TL;DR
- pSTAKE’s $PSTAKE public sale on CoinList attracted record demand, with 949,000+ unique registrants.
- 25M $PSTAKE tokens were sold and 20,000 sale participants are now token holders.
- The $PSTAKE TGE is taking place in February (further details to be announced).
- 25% of the total $PSTAKE airdrop will be distributed at TGE. Check if you’re eligible.
- Priorities moving forward include expanding pSTAKE’s liquid staking support to other major PoS chains and bootstrapping further DeFi use-cases of stkTOKENs.
pSTAKE’s native governance token, $PSTAKE, recently made its public debut on CoinList – an industry-leading platform that helps crypto projects to connect with new token holders. CoinList has previously hosted token sales for the likes of Solana (SOL), Filecoin (FIL), NEAR Protocol (NEAR) and Flow (FLOW).
The $PSTAKE token sale drew record demand, with over 949,000 unique registrations – the highest number of any CoinList sale to date. Just 45 minutes into the scheduled 6-day sale period, the tokens were sold out and the sale concluded.
5% of the total genesis supply (25M $PSTAKE) was allocated for the public sale, and there are now 20,000 new $PSTAKE holders who have collectively secured this pool. Holding $PSTAKE will soon give the ability to participate in governance of the pSTAKE protocol as we move forward.
While the primary intention of the sale was wide distribution of $PSTAKE tokens, we also wanted to take this opportunity to stand by our promise of incentivising early pSTAKE users to get involved with the pSTAKE ecosystem and contribute to the growth of the protocol. This was achieved via the priority queue, which 6000+ early pSTAKE users gained access to.
$PSTAKE TGE and Airdrop
The $PSTAKE TGE (token generation event) will take place in February. Further details will be announced via Twitter and Telegram. 25% of the $PSTAKE airdrop total will be distributed upon TGE.
For context, 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. Thus, 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:
- Early pSTAKE application users
- XPRT holders and stakers
- Persistence’s Cosmos Hub StakeDrop campaign participants
- ATOM holders and stakers
- Certain blue-chip DeFi token holders
If you’re an ATOM or XPRT holder/staker, early pSTAKE user, or select DeFi protocol user (including SushiSwap, Curve Finance and Aave), you may be eligible to participate in the $PSTAKE token airdrop.
With $PSTAKE’s TGE quickly approaching, now is the time to check your eligibility and participate if you haven’t already. Accordingly, learn more about the $PSTAKE airdrop, please refer to the $PSTAKE Airdrop Explained article and check your eligibility here. There is also an airdrop-focused AMA below:
Onward Beyond the TGE
With our $10M strategic funding round previously concluded and our public sale successfully completed, we’re ready to push on with full vigour to bring liquid staking to the masses.
Now that uncapped support for both Cosmos’ $ATOM and Persistence’s $XPRT is live and gaining traction, will be continually expanding pSTAKE’s liquid staking support to other major PoS chains as we progress, including Ethereum 2.0, Solana and other Cosmos-based chains.
Other current focuses of the pSTAKE team include bootstrapping further DeFi use-cases of stkTOKENs (such as lending/borrowing, perpetuals, yield farming etc.), and establishing a Cosmos-based implementation of the pSTAKE protocol.
pSTAKE is unlocking liquidity for over $280B 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.
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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