BENQI Liquid Staked AVAX (sAVAX) is a tokenized version of staked AVAX on the Avalanche network. It allows users to earn passive income through staking while maintaining liquidity and utilizing the asset within Decentralized Finance (DeFi) protocols. Here's how sAVAX is used:

1. Staking and Liquidity:

   • Users stake their AVAX through BENQI Liquid Staking, receiving sAVAX tokens in return.
   • sAVAX can be traded, lent, or used in DeFi applications, providing liquidity and capital efficiency.

2. DeFi Integration:

   • sAVAX can be integrated into various DeFi protocols, such as automated market makers (AMMs), lending and borrowing platforms, and yield aggregators.

3. Redemption:

• Users can redeem their sAVAX for AVAX plus accrued rewards after a 15-day unlock period.

4. Market Performance:

   • sAVAX is highly correlated to the overall market and can trade at a discount to AVAX due to lower liquidity and technical risks associated with the Benqi smart contract.

5. Staking Rewards:

   • The current reward rate for BENQI Liquid Staked AVAX is 5.55%, allowing users to earn passive income through staking.

Overall, sAVAX provides a flexible and liquid way to stake AVAX, enabling users to participate in DeFi activities while earning staking rewards.

To store BENQI Liquid Staked AVAX (sAVAX) tokens, you can use an EVM-compatible wallet. Here are the steps to follow:

1. Download a Trust Wallet:

   • If you are using a desktop computer, download Google Chrome and the Trust Wallet Chrome extension.
   • If you prefer using your mobile phone, download the Trust Wallet app via Google Play or the iOS App Store.

2. Set up your Trust Wallet:

   • Register and set up the crypto wallet via the wallet’s Google Chrome extension or via the mobile app.
   • Make sure to keep your seed phrase safe and take note of your wallet address.

3. Buy AVAX:

• Login to your Binance account and proceed to the Binance Crypto webpage to buy the AVAX.
• If you are not an existing user, refer to the guide on registering and buying your first cryptocurrency on Binance.

4. Transfer AVAX to Your Wallet:

   • Go to your Binance wallet section and look for the AVAX you purchased.
   • Click on withdraw and fill up the required information.
   • Set the network to Avalanche, provide your wallet address, and the amount you want to transfer.
   • Click the withdraw button and wait for your AVAX to appear in your Trust Wallet.

5. Swap AVAX for sAVAX:

   • Choose a decentralized exchange (DEX) that supports the Avalanche blockchain.
   • Connect your Trust Wallet to the DEX.
   • Select your AVAX as the payment and select the BENQI Liquid Staked AVAX as the coin you want to acquire.
   • Apply the swap.

6. Store sAVAX in Your Wallet:

• Once the swap is complete, your sAVAX tokens will be stored in your Trust Wallet.

Remember to keep your seed phrase safe and secure to protect your sAVAX tokens.

To buy BENQI Liquid Staked AVAX (sAVAX) tokens, follow these steps:

1. Choose a Decentralized Exchange (DEX): Select a reliable DEX that supports the Avalanche blockchain, such as 1inch.

2. Set Up a Crypto Wallet: Download and install a Web3 crypto wallet like Metamask or an App wallet like Trust Wallet. Ensure the wallet is compatible with the chosen DEX.

3. Create and Set Up the Wallet: Follow the wallet's setup instructions, taking note of your wallet address and keeping your seed phrase secure.

4. Buy AVAX: Purchase AVAX, the base currency for the Avalanche blockchain, on a centralized exchange like Binance. Transfer the AVAX to your self-custody wallet.

5. Connect the Wallet to the DEX: Go to the DEX, click "Connect Wallet," and follow the instructions to link your wallet.

6. Find and Trade sAVAX: On the DEX, find the "Swap" option and select AVAX as the "From" currency and BENQI Liquid Staked AVAX (sAVAX) as the "To" currency. If sAVAX is not listed, input its contract address.

7. Confirm the Swap: Enter the desired amount, review the details, and click the "Swap" button. Your wallet will ask for confirmation.

8. Monitor Your Transaction: Check the transaction details on the block explorer.

Remember to be cautious of scams and ensure you have the official contract address for sAVAX.