BENQI sAVAX is a liquid staking token on Avalanche representing staked AVAX, issued by BENQI Liquid Staking. Yield is generated from native Avalanche staking rewards earned by delegating pooled AVAX to P-Chain validators. sAVAX is value-accruing and redeemable for AVAX via a 15-day native cooldown or instantly through secondary AMM markets.
AUM
-
Net APY
-
Active Users
-
Type
Liquid Staking
Network
Avalanche
CCC
High RiskCeiling A-
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CurrentPotential
This rating is based solely on publicly available information. DeFi protocol risk assessed across Security, Strategy and Operations on the AAA–D scale. The range from CCC to A- reflects the gap between the current assessment and the potential rating achievable if all identified improvement areas are addressed.
SCSSmart Contract Security70
KMPKey Management Permissions49
MMarket73
LLiquidity78
CCollateral67
PMProtocol Mechanics100
ICEInfra Counterparty Exposures83
PCEProtocol Counterparty Exposures87
GGovernance22
FRFinancial Resilience29
TLCTeam Legal Compliance81
DTDocumentation Transparency52
Market Details
Component Ratings
Contract Addresses
Smart Contract0x2b2C...0eA4bE
OracleEdge0x6A5B...812924
AdminDeployer0xb5d7...5c7d8b
Implementation0xB791...19FA53
GovernanceToken0x8729...76C0F5
OracleChainlink0x2854...34Ff0a
Key Strengths
S1Well-audited core contracts: the sAVAX StakedAvax contract was audited by Halborn and formally verified by Certora, with oracle review by Zellic and a dual-oracle audit by Chaos Labs.
S2Active Immunefi bug bounty with a substantial maximum payout and BENQI Liquid Staking explicitly in scope, well above standard low-risk thresholds.
S3Clean security record with no protocol exploit, rug-pull, or depositor loss across BENQI's full history, and a monotonically increasing exchange rate.
S4Sound, fully organic yield with no leverage: all yield is native Avalanche staking rewards, AVAX is the only collateral, and Avalanche delegation does not slash delegator principal.
Key Risks
R1Unverifiable key management: a controlling multisig is documented only in a 2022 governance post, and the current threshold, signers, and any timelock cannot be confirmed on-chain, with the admin resolving to an unverified deployer contract.
R2No on-chain timelock or binding tokenholder governance over the upgradeable sAVAX proxy; tokenholder governance only controls validator delegation, not contract logic.
R3Thin, undiversified treasury held almost entirely in the protocol's own volatile token, providing minimal liquid loss backstop relative to TVL.
R4Off-chain MPC custody dependency: underlying AVAX is bridged to and delegated on the Avalanche P-Chain via an MPC-secured system without disclosed security certification, and native unstake settlement depends on it.
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