The Perfect Start — pSTAKE changing the staking narrative
Sequel to the successful testing and refining of their Alpha through the bug bounty program followed by the Staking Gala, pSTAKE launched their Beta version on Mainnet on 14th July, 2021 after a few delays with the launch date expected on the 12th of July, 2021.
It was a moment we were all waiting for as pSTAKE went live, allowing ATOM holders to be issued representative tokens on the Ethereum mainnet for use in DeFi. Just imagine gaining good rewards for staking your ATOM on pSTAKE and then getting replicas of your ATOM (same value) so that your locked assets could still be used for other purposes like trading, collateralization, borrowing and lending among others.
In order to prevent transaction spamming, they set a minimum cap of 5 ATOMs and a maximum cap of 500 ATOMs with a daily total of 50,000 ATOM. Every monday after the week of release, the total wrap cap would be increased by 15,000 ATOM and after the 6th week (23rd August, 2021), the cap would be removed entirely allowing unlimited staking potential.
Early users are being rewarded for coming first and showing trust and support to the platform. Their incentives include 0% wrapping fees and 0% service fees although validator commission rates will still apply.
Once the platform has attracted 125,000 ATOM in total value locked (TVL), pSTAKE would look to create a liquidity pool on a DEX, which users would utilize to supply liquidity and earn trading fees along with staking rewards. Things are looking more spicy, I must say. pSTAKE will also look to whitelist a crop of top validators to delegate users’ assets to. Your security is their top concern.
To wrap it all up, pSTAKE will be whitelisting a series of pools and only users who provide liquidity to those whitelisted pools will be able to earn staking rewards from them.
The after party
After the launch, It was great to see a lot of ATOM holders rushing over to pSTAKE, as expected, to unlock liquidity & get early incentives. With that, pSTAKE accrued over $100,000 in total value locked (TVL), just within 24 hours of the launch. If ever you were looking for a sign to show that this concept of liquid staking was accepted, then, this was it.
Under 48 hours, the total value locked (TVL) had exceeded $150,000 and at this rate, the first week cap of 50K ATOM would be surpassed in no time.
Hurry now and be among the early riders and earn massive rewards from staking your ATOM and using the representatives for various DeFi activities like lending, borrowing and trading. There is a current staking APR of 7%.
Don’t be sitting on the sidelines in this crucial period as you’d be missing out! There will be large incentives for early users of the platform.
Persistence is really maintaining that push to help unlock the full potential of Proof of Stake (PoS) & DeFi.
More details of this below: https://pstake.medium.com/pstake-mainnet-launch-beta-releasing-with-cosmos-atom-support-on-july-12th-d9a69d9fb6e5
You can also join the tutorial competition to win part of the $1000 in $XPRT. Participants would have to create content showing how to use the pSTAKE platform and earn rewards for doing so. Don’t miss out on this. Details of this and more here:
Further details
pSTAKE website: http://www.pstake.finance
pSTAKE App: app.pstake.finance
Persistence Website: https://persistence.one
