PSTAKE is an ERC-20 based governance and incentivization token that powers the pSTAKE ecosystem.
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.
They have a bag full of new features and an exciting roadmap for the coming months, so follow pSTAKE on Twitter and hop onto their Discord channel to stay up-to-date with the latest developments
$PSTAKE holders are incentivised to participate in the protocol’s governance to ensure its long-term success and security by staking $PSTAKE on the Protocol.
- Participation in protocol improvement proposals through voting.
- Participation in protocol security.
In order to ensure long-term success of the protocol, 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 staking the token act maliciously or are unable to perform their respective duties appropriately.
pSTAKE wraps your native tokens into 1:1 pegged ERC-20 pTOKENs which allows you to use your PoS assets in the Ethereum ecosystem.
You can stake your deposited PoS assets by minting 1:1 pegged ERC-20 stkTOKENs. Assets staked through pSTAKE are delegated to a set of safelisted validators of the underlying network. These assets are staked across multiple validators to minimize slashing risks and optimize for higher staking rewards. stkTOKENs are fungible in nature and slashing risks are shared across all pSTAKE users.
stkTOKENs can be used across various DeFi protocols in the Ethereum ecosystem to generate additional yield. This can be in the form of trading fees earned by supplying liquidity to a DEX, or more complex use cases such as borrowing and lending.
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