Ribbon Finance Launches sAVAX Vault in Partnership with BENQI

TokenInsight news, structured product Ribbon Finance announced the launch of sAVAX Vault in partnership with BENQI, a liquidity market protocol on Avalanche. sAVAX is a Liquidity Staking product that allows users to earn native $AVAX Staking yield and Ribbon yield at the same time. It is said that 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. 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.