pSTAKE: Unlocking the liquidity of your staked assets

Since the emergence of the Proof of Stake mechanism as a direct alternative to the Proof of Work used by Bitcoin, the blockchain experience has seen users enjoy better rewards at lower cost to them while enjoying the security, scalability and decentralization that Proof of Stake network has to offer.

In the Proof of Stake, there is also the need to add a block to the growing chain in the blockchain but this is done in a different way. Unlike the Proof of Work that involves a race by miners to find the solution to a mathematical puzzle, thus earning the right to add the block, the Proof of Stake works on a different model. The ability to add a block to the growing chain depends on the total number of staked coins in the network. Staking involves holding the coins of a cryptocurrency project in a wallet so as to give the blockchain support and provide security for the network. The more coins you stake, the more rewards you can get. There are so many tokens locked in staking with the total value locked (TVL) of $146 billion according to stakingrewards.com with an average APR of 14.95%. But as the name TVL implies, the tokens are locked and you can only get your rewards. Now imagine being able to use your locked PoS tokens to earn more rewards in the decentralized finance (DeFi) ecosystem. This is known as liquid staking and that is where Persistence's product, pSTAKE comes in. You have your 2-in-1 benefit for taking your PoS tokens. First, the holders of this PoS tokens can stake their network tokens securely through the pSTAKE application to earn staking rewards. It doesn't end there. Secondly, they get to receive stkTOKENs that are 1:1 representation of the staked tokens on the Ethereum network. With these replica tokens, you can foray into the Ethereum DeFi ecosystem and also earn rewards. This is massive, considering what is on offer with conventional staking programs and goes to show you what Persistence has stored up for users. Next-gen financial products at your fingertips.

Features of pSTAKE

pSTAKE is set to be released this June and it will be nice to know the features of this novel financial products by Persistence.

1. Liquidity: As stated earlier, we are looking at a product pioneering liquid staking. Thiis is by unlocking the liquidity of your staked assets by giving you staked replicas. You can earn with your staked PoS tokens and you can use the replicas to perform various functions in the DeFi ecosystem.
2. Network security: One very strong characteristic of the Proof of Stake mechanism is security. The users staking the coins, while earning rewards in the process are also securing the network and helping to keep it going. With pSTAKE, the security of the network is also important with the staked assets being delegated to a group of whitelisted validators of the underlying network in order to help decentralize voting power. The more decentralized a network is, the more secure it is from a single point of attack or any attack at all.
3. Fungibility: If the staked representatives cannot be exchanged for something of equal value or utility, then the aim of creating the pSTAKE product would be defeated. The staked representatives, however, are fungible. You really have a gem of value in your hands and the slashing risk will be shared across all pSTAKE users.

To conclude, here is a brief info of how to use pSTAKE.

1. Wrap native token
2. Stake ustkTOKENs.
3. Earn and receive your staking rewards
4. Use stkTOKENs to generate additional yield.
5. Unstake stkTOKENs
6. Withdraw native tokens.

It’s very easy.

Enjoy the ride with pSTAKE and earn massive rewards along the way.

PERSISTENCE
Website: https://www.persistence.one/
Telegram: https://t.me/PersistenceOneChat
Twitter: https://twitter.com/PersistenceOne
Official Blog: https://medium.com/persistence-blog

pSTAKE
Website: https://www.pstake.finance
Twitter: https://www.twitter.com/pStakeFinance