Grazing Range Pool 56— Welcoming pSTAKE back to the herd!
Dear alpacas,
We senior alpacas are excited to welcome back our trusted partner to the range once again— pSTAKE Finance.
With this partnership, all you alpacas will be able to continue earning rewards from opening leveraged yield farming positions on Pancakeswap’s stkBNB-BNB which currently yields ~7.59% in CAKE and trading fees rewards!
As part of the extension, you’ll also be able to earn 60k USD in PSTAKE rewards by staking ALPACA in the governance vault, which will be distributed over 8 weeks.
Additionally, leveraged yield farmers in the stkBNB-BNB pool will also receive 85k+ USD bonus in PSTAKE and ALPACA rewards, on top of the leveraged yield farming rewards and trading fees.
🎁Benefits to Leveraged Yield Farmers
Leveraged yield farmers will be able to earn ~85k USD in PSTAKE bonus rewards which will be distributed at the end of the eight-week campaign period. The rewards will be distributed as follow:
- 618,600 PSTAKE (~$85k USD) will be distributed to users that open LYF positions on the stkBNB-BNB pair.
Your personal rewards allocation will be based on your debt value relative to the entire debt of all borrowers farming the pair. Like usual, you’ll be able to open and close your positions any time during the eight-week period, but rewards will only accrue while your stkBNB-BNB position is open.
For leveraged yield farmers, you’ll still be entitled to ALPACA rewards from opening a position on stkBNB-BNB. As usual, you’ll be able to claim your ALPACA rewards at any time, but the PSTAKE rewards will be claimable at the 8-week period.
- PSTAKE rewards for stkBNB-BNB leveraged yield farmers will start on Oct 7th, 2022 at 10.00 AM GMT.
- Bonus PSTAKE rewards will run for 8 weeks ending on Dec 2nd, 2022 at 10.00 AM GMT.
- Users will be able to claim the bonus PSTAKE rewards at the end of the 8 weeks period on our Claim Page. In other word, you can claim the PSTAKE rewards once the campaign end around Dec 2nd, 2022.
🎁 Grazing Range Reward Details
Total Rewards: 436,700 PSTAKE (~$60k USD)
PSTAKE Token: 0x4C882ec256823eE773B25b414d36F92ef58a7c0C
Rewards Period: 8 weeks
Rewards Start Date: October 6th, 2022
Rewards End Date: Dec 1st, 2022
Distribution Schedule:
Exclusive NFT Cards for Pool’s Stakers
To be eligible, you must stake ALPACA in the governance vault during the first 4 weeks of the Grazing Range campaign starting from before Oct 6th 00:01 UTC until at least Nov 3rd. The NFT tier you receive will be based on the amount of your xALPACA balance during that entire period. (Since xALPACA balance naturally decreases over time, make sure to watch yours)
- Green Tier: held at least 500 xALPACA
- Silver Tier: held at least 5,000 xALPACA
- Gold Tier: held at least 50,000 xALPACA
About pSTAKE Finance
pSTAKE is a Liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.
pSTAKE’s liquid staking solution for $BNB went live on 8th August 2022. At present, pSTAKE supports Cosmos ($ATOM), Persistence ($XPRT), Ethereum ($ETH), and Binance Smart Chain ($BNB) networks’ native tokens, with a view to support more chains and assets in the future.
🔒Security Scorecard on PSTAKE
Have the contracts been audited by professional auditing firms?
Protocol security is of the highest priority for pSTAKE. The stkBNB smart contracts have been audited by Peckshield and Halborn, who are among the most reliable auditors in the BNB ecosystem. The Certora team has performed formal verification for the most critical smart contracts for pSTAKE. pSTAKE has also set up Forta bots for continuous on-chain monitoring of user activity.
What is the project’s inception date?
The stkBNB product went live on 8th August 2022.
Has your project even been involved with a hack or exploit?
No, we have never been involved with a hack or exploit.
What safety measures are in place to secure your protocol from centralization risk? What contracts are not under timelock? Who has multi-sig?
All admin roles in the protocol are controlled by a multisig with important team members as the signers. The team has implemented two multisigs to ensure quick action can be taken in case the members of one multisig are not available.
Timelock functionality is present for any change in admin multisig members, and an emergency shutdown function for the smart contract.
Does your token have a maximum supply cap?
The stkBNB token is minted only when a user deposits a BNB token to the pSTAKE smart contract. stkBNB does not have a fixed supply and the supply will be driven by BNB staked by users.
$PSTAKE token, the governance token for pSTAKE protocol which will be used for incentivisation of users, has a total genesis supply of 500 Mn.
Mint function. If your token does not have a maximum supply, how is the mint function controlled?
