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NEOPIN Launches South Korea’s First ETH Liquid Staking Product

Web3 & Enterprise·July 12, 2023, 7:51 AM

NEOPIN, the global CeDeFi platform of Neowiz Holdings, a South Korean investment holding company, has launched liquid staking products for ETH and KLAY, as reported by local media outlet News1.

Photo by Kanchanara on Unsplash

 

Liquidity provider tokens

Liquid staking enables users to deposit their cryptocurrencies into a staking pool and, in return, receive liquidity provider tokens. These tokens can then be redeposited to earn additional yield. For example, NEOPIN users can stake ETH or KLAY on the platform and receive npETH or npKLAY tokens, respectively, which can be further deposited to earn rewards.

NEOPIN asserts that it is the first Korean blockchain project to introduce an ETH liquid staking product. To make the platform more user-friendly, NEOPIN has improved its interface, ensuring easy navigation for its customers.

In celebration of this launch, NEOPIN is hosting a promotional event. Users who utilize the ETH liquid staking product will earn the NPT token, the native token of the NEOPIN ecosystem, with an annual percentage yield (APY) of 5% until August 9. Meanwhile, participants in the KLAY liquid staking product can earn twice the reward points until September 26 through the ongoing NEOPIN membership promotion campaign.

 

Qualitative and quantitative growth

Prior to this development, it was reported that NEOPLY, the operator of NEOPIN, joined the Innovation Programme of the Abu Dhabi Investment Office (ADIO) in the United Arab Emirates (UAE). Stefan Kim, Chief Business Officer at NEOPIN, highlighted the strategic collaboration between the platform and the Abu Dhabi Global Market (ADGM) to establish a regulatory framework for decentralized finance (DeFi). Kim emphasized that while this partnership will contribute to NEOPIN’s qualitative growth, the implementation of liquid staking derivatives finance (LSD-Fi) will pave the way for its quantitative expansion.

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