Introducing Retroactive Rewards for stkTOKEN Liquidity Providers

6M $PSTAKE tokens will be distributed to liquidity providers of stkATOM-ETH and stkXPRT-ETH pools on SushiSwap, who stake their LP tokens during the ongoing campaign period.

With liquid staking support for both Cosmos’ $ATOM and Persistence’s $XPRT tokens now live, we’re increasing our focus on enhancing liquidity and providing further utility for stkTOKENs. As part of this initiative, we’re excited to announce retroactive rewards for liquidity providers (LPs) of stkATOM-ETH and stkXPRT-ETH pools on SushiSwap.

Of the 500M $PSTAKE tokens that will be minted at genesis, 6M tokens (representing 1.2% of the total genesis supply) are reserved for LP stakers; 3.5M $PSTAKE tokens will be used to incentivise the stkATOM-ETH pool on SushiSwap and 2.5M $PSTAKE tokens will be used to incentivise the stkXPRT-ETH pool on SushiSwap.

To be eligible for rewards, you must stake your LP tokens via the pSTAKE interface (‘Stake LP’ page).

The dates and duration of the campaigns are as follows:

$ATOM LP staking: 9th October, 2021 – TGE (to be announced).

$XPRT LP staking: 22nd October, 2021 (12:30 PM IST) – TGE (to be announced).

As the TVL of pSTAKE continues to climb confidently, so do the number of stkTOKENs minted and the number of stkTOKEN holders. This campaign is an important step in bootstrapping liquidity of stkTOKENs and providing further token utility all while rewarding active community members who contribute to the protocol’s growth.

After the conclusion of the campaigns, other retroactive liquidity mining campaigns will be launched. Please note that the $PSTAKE token is not yet live and trading and the distribution of the rewards will be conducted only after the $PSTAKE token goes live (there is not yet a defined date for TGE).

FAQ

How do I get involved?

To be eligible for retroactive LP staking rewards, you must simply provide liquidity to the stkATOM-ETH and/or stkXPRT-ETH pools on SushiSwap and stake your LP tokens via the pSTAKE interface (‘Stake LP’ page). Your rewards will then begin to accrue.

You can mint stkTOKENs via the pSTAKE app in order to provide liquidity to the pools. See our documentation here to learn how to start using pSTAKE and mint stkATOM and stkXPRT.

Can I monitor my rewards accumulation?

There is currently no way to track accumulation of rewards from the campaign due to the nature of the mechanism. Reward totals per participant depend on various factors including the number of participants and can only be determined at the close of the campaign.

When will I receive my rewards?

Rewards will be distributed to all LP stakers once the $PSTAKE token has launched. We will communicate further details about the $PSTAKE TGE (token generation event) and rewards distribution through our official channels.

Why have you decided on a retroactive rewards mechanism?

We carefully designed the mechanism to reward active grassroots community members and, as far as possible, ensure a fair distribution of $PSTAKE rewards.

Onward

Now that uncapped support for both Cosmos’ $ATOM and Persistence’s $XPRT is live and gaining traction, will be continually expanding pSTAKE support to other major PoS chains as we progress, including Ethereum 2.0, Terra, Polkadot, Solana and more.

With further DeFi integrations for stkTOKENS incoming and the $PSTAKE token TGE also quickly approaching, Q4 is poised to be monumental for pSTAKE.

pSTAKE is unlocking over $300B of staked assets, creating a more flexible environment, and developing more opportunities and utility for PoS assets. DeFi will never be the same again.
Stay tuned to our Twitter page and join our Telegram community so you don’t miss a beat.

Claim Your Stake – $PSTAKE Airdrop

Note: The airdrop is separate to the LP staking campaign outlined above.

With the launch of pSTAKE’s governance token, $PSTAKE, we recently announced a retroactive token airdrop to the critical stakeholders within the protocol’s ecosystem to ensure alignment of incentives and foster the protocol’s long-term growth.

pSTAKE will allocate 6% of the token’s total genesis supply for various airdrops to be distributed based on the snapshots taken on 1200 HRS UTC, 2nd September 2021.

The $PSTAKE will be distributed via a retroactive airdrop to the following stakeholders:

  1. pSTAKE early users
  2. XPRT holders and stakers
  3. Persistence’s Cosmos Hub StakeDrop campaign participants
  4. ATOM holders and stakers
  5. Certain blue-chip DeFi token holders

Read the full airdrop details in our dedicated article, $PSTAKE Airdrop Explained. You can also listen to our recent airdrop AMA for more information.

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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