Eliminating ETH Gas Fees for Liquid Stakers
Originally posted February 28, 2022.
Liquid staking provides stakers with multi-fold benefits in the areas of asset flexibility and yield opportunities, however we’re aware that all liquid staking protocols in this nascent sector carry certain drawbacks. For pSTAKE in particular, onboarding hurdles in the form of Ethereum gas fees and the complex staking process have been a hindrance for users.
Thus, as part of our ongoing efforts to improve the user experience, the pSTAKE team has been working on updating pSTAKE’s liquid staking mechanism.
The complex dual-step process for minting stkASSETs has now been replaced with a seamless one-step mechanism. This not only makes the liquid staking process much more simple, thereby reducing the barrier to entry for new users, but it also eliminates ETH gas fees for pSTAKE users during the staking process.
Additionally, the updates make the full $PSTAKE airdrop much more accessible to eligible participants.
Note: Users will still incur gas fees when transferring stkASSETs on the Ethereum chain, claiming rewards and unstaking via pSTAKE, however the new mechanism removes a major barrier to entry in the form of prohibitive gas fees during the liquid staking process.
Read the full article on our official blog here: https://bit.ly/3pq9rLD
pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can stake their tokens via the pSTAKE application to receive stkASSETs (ERC-20 representative assets of the respective underlying tokens) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Currently, pSTAKE issues ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term aim of building a multi-chain protocol issuing liquid staked representatives on multiple networks including the Persistence Core-1 chain.
We have a bag full of new features and an exciting roadmap for the coming months, so follow our socials below to stay up-to-date with the latest developments.
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Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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