Binance Labs announced its strategic partnership with pSTAKE. This is expected to increase liquidity and demand for the BNB ecosystem. The partnership provides more altcoin liquidity to the BNB ecosystem.
BNB is preparing to debut with new strategic partnership
The first news of the strategic partnership was reported on May 10. Now, PoS assets on Binance Chain can be staked on pSTAKE and users can earn liquid staked representative cryptocurrencies to earn rewards and returns.
The partnership came amid the current decline in the cryptocurrency market. At the time of writing, BNB (BNB), the 5th largest cryptocurrency by market cap, is trading at $277.47, down 8% in the last 24 hours and down 26% since last week.
Partnership causes excitement in the altcoin market
The crypto community believes that strategic partnership can increase the utility of BNB and its adoption in the crypto ecosystem. Commenting on the partnership, Ken Li, Director of Binance Labs, said:
Binance Labs is excited to support pSTAKE Finance as it launches BNB Liquid Stake and brings additional DeFi innovation to the BNB Chain ecosystem. We are excited by the quality of the team leading pSTAKE and look forward to close collaboration.
Analysts assess BNB price trend
Twitter’s Gert van Lagen evaluated the BNB price trend and set a bullish target for the altcoin. According to analysis based on Elliottwave wave theory, a range of $4,000 to $5,000 can be expected in the next few months. The Elliottwave method is considered the key to market behavior.
Binance CEO praised this altcoin project
As we covered in the cryptokoin.com analysis, this week was quite turbulent for the cryptocurrency market. Terra (LUNA) has lost more than 80% in as little as 72 hours, the collapse deepened by the new LUNA tokens released to support UST. Making a statement on the subject, Binance CEO Changpeng Zhao (CZ) says that the Terra (LUNA) team did not take the necessary measures in this emergency, giving the Axie Infinity team, which came to the fore with the $ 625 billion Ronin hacking attack in the past months, as an example.
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