BNBx

What is BNBx?

BNBx is a liquid staking token developed by Stader, designed specifically for staking activities on the Binance Chain. A user's BNBx holdings represent their share of the total BNB deposited with Stader. When a user deposits BNB into the Stader staking smart contract, they receive newly minted BNBx tokens based on the Exchange Rate at the time of staking.

How is BNBx minted?

New BNBx tokens are minted only when a user stakes BNB with Stader via the Stader smart contract for staking. The amount of BNBx minted depends on the current exchange rate.

What is the BNBx exchange rate, and how does it change?

The exchange rate reflects the total value of the Stader staking pool for BNB, relative to the BNBx tokens in circulation. The exchange rate is calculated as: Exchange Rate = (Total BNB in the Stader staking pool) / (Total BNBx in circulation) At the time of launch, the BNBx exchange rate was initialized at 1. Over time, as staking rewards are added to the pool, the BNBx-to-BNB exchange rate gradually increases. Therefore, the exchange rate evolves as more rewards are added, directly impacting the value of each BNBx token in terms of BNB.

Let's consider a scenario to illustrate this concept:

• Suppose, at the time of staking, there are 1000 BNB in the Stake Pool and 1000 BNBx in circulation, setting the initial exchange rate at 1 (1000 BNB / 1000 BNBx = 1).

• Now, after some time, network rewards result in an additional 100 BNB being added to the Stake Pool. The Stake Pool now holds 1100 BNB, while the circulating BNBx remains at 1000.

• We calculate the new exchange rate as follows: Exchange rate (after rewards) = Exchange rate (before rewards) + (Rewards Added / BNBx in Circulation) = 1 + (100 BNB / 1000 BNBx) = 1 + 0.1 = 1.1

• Thus, the new BNBx-to-BNB exchange rate becomes 1.1, indicating that each BNBx token now represents 1.1 BNB. Therefore, even if you initially staked 1 BNB (and received 1 BNBx in return), when you decide to unstake, your 1 BNBx would be exchanged for 1.1 BNB, accounting for the rewards added to the Stake Pool.

Where can I use BNBx?

We have an extensive list of partners that support BNBx. These partners span a wide range of sectors, including DEXs, yield farming protocols, lending/borrowing platforms, DeFi Option Vaults, and more. You can explore the listed DeFi opportunities in the DeFi section of our dApp.