steBNB and steUSD

steBNB: Liquidity Re-staking Asset

steBNB is a liquidity re-staking asset certificate introduced by OpenFi, allowing users to deposit native BNB into OpenFi’s partnered re-staking module to receive steBNB, which is transferable and usable in DeFi applications.

The design goal of steBNB is to:

• Unlock the liquidity of staked assets on PoS chains, enabling staked assets to have "productive" value.

• Users can continue to use steBNB for lending, LP, re-staking, collateralizing stablecoins, and other scenarios.

• steBNB will serve as an accepted asset for OpenFi's bond assets and can be directly exchanged for $OPEN.

In the future, steBNB will not only be used within the OpenFi ecosystem but will also be extended to external ecosystems, such as Venus, Wombat, Alpaca, and other BNB chain-native DeFi protocols. OpenFi will gradually build a secondary liquidity market for steBNB, further enhancing user yield capacity and capital efficiency.

steUSD: Decentralized Stablecoin System

steUSD is a decentralized over-collateralized stablecoin based on steBNB, playing an important role in OpenFi's stable financial system.

Its core mechanism includes:

• Users use steBNB as collateral to generate steUSD.

• steUSD is pegged to 1 USD, but is not tied to centralized assets.

• The Vault model is used to control risks and maintain an over-collateralization ratio.

steUSD will serve as an internal trading medium, bond payment tool, and base collateral for DeFi application scenarios within OpenFi. Its design concept is inspired by MakerDAO's DAI, but further integrates OpenFi's re-staking yields and treasury support mechanism.

With the launch of steUSD, OpenFi enhances its stablecoin issuance logic, while also extending the bond mechanism into a triad structure of "bonds + stablecoins + yield-bearing assets," achieving a full-chain closed-loop financial flywheel.