Staking Protocol. The sAVAX token provides its users with a revenue generated through rewards for attempting to secure the Avalanche network and the ability to freely use the token within powerful decentralized financial apps such as Anchor Protocol. sAVAX joins bLUNA and bETH as leverage for Anchor, providing new efficiencies between two of today’s most exciting public blockchains. The Anchor Markets and BENQI’s liquid sAVAX assets will be decentralized because of this cross-chain connection. Anchor is a decentralized lending and savings protocol that offers users a stablecoin deposit with lower returns. Anchor’s savings rate is supported by a diverse stream of strike benefits from significant proof-of-stake blockchain systems, contributing to its stabilization as compared to the fluctuation of money market interest rates. The Anchor group understands that a stable, credible source of products in Anchor has the potential to become the benchmark rate of the cryptocurrency. Cross-chain Anchor enables users of chains like Avalanche to get a native lending and savings experience by leveraging Anchor’s simplicity and earning speed without bridging assets.
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