CoinW Research — pSTAKE Finance (PSTAKE) Project Analysis
pSTAKE Finance (PSTAKE) Project Analysis
1. Research Comment
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.
2. Recent Flashpoint
DeFi
3. Token Introduction
pTOKENs are ERC-20 tokens which function as 1:1 pegged representatives of native PoS tokens that are not staked on the underlying network. When a user deposits (or wraps) PoS tokens via pSTAKE, they receive pTOKENs in their wallet (e.g. ATOM to pATOM).
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.
4. Token Roles
a. pSTAKE protocol unlocks liquidity for your staked assets. With pSTAKE, you can stake your assets, participate in protocol improvements, and secure the network to earn staking rewards, while receiving 1:1 pegged tokens which can be used to explore opportunities across DeFi.
b. $PSTAKE holders are incentivised to participate in the protocol’s governance to ensure its long-term success and security by staking $PSTAKE via the protocol.
c. 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.
5. Token Allocation
Total: 500,000,000
Alpha Launchpad: 2%, fully liquid on TGE
Seed Sale: 20%, 18 month total vesting period: 6-month cliff, followed by 12-month equal monthly vesting
Public Sale: 5%, 25% vesting at TGE, followed by 6-month linear vesting schedule
Team: 16%, 36 month total vesting period: 18-month cliff, followed by 18-month equal monthly vesting
Incentivisation&Community Development: 26%, 24 month total vesting period: quarterly-vesting starting from TGE
XRPT Stakers: 3%, 12 month total vesting period: equal monthly-vesting starting from TGE
Treasury: 20%, 24 month total vesting period: equal monthly-vesting starting from TGE
Protocol Bootstrapping: 2%, fully liquid on TGE
Retroactive Rewards: 6%, 6-month linear vesting starting from TGE
Holders: 3,124
6. Investment Institutions
Strategic financing led by Three Arrows Capital, Sequoia India, Galaxy Digital and Defiance Capital to lead a liquid staking protocol.
and coinbase,kraken ventures , alameda research, spartan, sini, tendermint, take.fish, figment, everstake, comostation, chorus
7. Community
Telegram: 5485
Twitter: 21175
Reddit: 21000
Discord: no
stkTOKENs (PSTAKE) Basic Information
Introduction: 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.
Token name: PSTAKE
pSTAKE held a public sale on CoinList, allocating $25 million in PSTAKE tokens (5% of the total TGE) for the sale.
Funding: $10M at a $200M valuation [Price: $0.40]
Airdrop: Stakers for ATOM, XPRT and OSMO
Launch time: February 24, 2022 10:00 (UTC)
Project website: https://app.pstake.finance/
Project docs: https://blog.pstake.finance/
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