pSTAKE to launch on Alpha Launchpad
pSTAKE is a liquid staking protocol built by Persistence that aims to unlock the liquidity of staked assets, whether Proof of Stake or DeFi staking assets.
Before the Persistence Core-1 chain and the $XPRT launch, we did a stakedrop campaign to distribute $XPRT to some high-quality staking communities. Anyone staking ATOM, LUNA, KAVA, and MATIC tokens could earn $XPRT before the $XPRT generation event. The Stakedrop Campaigns were a massive success, with more than $1B worth of staked assets across the chains mentioned above participating in Stakedrop.
Today, more than 83% of the total $XPRT supply is staked, making it the network with one of the highest staking ratios in the cryptocurrency industry.
Our thesis with token distribution has always been about providing early token access to the best communities.
We will be launching pSTAKE via the Alpha Launchpad with 2% of the total genesis supply of $PSTAKE distributed to Alpha Finance stakeholders (1.65% to ALPHA stakers and 0.35% to the Alpha Launchpad team). Allocating a portion of the $PSTAKE supply would give pSTAKE a massive presence within the Ethereum DeFi community. ALPHA stakers are some of the heaviest DeFi users, and we believe that onboarding these users will play a vital role in the success of pSTAKE. With the synergies between pSTAKE and Alpha finance, it will be an exciting journey together.
The ALPHA finance team has been great support leading up to the launch of pSTAKE, and we expect to onboard an influx of users from the Alpha finance community.
About Alpha Finance Lab
Alpha Finance Lab is a DeFi Lab, and on a mission to build Alpha Universe. Alpha Universe includes the Alpha ecosystem, which consists of Alpha products that interoperate to maximize returns while minimizing risks for users, and other ecosystems incubated through the Alpha Launchpad incubator program.
Alpha Homora is Alpha Finance Lab’s first product and DeFi’s first leveraged yield farming product that also captures the market gap in lending, one of the key pillars of the financial system.
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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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