Toronto, Ontario, October 8th, 2024, Chainwire
What is BNB.xyz?
What is clisBNB?
clisBNB is a certificate token issued when users deposit BNB into a Collateralized Debt Position (CDP) on ListaDAO. Each clisBNB is pegged 1:1 to the amount of BNB deposited, maintaining a clear link between the token and the staked BNB. This innovative solution allows users to retain control of their BNB collateral while accessing a wide range of DeFi opportunities.
What Can clisBNB Do?
This powerful combination of borrowing and participation in Binance Launchpool gives users more utility and flexibility with their BNB holdings, all through one seamless product.
Key Features of clisBNB:
clisBNB comes with several features that distinguishes it from other tokens, providing users with focused utility while maintaining control over their assets:
1. 1:1 Ratio with BNB
When users deposit BNB into a CDP on Lista DAO, they are issued clisBNB at a 1:1 ratio. This direct relationship ensures that for every BNB deposited, one clisBNB is created, maintaining a seamless link between the deposit and the certificate.
2. Non-transferable Token
One important feature of clisBNB is that it is non-transferable. Once issued, clisBNB cannot be moved between wallets or users. It is solely linked to the user’s BNB deposit and exists only within the context of the Lista DAO platform, ensuring its security and focused usage.
3. Automatic burn upon withdrawal
clisBNB is automatically burnt or destroyed when users withdraw their BNB or the corresponding slisBNB from Lista DAO’s CDP. This mechanism ensures that clisBNB always accurately represents the amount of BNB in the user’s position. Once the underlying BNB is withdrawn, the associated clisBNB is removed from the system to prevent any mismatches in value.
4. Minting clisBNB to Another Address
clisBNB offers users a unique feature: When depositing BNB into a CDP, they have the option to mint clisBNB to another address. However, once this address has been chosen and the clisBNB has been sent over, it will no longer be transferable to any other wallet. Having this function enables greater flexibility, especially for users who may want to delegate certain actions related to another wallet, such as the accumulation of stardust points.
However, this flexibility comes with some key restrictions:
- Only one address can be specified to receive clisBNB at the time of deposit.
- If the underlying BNB or slisBNB is withdrawn, any clisBNB minted to the secondary address is automatically destroyed.
How to Obtain clisBNB
Accessing clisBNB is a straightforward process. Users can visit ListaDAO’s deposit page, where they can deposit their BNB into a Collateralized Debt Position (CDP), and automatically receive clisBNB in return. From there, clisBNB can be used to participate in Binance Launchpool events via the Binance Web3 MPC wallet.
To ensure participation in Binance Launchpool events, it’s important that users utilize the Binance Web3 MPC wallet, which supports smooth interaction between the staked BNB and launch events.
clisBNB: Unlocking BNB Liquidity
clisBNB offers BNB holders a powerful new way to unlock liquidity, borrow lisUSD, and participate in Binance Launchpool events without losing access to their collateral. By enhancing the utility and flexibility of staked BNB, clisBNB represents a significant advancement in DeFi solutions for BNB users.
With the introduction of clisBNB, BNB holders now have a seamless tool for managing collateral, participating in Binance launchpools and accessing DeFi opportunities, all within a simple and secure process.
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