BNB Chain has announced plans to introduce restaking, where users can stake their tokens in multiple platforms, increasing their income.
With its TVL just over $4 billion, BNB needs to reverse the downward trend that has seen the value locked dip 80% from once standing above $20 billion.
BNB Chain is home to one of the world’s biggest DeFi ecosystems, but a recent announcement could give it the much-needed push and allow it to catch up with Solana.
BNB Chain announced on Wednesday that it’s set to introduce restaking soon.
pic.twitter.com/bIBYT6r8mZ
— BNB Chain (@BNBCHAIN) September 11, 2024
Restaking is a practice in which users can use the same tokens staked on one protocol and stake them on another protocol. Essentially, a user gets to earn the yield from multiple platforms, which can lead to much higher returns.
BNB Chain was scant on the details of the restaking program. It’s unclear whether it will have specified restaking protocols within its ecosystem or whether any d
