Introducing the pSTAKE Token- $PSTAKE
TL;DR
- We’re excited to introduce pSTAKE’s governance token — $PSTAKE
- $PSTAKE is an ERC-20 token that will be used for the governance of the pSTAKE protocol
- $PSTAKE aligns incentives of all the stakeholders in the pSTAKE ecosystem for the long-term growth of the protocol
With pSTAKE uncapped launch supporting liquid staking for ATOM planned for later this month, we are excited to introduce pSTAKE’s governance token — $PSTAKE. A detailed token launch and distribution blog will follow in an upcoming update.
$PSTAKE is an ERC-20 token that intends to provide its holders with a two-fold benefit, including:
- Participation in protocol improvement proposals through voting
- Participation in protocol security
$PSTAKE is the governance and incentivization/dis-incentivization token of the pSTAKE protocol. $PSTAKE holders can participate in the protocol’s governance to ensure its long-term success by staking $PSTAKE on the pSTAKE staking contract to secure the protocol while being incentivized to do so. $PSTAKE token will also be used as a dis-incentivization token in case stakeholders staking $PSTAKE act maliciously or are unable to perform their respective duties appropriately.
Currently, pSTAKE issues 1:1 pegged ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term intent of building a multi-chain protocol that will enable liquid staking across multiple networks.
At its core, the $PSTAKE token aligns stakeholder incentives in pSTAKE’s liquid staking ecosystem.
The various stakeholders are:
- Users (stkTOKEN holders)
- pBridge Validators
- Safelisted Validators (validators who receive delegations via the pSTAKE protocol)
- pSTAKE governance participants
In this article we explore the role of the various stakeholders in the pSTAKE ecosystem.
Read the rest of this article on our website: https://blog.pstake.finance/2021/09/09/introducing-pstake/
About pSTAKE
pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens on the pSTAKE application to mint 1:1 pegged ERC-20 wrapped unstaked tokens, which are represented as pTOKENs (e.g. pATOM) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Currently, pSTAKE issues 1:1 pegged 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 pSTAKE on Twitter and hop onto our Discord channel to stay up-to-date with the latest developments.
Developed by Persistence
Persistence is enabling exposure to multiple asset classes such as Liquid Staking (pSTAKE), NFTs (Asset Mantle) and Synthetics (Comdex). Persistence ecosystem products are designed to stimulate global liquidity and enable seamless value exchange.
Persistence’s Core mainnet is a Proof-of-Stake chain powered by Tendermint BFT consensus engine. Persistence’s multi-chain tech stack (currently supporting Cosmos, Ethereum and other Tendermint-based chains) abstracts away the complexities for developers and enables them to create DEXs, marketplaces, lending/borrowing platforms etc.
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