Stader Labs TVL Continues Rising Since August BNB Chain Launch
Six weeks since its launch on BNB Chain, liquid staking protocol Stader Labs has seen tremendous growth in TVL, staked BNB, partnerships and more.
Liquid Staking With Stader Labs on BNB Chain
Since its launch on BNB Chain on Aug. 5, the liquid staking solution from Stader Labs has seen tremendous growth, including a surge in the amount of staked BNB, partnerships with seven decentralized finance protocols, integrations with several wallets, and much more.
Founded in 2021, Stader Labs is a non-custodial smart contract-based staking platform that is currently deployed on BNB Chain, Fantom, Hedera, Near, Polygon and Terra 2.0.
Since the BNB Chain launch, more than 1,300 users have staked $BNB via Stader. Almost immediately upon launch, Stader’s Total Value Locked (TVL) rocketed to $3 million, and it has risen steadily since then.
According to data from Dune Analytics, the project’s TVL on BNB Chain stood at $12.1 million as of publication. Further, 39,434 $BNB (valued at $10.7 million) were staked with Stader.
Project Partnerships
To ensure its continued success, within six weeks of its deployment on BNB Chain, Stader has partnered with seven Decentralized Finance (DeFi) projects native to BNB Chain. The various partnerships have one thing in common - to provide users with access to more DeFi-based opportunities where they earn additional yields on top of their staking APYs.
Stader’s BNB Chain partners include Wombat Exchange, Ellipsis Finance, Apeswap, iZUMi Finance, Beefy Finance, OpenLeverage and DeltaTheta.
Wallet Integrations
Stader has integrated with a variety of wallets since its launch on BNB Chain to ensure that a wide range of users have access to its service offerings. That includes MetaMask, Binance Wallet, Trust Wallet (via WalletConnect), Safepal Wallet, Coin98, Coinbase Wallet, and Ledger (via WalletConnect).
As stated above, Stader Labs is currently deployed on six different chains, with BNB Chain being the most recent.
In the latest edition of its fortnightly update, published on Sept. 18, Stader confirmed that its total TVL across all chains is $100 million. Although its the newest deployment, Stader’s TVL on BNB Chain alone was $11.2 million, putting it above Near ($9.4 million), Terra ($9.1 million), and Fantom ($9.1 million).
Further, save for its pools on Hedera, Stader’s BNBx/BNB pools on platforms such as OpenLeverage, DeltaTheta, and Wombat Exchange offer the highest yields among all chains, per the report.
What Is Stader Labs:
Stader Labs was founded in April 2021 by Amitej Gajjala, Sidhartha Doddipalli, and Dheeraj Borra. It specializes in cryptocurrency stake management. Stader plans to use decentralized financial protocols and applications to manage stakes efficiently on public blockchain networks. Currently, the company's staking product is available on Hedera, Polygon, BNB Chain, NEAR, Terra 2.0 and Fantom blockchains. Stader plans to extend its support to Solana, Ethereum and Avalanche soon.
Stader Labs raised $12.5 million this January in a strategic private sale, raising their valuation to $450 million. Stader Labs is backed by Pantera Capital, Coinbase Ventures, Jump Capital, Accomplice, Accel, Huobi Ventures, Hypersphere, and True Ventures, among others.
Where to find Stader Labs:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Author
Related News
Prisma Finance Reportedly Hit by $9M Hack: What to Know
Prisma Finance paused its protocol operations for investigation and advised vault owners to disable delegate approval.
Reports have emerged indicating that DeFi platform Prisma Finance, fell victim to a hacking attack amounting to approximately $9 million. Cyvers, a web3 security platform, raised the alert after it detected suspicious transactions linked to the breach.
🚨UPDATE🚨Our system has detected multiple suspicious transactions with @PrismaFi and still ongoing!
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) March 28, 2024
Total loss so far is around $9M. Attacker has funded by @FixedFloat!
Our system has detected the malicious contract 2 min earlier than hack transactions!👇
Our system would… https://t.co/9myoV8DL22 pic.twitter.com/SxT5yYZy7U
Initial estimates suggest a loss of $9 million, with the attacker reportedly utilizing funds from the crypto exchange FixedFloat.
Backing up Cyvers' findings, blockchain security firm PeckShield has confirmed the attack, providing details on the assets targeted by the hacker. Among the stolen assets are Prisma mkUSD and wrapped stETH.
In response to the breach, Prisma Finance issued a statement on X acknowledging the potential exploit. The project reportedly halted its protocol operations to conduct a thorough investigation into the incident.
Additionally, Prisma Finance advised vault owners to disable delegate approval as a precautionary measure.
We are aware of a possible exploit on Prisma.
— Prisma Finance (@PrismaFi) March 28, 2024
Core engineering contributors will pause the protocol and investigate.
We'll share an update and a post-mortem.
From DeFi Future to Security Concerns
Prisma Finance was initially hailed as the future of decentralized finance (DeFi), offering solutions in the form of a new LSTFi protocol. It enabled users to mint a fully collateralized non-custodial and decentralized stablecoin, mkUSD, using Ethereum liquid staking tokens (LSTs) as collateral.
However, the recent exploit paints a stark contrast to the platform's previous reputation, raising concerns regarding cybersecurity in the DeFi space.
Rising Trends in Crypto Hacks
The hack on Prisma Finance adds to a concerning trend in the cryptocurrency space. According to a Feb. 29 report by blockchain security firm Immunefi, over $200 million worth of cryptocurrency was lost to hacks and rug pulls last February, across 32 individual incidents.
This represents a 15.4% increase compared to the same period in 2023. Ethereum remains the most targeted blockchain, with 12 attacks accounting for over 85% of the total value lost in February.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author
Try Now!
Sign up Now
Coming Soon
WIN BIG
Coming Soon
Start Earning Today!
Earn Now
Coming Soon
Sign Up Now
Play & Mine!
Coming Soon
Editors Choice
Other Currencies
- nameLTBuyLitecoin
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyEOS
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyMonero
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyBitcoin Cash
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0%