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pSTAKE Finance

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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is pSTAKE Finance?

pSTAKE Finance (PSTAKE) is a governance and incentivization token for a Bitcoin Yield and liquid staking protocol. It allows users to liquid stake BTC and earn rewards from securing other app chains while maintaining liquidity, backed by prominent investors like Binance Labs and Coinbase Ventures.

How is pSTAKE Finance used?

pSTAKE Finance is a liquid staking protocol that allows users to stake their assets while maintaining liquidity. This is achieved by providing users with 1:1 pegged staked representative tokens, which can be used to generate additional yield. The protocol supports various assets, including ATOM and BTC, and offers high yields through auto-compounding staking rewards. Users can deposit their assets to stake through pSTAKE's diverse validator set and earn rewards, which are then represented by liquid tokens that can be used in DeFi applications.

How do I store pSTAKE Finance?

To store pSTAKE Finance (PSTAKE) tokens, you can use the following steps:

  1. Create a Wallet: Ensure you have a Cosmos wallet set up and connected to the Persistence Network. This wallet will be used to store and manage your pSTAKE tokens.

  2. Access the pSTAKE App: Go to the pSTAKE app at https://app.pstake.finance/cosmos and ensure you are on the Persistence Network. Connect your Cosmos wallet and accept the terms and conditions.

  3. Manage Your Tokens: Once connected, you can view your token balances on the "Dashboard" page. From here, you can manage your positions, stake tokens, and unstake tokens as needed.

  1. Stake and Unstake: To stake tokens, navigate to the "Staking" page, select the token you want to stake (e.g., OSMO), and enter the amount you want to stake. For unstaking, go to the "Unstake" tab and select your preferred unstake option (Flash Unstake or Regular Unstake).

  2. Monitor and Manage: Regularly check your token balances and manage your positions to ensure you are maximizing your yield and liquidity.

By following these steps, you can securely store and manage your pSTAKE Finance tokens within the pSTAKE app, leveraging the liquidity and yield opportunities it offers.

How to buy pSTAKE Finance?

To buy pSTAKE Finance (PSTAKE) tokens, follow these steps:

  1. Choose an Exchange: You can buy PSTAKE tokens on centralized crypto exchanges. The most popular exchanges include Gate.io, Bitget, and OKX.

  2. Create an Account: If you don't already have an account on the chosen exchange, create one by following their registration process.

  3. Deposit Funds: Deposit the cryptocurrency you want to use to buy PSTAKE tokens into your exchange account.

  1. Navigate to the Buy Section: Go to the "Buy & Sell" or "Trade" section of the exchange platform. This section might be positioned differently on each exchange.

  2. Select PSTAKE: Choose PSTAKE as the token you want to buy.

  3. Set the Amount: Enter the amount of PSTAKE tokens you want to purchase.

  1. Confirm the Transaction: Preview the transaction details and confirm your purchase by clicking the "Buy PSTAKE" or equivalent button.

  2. Complete the Transaction: Your PSTAKE tokens will be added to your exchange account.

After purchasing, you can store your ERC-20 PSTAKE tokens in any Ethereum wallet that supports ERC-20 tokens, such as MetaMask. For native PSTAKE tokens on the Persistence chain, use the Keplr wallet.

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History of pSTAKE Finance

pSTAKE Finance, a premier multi-chain liquid staking protocol, has a rich history dating back to late 2020. The protocol was pioneered by some of the earliest Cosmos community members who saw a massive opportunity for liquid staking in the Cosmos ecosystem. Initially, pSTAKE introduced ERC-20 liquid staked tokens (LSTs) for Cosmos assets such as ATOM and XPRT on Ethereum in 2021, which garnered over $60 million in total value locked (TVL) on Ethereum.

However, due to scaling issues, the v1 implementation was deprecated in favor of a more robust, fully decentralized, and permissionless v2 version. This updated version went live on the Persistence Core-1 chain in January 2023, marking a significant milestone in the protocol’s development.

In addition to its presence in the Cosmos ecosystem, pSTAKE is also a prominent liquid staking protocol on the BNB Chain, where users can deposit their BNB tokens to receive stkBNB, a liquid staked token that allows users to earn staking rewards and DeFi yields in collaboration with Binance Labs.

More recently, pSTAKE Finance has expanded its offerings to include a Bitcoin liquid staking solution built on top of Babylon’s Bitcoin staking protocol. This solution aims to simplify the Bitcoin staking process and offer additional yield generation opportunities for Bitcoin holders, further solidifying pSTAKE’s position as a leader in the liquid staking landscape.

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How pSTAKE Finance works

pSTAKE Finance is a multichain liquid staking protocol that allows users to securely stake their crypto assets and receive liquid staked tokens (LSTs), known as stkTokens. These LSTs can then be used in DeFi to generate additional yield. The protocol is backed by Binance Labs and is designed to maximize liquid staking yield and security.

