The first and biggest LST provider @BenqiFinance has spread its LST $sAVAX across the @avax network. For many users $sAVAX is the go-to LST as it continues to get the most inflows of $AVAX.
Let's look at BENQI and what that means for the rest of the #AVAX ecosystem
1/26
End of Q2 in a couple of days. Very Excited!
We have gotten a huge amount of tech done this quarter and will be releasing a the beta for Foreventory in the next couple of weeks. It is really coming together and an excellent example of Sovereign Web3 architecture!
UniGen is close to code complete, but will take some time to vet before we can release it. #XYO #SelfSovereign #DigitalProvenance
@OfficialXYO
A good narrative for the next several years will be the rise of liquid staking derivatives (LSDs) as PoS blockchains mature.
Currently, Lido has ~7.1m $ETH staked (5.9%). Benqi has ~1.5% of the total $AVAX supply on Avalanche.
Excited about the Benqi Ignite launch and the growth it will bring to Avalanche subnets.
Markets for easy lending and borrowing
Liquid Staking for seamless yield on #AVAX
veQI for supercharging Avalanche validator rewards
*soon*
Ignite for 10x cost-efficient subnets ๐ฅ
$XYO (#XYONetwork)'s 1d prices are currently returning with MAJOR STRENGTH while holding well broken FREE of an older resisting trend.
With prices free of this trend, an ADDITIONAL +114% RUN (2.1X) to reach the target at $0.01146 can be on its way!
๐ sAVAX and veQI continues to grow throughout the past month.
sAVAX stake grew significantly with an increase of 6.74% as sAVAX holders continue earning $AVAX rewards by pairing it with popular dapps: @AaveAave, @traderjoe_xyz, @CIAN_protocol, @platypusdefi
veQI stake grew 3.87% as a growing amount #Avalanche validators opt for veQI AVAX delegations as their additional source of yield
Exciting News: A Proposal to Strengthen Security with a 100 Quadrillion Token Burn on ETH and fee reduction to 0%
We've been listening to your concerns and have come up with an innovative solution to further enhance the security and integrity of our project. As these 100 quadrillion tokens have been sitting idle since our launch on ETH, we propose a monumental token burn to reduce potential exploitation risk associated with them. This would effectively remove a significant portion of the tokens on ETH, ensuring the long-term stability and safety of our ecosystem.
We understand the importance of reserving some tokens to facilitate bridging to ETH. This proposed burn will still allow for seamless bridging, while also reducing the fee on ETH transactions to 0%! This means our community members can enjoy more efficient, and cost-effective transactions within the ecosystem.
This monumental event could be one of the largest token burns in history, with an estimated value of hundreds of millions of dollars! We are eager to hear your thoughts and feedback on this bold proposal. If we see overwhelming support from our incredible community, we will draft an official proposal for the DAO to consider.
Remember, this is all about strengthening our project and enhancing security while offering our community members a seamless and cost-effective experience. Let's make history together and continue to build a vibrant, secure, and thriving ecosystem!
This initiative would initially be carried out on ETH and depending its success could be explored on BNB chain.
(Pending official vote by the DAO)"h