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Cosmostation

pSTAKE — Bringing Staked Assets Into Life

Cosmostation has been successfully securing the Persistence ecosystem as a top-tier validator node operator and end-user applications provider through our strategic partnership. Today, we introduce you pSTAKE by Persistence, a protocol aiming to bring life to locked-up staked assets.

About pSTAKE

Persistence kept on pursuing the vision of becoming the overall DeFi platform ever since their launch. pSTAKE (Beta), a “liquid staking” solution from Persistence team for fully utilizing the potential of staked assets on Cosmos ecosystem, has been launched just over 2 months ago. In a nutshell, users can stake their assets(now $ATOM, more coming) on pSTAKE to receive 1:1 pegged ERC-20 compatible tokens($stkTOKEN) on top of staking reward. It’s like having a well-cooked steak, paired with a fine glass of wine! This is the why it’s called “Liquid Staking”, because by staking on pSTAKE, unlike the normal staking, users receive liquid, active, DeFi-able ERC-20 tokens on Ethereum mainnet.

How Does It Work?

For Cosmonauts and other PoS(Proof of Stake) blockchain users, staking is a fairly common concept. Users stake their tokens to participate in governance, earn passive income and secure the network at the same time. Since now, staked tokens could not be acquired without waiting for the lock-up time to be over. However with pSTAKE, the staked tokens will still do the same work generating staking rewards, but at the same time users will be looking at their wallets filled with ERC-20 tokens, ready to go on Ethereum mainnet. Imagine all the PoS-sibilities!

The process goes as simple as this: first, wrap your tokens on pSTAKE to mint pTOKENs; stake your pTOKENs to get stkTOKENs; use stkTOKEN on Ethereum mainnet.

For more details & backgrounds, read the articles below:

https://pstake.medium.com/understanding-proof-of-stake-liquid-staking-the-evolution-of-pos-5ad437513815

https://docs.pstake.finance/What_is_pSTAKE/

pSTAKE x Cosmostation

pSTAKE already acquired nearly $4M TVL (113,000 $ATOM) staked since its launch, and we believe that the pSTAKE team will continue to pursue bigger goals. With IBC being implemented into networks and cross-chain platforms arising, Cosmostation believes that pSTAKE can bring a whole new page in bringing staked assets into life.

Cosmostation is very excited to be a validator to secure pSTAKE’s bridge between Cosmos and Ethereum, and provide Mintscan for pSTAKE’s block explorer. Stay tuned for more announcements and notices!

About Cosmostation

Cosmostation is an enterprise-level validator node infrastructure & end-user application provider based in Seoul, South Korea. Cosmostation runs validator nodes across several networks, specifically focused on networks built with PoS(Proof of Stake) consensus. Along with node operation, Cosmostation develops and maintains Mintscan Block Explorer and Cosmostation iOS, Android, Web Wallets to support in-depth features for modules specific to each network.

Website: https://www.cosmostation.io/
Github: https://github.com/cosmostation
Android Wallet: Android — Google Play Store
iOS Wallet: iOS — iTunes App Store
Block Explorer: https://www.mintscan.io/
Medium: https://medium.com/cosmostation/
Twitter: https://twitter.com/CosmostationVD
Telegram: https://t.me/cosmostation

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Mikey JH Lee

Mikey JH Lee

Business Development @Cosmostation