Binance Labs has announced a strategic partnership with pSTAKE. This is expected to boost liquidity for the BNB ecosystem and increase the utility and demand for the token.
Binance Labs made a strategic investment in pSTAKE Finance. The venture capital arm was keen on boosting the liquidity of the BNB ecosystem; therefore this strategic investment is key to the BNB ecosystem.
Proof of stake assets on Binance chain can be staked on pSTAKE, and users can mint liquid staked representative tokens to earn rewards and yields.
Amidst the current bloodbath in the crypto ecosystem, BNB price has sustained above $286.20, fueling a bullish sentiment for the altcoin’s recovery.
Proponents believe the strategic partnership could boost BNB’s utility and adoption in the crypto ecosystem.
Ken Li, Executive Director of Binance Labs, was quoted as saying:
Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to partnering closely.
pSTAKE is a solution that allows users to stake their assets, securing the underlying network. Gert van Lagen, a crypto analyst and trader, has evaluated the BNB price trend and set a bullish target for the altcoin. Based on the Elliottwave channeling method, a $4,000 to $5,000 target is possible within the next few months.
The Elliottwave channeling method is key to market behavior.
✅Macro 3-4 retraced to the terminus of the 3-4 wave within Macro 2-3 wave (dashed line)
— Gert van Lagen (@GertvanLagen) May 12, 2022