How Liquid Staking Works

In traditional staking, users lock their assets to support the security of a blockchain network. This can lead to locked liquidity, meaning users cannot use their assets while they are staked. Liquid staking, on the other hand, allows users to stake their assets and receive LSTs, which can be used in DeFi to generate additional yield. This approach overcomes the drawbacks of traditional staking by providing liquidity and minimizing slashing risks.

The Role of Babylon

pSTAKE Finance has collaborated with Babylon to launch a liquid staking solution for Bitcoin (BTC). Babylon is a security-sharing protocol that leverages the security of Bitcoin's proof-of-work algorithm and shares it with proof-of-stake chains to bolster their security. This trustless, self-custodial method of BTC staking does not require bridging, removing third-party security threats.

Benefits of pSTAKE Finance
  • Unlocking Liquidity: pSTAKE Finance solves the problem of locked liquidity by allowing users to stake their assets and receive LSTs that can be used in DeFi.
  • Maximizing Yield: The protocol offers one of the highest DeFi yields, thanks to low fees and partnerships with major DeFi ecosystems.
  • Security: pSTAKE Finance has partnered with leading blockchain security firms to ensure a secure liquid staking product suite.
  • Governance: The PSTAKE token serves as the governance and incentivization token of the pSTAKE Finance protocol.
Expansion and Growth

pSTAKE Finance is expanding its liquid staking solutions to other ecosystems, including Cosmos and BNB Chain. The protocol aims to be a catalyst for the growth of the BTCfi industry by providing a direct route to earning a yield for BTC deposits with Babylon. As the protocol continues to scale, it will remain the base layer for generating yield and strengthening the alignment of Persistence One with broader Cosmos ecosystems.

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pSTAKE Finance's strengths

The token pSTAKE Finance (PSTAKE) has several strengths:

  1. Governance: As the governance token of the pSTAKE protocol, PSTAKE holders are incentivized to participate in the protocol’s governance, ensuring its long-term success and security by staking PSTAKE via the protocol. This includes participating in protocol improvement proposals through voting and contributing to protocol security.

  2. Incentivization: PSTAKE is used to incentivize core contributors to the pSTAKE ecosystem, ensuring the protocol’s long-term success. Additionally, it serves as a disincentivization token in case stakeholders staking the token act maliciously or fail to perform their duties appropriately.

  3. Token Distribution and Release Schedule: The total genesis supply of PSTAKE is 500 million, with a strategic round and public sale designed to maximize decentralization of protocol governance while incentivizing core contributors.

  1. Multi-Chain Support: pSTAKE Finance supports multiple chains, including Cosmos, BNB Chain, dYdX, and Solana, allowing users to stake assets across various networks and earn rewards.

  2. Liquid Staking Yield: pSTAKE Finance generates yield through liquid staking, which unlocks liquidity for staked assets. This allows users to participate in DeFi activities while earning staking rewards.

  3. Low Fees: pSTAKE Finance has one of the lowest liquid staking fees in the industry, making it an attractive option for users.

  1. Integration with Ceffu Global (Binance Custody): pSTAKE Finance is the only LST protocol integrated with Ceffu Global (Binance Custody), enhancing its credibility and security.

  2. Strong Backing: pSTAKE Finance is backed by prominent investors, including Binance Labs, DeFiance Capital, and Coinbase Ventures, which adds to its credibility and potential for growth.

These strengths position pSTAKE Finance as a robust and versatile liquid staking protocol, offering users a range of benefits and opportunities for yield generation.

pSTAKE Finance's risks

pSTAKE Finance (PSTAKE) carries several financial risks that investors should be aware of. These risks include:

  1. High Financial Risk: Using digital assets, staking, providing liquidity, and other forms of interfacing with digital assets involves a high financial risk. Users are advised to carefully assess their financial circumstances and risk tolerance before engaging in these activities.

  2. Exploits and Losses: Like all software, pSTAKE may be subject to exploits, which can result in losses for users. Neither the company nor its affiliates are responsible for such exploits or losses.

  3. Security Risks: Although pSTAKE has taken precautions to ensure security, including third-party security audits, the technology is relatively new and may not be completely free from bugs or errors.

  1. Risk of Token Loss: Users risk losing their tokens due to failures or exploits of pSTAKE.

  2. Market Volatility: The value of pSTAKE tokens can fluctuate significantly due to market conditions, making it a relatively moderate to low-risk investment, depending on the analysis.

  3. Tax Implications: Users are solely responsible for determining the tax implications and reporting requirements associated with transactions involving pSTAKE, and for paying any applicable taxes.

These financial risks highlight the importance of careful consideration and thorough research before investing in pSTAKE Finance.

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pSTAKE Finance's ecosystem

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pSTAKE Finance’s team

  • Deepanshu Tripathi: Co-Founder and CTO at Persistence.
  • Mikhil Pandey: Project Lead at pSTAKE.
  • Kamlesh Parikarath Marar: Engineering Lead at pSTAKE.
  • Tushar Aggarwal: Founder and CEO of Persistence, the parent company of pSTAKE.

Whalee AI

The fundamental analysis assistant for crypto value investors.

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