News from the RBN Coin Development team on March 1, 2022
Ribbon is delighted to announce that we have partnered with BENQI, a liquidity market protocol on Avalanche, on their latest Liquid Staking product. sAVAX allows users to earn staking yield on their AVAX, while still using it across Avalanche DeFi.
Today, Ribbon launches a sAVAX vault, letting users earn native AVAX Staking yield and Ribbon yield at the same time.
When users deposit regular AVAX, the Ribbon vault stakes it on BENQI and gets back sAVAX. Then the vault uses the sAVAX as collateral to write covered calls, generating boosted yields. Alternatively, users who already have sAVAX can deposit their sAVAX directly.
When users withdraw, they get back sAVAX into their wallet. They can then go to BENQI’s staking page to convert that back into regular AVAX.
To start, Ribbon is capping this vault to 10k AVAX and will expand the capacity if it gets filled.