[Passed] Proposal to launch: sAVAX

Proposal to launch: sAVAX

sAVAX is a Liquid Staking token from BENQI that allows a user to unlock liquidity while participating in securing the Avalanche Network.

BENQI started off as the first lending protocol on Avalanche when there were few builders on the network when it first launched in 2020. Identifying a need for a base layer of DeFi primitive, BENQI’s lending protocol was officially launched in 2021.

Specification / Metrics
· Token contract address: 0x2b2C81e08f1Af8835a78Bb2A90AE924ACE0eA4bE
· Snowtrace Tracker
· Trading volume: 201,987
· Market Cap: 92M
· Holder Distribution: 7,430
· BENQI Liquid Staked AVAX price today, SAVAX to USD live, marketcap and chart | CoinMarketCap

· Links to security audits: https://162914606-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F-MViz_ikDZy4OemUj_VI%2Fuploads%2Fsjpc2u859ZnLjsedBuel%2FBenqi_LiquidStaking_Smart_Contract_Security_Audit_Report_Halborn_Final.pdf?alt=media&token=6b646d03-5123-42cd-b210-2238f8d0242b

Specification & Rationale
As sAVAX holder, I usually face some downside risk without any solution in the market to limit my potential losses. It is important to highlight that using derivatives on AVAX is useless as a hedging strategy since both assets reflect price dislocation most of the time.

Listing sAVAX would allow users to hedge its staking positions, offering protection against undesired market conditions and in turn generating revenue to EMDX.

sAVAX is the largest Liquid Staking token on Avalanche and has over 3M sAVAX in circulation with deep liquidity in AMMs.

By listing perpetual swaps on sAVAX, EMDX will have the opportunity to engage BENQI’s community, which is one the biggest in the Avalanche ecosystem. As of now they have 63,7k followers on Twitter and 25,8k on Telegram.

Another relevant condition to implement the product consists of Data Feed availability for sAVAX/USD provided by Chainlink.

Technical Specifications
sAVAX uses a pool share system in which the token increases in value due to the increasing AVAX balance in the pool. Staked AVAX is withdrawn from the C-chain smart contract and imported into the P-chain for delegation. The withdrawal and delegation process is currently protected in a hardened memory-only runtime environment with no remote access and extremely restricted physical access. AVAX is delegated to reputable validators randomly to ensure reliable performance and validation rewards. When delegations expire, the rewards are added to the pool and redelegated alongside the principal amount to compound rewards.

Should we pass this proposal to MGV (Motion Granted for Voting)?

  • Yes
  • No

0 voters

26.07.22 Update:
After been approved on the CMS Phase, the proposal advanced to the MGV (Motion Granted for Voting) stage. Tokenholders can now vote on Snapshot.

28.07.2022 Update:
The Proposal passed the MGV stage and is now ready for implementation.


Go go go emdx to the moon


Support, come and exercise your power and cast your sacred vote!


Support, come and vote!


hi, first time voter, support

a good start… congratulations.

shupp project emdx for the future

i always support EMDX!

always support always trust :slight_smile:

very nice project i like it

1 Like

Boğada çok iyi yerlerde göreceğimize adım gibi eminim. İçerde olduğuma da çok mutluyum. :wink:


emdx is growing, i voted this proposal

LFG , let’s go start to the mon

lets go, i voted this proposal

Let’s go moon always support

Thank you for a good start and working with the community. I hope it will be very successful <3

1 Like

This is what we call the power of the community. :100:

come on emdx to the moon :slight_smile:


everyone say yes. so yes

yes yes yes
Support, come and vote!