Challenge: Unlocking the Power of Liquid Staking
DeFi is booming, and it's only getting bigger. But for newly launched projects, it can be difficult to attract liquidity, especially for Proof of Stake (PoS) chains. Why? Staking is crucial for ensuring security in a blockchain network, but it also requires locking up cryptocurrency, thus reducing liquidity. The BNB Chain network, for instance, has a low staking ratio of 11%, impacting both security and access to DeFi opportunities.
Enter pSTAKE, a liquid staking protocol that allows users to enjoy the benefits of both staking and participating in DeFi. pSTAKE's liquid-staked representative for BNB, stkBNB, was launched in August, 2022. However, to attract more users and increase liquidity, the pSTAKE team knew they needed new channels and marketing power to grow and scale more efficiently. They found Galxe to be the perfect partner after extensive research, especially seeing Galxe’s presence and success on the BNB Chain.
Galxe offered a suite of solutions pSTAKE was looking for, including a plug-and-play dashboard, the unique Galxe OAT (On-Chain Achievement Token) feature, and community growth services that included customizing campaigns and co-marketing efforts. The next few weeks were spent in creating a campaign structure with two goals in mind:
Increasing total BNB deposited with pSTAKE
Increasing the number of users that liquid stake with pSTAKE
The tier-based campaign structure suggested by the Galxe team allowed pSTAKE to build a highly incentivized campaign.
Over the course of 7 weeks, the campaign attracted users to mint stkBNB by depositing BNB, increase their stkBNB stake, and use it on one of pSTAKE's five DeFi integrations including PancakeSwap, Alpaca Finance, OpenLeverage, Beefy Finance, and Wombat Exchange. To drive more traffic and exposure to the campaign, the Galxe team also provided co-marketing support, which is a part of our premium marketing services.
The BNB Stake-to-Earn campaign was one of the highest incentivized campaigns on Galxe with rewards as high as 52% APY. This combined with pSTAKE’s DeFi integrations resulted in an overall yield of up to 102% APY on BNB.
The results of the campaign were impressive, with almost $1.5M worth of BNB staked through pSTAKE and the user base for stkBNB doubled.
The lead of pSTAKE Finance, Mikhil Pandey, was thrilled with the outcome of the campaign, stating:
“We were really excited about the idea of incentivizing on-chain actions with NFTs serving as a proof of those actions. Galxe’s Web3 credentials let us do exactly that to create a one of its kind BNB Stake-to-Earn campaign. The Galxe team was super supportive right from the drawing board to the execution of the campaign. Looking forward to the next campaign already!”
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