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 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 – 25th January, 2022.
$XPRT LP staking: 22nd October, 2021 (12:30 PM IST) – 25th January, 2022.
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 product launches and DeFi integrations for stkAssets incoming and the $PSTAKE token TGE approaching, 2022 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:
- pSTAKE early users
- XPRT holders and stakers
- Persistence’s Cosmos Hub StakeDrop campaign participants
- ATOM holders and stakers
- 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 protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.
At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX).
Developed by Persistence
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.
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