Users will be issued stkBNB based on an exchange rate model, inspired by Compound’s cToken model. The value of stkBNB will keep increasing against BNB as it accrues staking rewards in the background, which will be reflected in the exchange rate (c-value). The mint will happen only when the contract receives BNB deposits.
Centralized treasury. If the protocol collects fees, where do they go and how are they controlled? Is there any kind of treasury or insurance fund under centralized control?
pSTAKE protocol charges a share of staking rewards earned. The fees go to a Fee Vault contract that is only accessible by the admin multisig. The protocol has waived the transaction fee for the first three months for early adopters on the platform.
Migration Function. Is there a migration function in the code? Why is this there and how to control this function from making a malicious action?
There is no migration function for our contract.
Upgradeable contracts. Are the contracts upgradeable? Why is this there and how to control this function from making a malicious action?
Yes, the contracts are upgradable to ensure that the contracts can be changed in future for further feature additions or in case of any bug/issue with the contracts.
To ensure security for the function, the deployer keys are securely stored in AWS infra and any access is monitored by an audit log.
Third-party risk. What underlying external parties do your contracts rely on?
The contracts do not rely on any third party.
Where is your token currently listed?
stkBNB will be listed on two of the major DEXs in the BNB ecosystem after the launch.
The PSTAKE token is listed on DEXs in Ethereum (Sushiswap) and the Cosmos (Osmosis) ecosystem, and will soon be available on DEXs BNB chain ecosystem. It is also listed on multiple CEXs (Complete list available here).
Please briefly describe the utility of your tokens and all the relevant tokenomics (e.g., burn, staking, locking, etc.).
$PSTAKE holders can participate in the protocol’s governance and protocol improvement proposals to ensure the long term security of the protocol.
In the long-term, the $PSTAKE token will be used to incentivise the core contributors of the pSTAKE ecosystem. $PSTAKE will also be used as a dis-incentivization token in case stakeholders (validators) staking the token act maliciously or are unable to perform their respective duties appropriately.
The token has a fixed supply which is vested across multiple years. The tokenomics details can be found here.
Does your token have any advanced mechanics such as deflationary/rebase/reflexive?
No, our token doesn’t have such mechanics.
Please share your project’s roadmap
Here’s what the stkBNB roadmap will look like:
1. Launch of v1 with a high priority on security
- Security audits conducted by Halborn, Peckshield, Binance Security team and Certora
- Strong monitoring of on-chain activities with Forta
- Bug bounty post-launch with Immunefi
2. Integrations
- Decentralised Exchanges (at least 2 to create an arbitrage loop)
(Leveraged) yield farming protocols. - Borrowing/Lending platforms
- Wallet service providers (to ensure users can liquid stake with their preferred wallets)
- To be confirmed — Listing of stkBNB on Binance exchange, Custody Providers
- To be confirmed — Options & Derivatives
3. Launch of V2
- Features to improve the user experience
- Increase decentralisation of the product
- Implement automated delegation and rebalancing strategies to give users the best yields with the highest security
What % of the token supply is/will be controlled by the team?
stkBNB — The team does not have any supply of the stkBNB token
$PSTAKE — pSTAKE team has 16% of the total supply and which is vested across 36 months
What % of the token supply is controlled by investors? What is the token distribution model?
stkBNB — None
$PSTAKE — Public sale (5%), Strategic seed sale (20%)
Please share the profiles of key team members
Tushar Aggarwal (CEO) — https://twitter.com/Tushar307
Mikhil Pandey (pSTAKE lead) — https://twitter.com/PandeyMikhil
What monitoring or controls do you have in place that could catch issues, functions, or delay attacks to protect assets?
pSTAKE has worked with Forta to deploy on-chain bots that will continuously track any suspicious activity on the product and send instantaneous updates.
Do you have a bug bounty program in place/planned?
pSTAKE will launch a bug bounty program with Immunefi to ensure that the protocol is stress tested from the start by a set of white hat hackers.
Safety practices. Is there someone dedicated to security on the team? Does your git include your test/QA scripts? Describe your current IS/QA processes? Will you commit to auditing your code at least quarterly/semi-annually/annually and for major updates and releases?
Security is the most important priority for the pSTAKE team. All of our products go through multiple audits before going live. We have team members dedicated to the security of the protocol, and are working on security focussed integrations like Forta and Certora to ensure we are on top of any challenges.
The git includes the test/QA scripts for the formal verification done by Certora. pSTAKE team will continuously be adding rules to the repo to ensure that all the contracts are covered.
Audits are a standard practice for every major update or release by pSTAKE which has helped us in providing a secure platform to our users. We are committed to only launching audited products.
