BNB Chain Weekly Ecosystem Recap (28th July to 03rd August)

BNB Chain is moving forward daily, and we hope you guys do not miss any news in the last 7 days. Here is your BNB Chain Weekly Ecosystem recap.

TL;DR

BNB Chain Spotlight: pSTAKE Finance and Stader
EverRise partnership with Unstoppable NFT
BNB Chain is making innovations in sport possible as S.S Lazio Utilize NFT ticketing
BNB Chain introduced BNB Liquid Staking: maximize your DeFi yields
Binance is to issue Binance Account Bound (BAB) – the first-ever Soulbound Token will be built on BNB Chain

1. BNB Highlight On-Chain Data

2. Ecosystem Updates

Even in market volatility, the developer community works tirelessly to improve the BNB Chain ecosystem and spread prosperity among its users. This week, the Devs provided BNB Chain with several crucial changes and exciting news, detailed below.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 2

BNB Chain Project Ranking Updates

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 3

BNB Chain Spotlight: pSTAKE Finance and Stader

pSTAKE Finance

pSTAKE is a multi-chain liquid staking protocol that unlocks the liquidity of PoS assets by issuing staked representative tokens against users’ bonded assets, allowing them to earn DeFi yields on top of staking rewards. pSTAKE’s liquid staking solution is live on 3 chains, namely Cosmos, Ethereum, and Persistence.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 4 — *BNBChain project spotlight – pSTAKE Finance*

Liquid staking support for BNB is expected to go live soon with the contract currently undergoing security audits. Additionally, pSTAKE is in the process of developing liquid staking solutions for other leading assets in the industry.

Stader Labs

Stader Labs is building the infrastructure for staking, as a multi-chain liquid staking platform. We simplify the staking process and enable 1-click staking with benefits like auto-compounding, validator selection and participation in DeFi opportunities to help our users maximize yields on their native crypto tokens while also enjoying staking rewards.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 5

Stader is currently live on Hedera, Polygon, Fantom, Terra 2.0, and Terra Classic networks. Our liquid staking solution will soon be available on Near, Binance, Ethereum 2.0, Solana, and Avalanche networks.

EverRise Partnership with Unstoppable NFT

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 6

EverRise token (RISE) is a multi-chain collateralized cryptocurrency that serves as a utility token for cross-chain transfers and secures both the ecosystem and holders with its innovative buyback and staking protocol.

Unstoppable Domains is on a mission to return the power of the internet to people. To accomplish this, they are creating NFT domains that put you back in control of your data. These aren’t just traditional domains, these are domains with superpowers.

The partnership allows users to login EverRise with their own Unstoppable NFT domain. EverRise and Unstoppable are working to build the future of Web3.

BNB Chain is making innovations in sport possible as S.S Lazio Utilize NFT ticketing

Fans will now be able to enjoy the new season with digital tickets that will give them access to exclusive benefits, fan privileges and more with the Italian giants.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 7 — *(Source BNB Chain Blog)*

S.S Lazio’s use of NFT ticketing provides fans and users the chance to experience a real-life use case of this new Web3 technology and reap the rewards of experiences in the process. BNB Chain is resolute in its efforts to offer a platform for organizations looking to employ innovative technology that will ensure safer and more enjoyable experiences for fans.

Once fans purchase their single and season tickets online or in-store, they can claim their corresponding NFT Tickets for free. New users will need to register an account on Binance and, once logged in, Lazio NFT Tickets can be claimed via the Binance Fan Token platform.

BNB Chain introduced BNB Liquid Staking: maximize your DeFi yields

How it Works

Liquid staking allows you to stake and receive yield-generating liquid tokens in return. This functions through protocols minting on-chain representations of the staked assets. Liquid staking can be a profitable technique to put unused cryptocurrency assets to work. As such it’s become attractive to investors of varying backgrounds.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 8

What Makes it Unique From Regular Staking?

Liquid staking enables you to use your staked cryptocurrency assets in a variety of trading and investment opportunities. Liquid staking means that a protocol mints derivates of equal value to staked tokens. Several new initiatives with liquid staking are emerging in the DeFi ecosystem.

Binance is to issue Binance Account Bound (BAB) – the first-ever Soulbound Token will be built on BNB Chain

What is Binance Account Bound (BAB)?

Binance has introduced a unique token that can only be minted for users who have passed their KYC (Know Your Customer) verification. The Binance Account Bound (BAB) token will certify the user’s verified status on Binance and will be available for use by third-party protocols.

Bnb Chain Weekly Ecosystem Recap (28Th July To 03Rd August) 9

Use Cases and Benefits of Binance Account Bound

Soulbound Tokens (SBTs) will be non-transferable, meaning users will be unable to transfer their tokens from one address to another. This will initiate a sense of accountability, whereby the tokens represent something more than a monetary sum. They will underline the relevant Web3 credentials they represent. SBTs are a new type of tokenized credential, identity, or affiliation. Soulbound tokens are non-transferable and non-financialized.

This will help eradicate familiar issues relating to airdrops and bots, helping establish a safer and more accountable space. Transferability is problematic when it comes to the distribution of governance power.