TL;DR
- The requirement for airdrop participants to stake 20 ATOM or 100 XPRT via pSTAKE in order to receive the full $PSTAKE airdrop allocation (batches 2-6) has been removed.
- All eligible airdrop participants who have submitted their wallet address within the deadline (by March 20, 12 PM UTC) will receive their full $PSTAKE allocation without the need for any further action.
- Participants who have staked 20 ATOM or 100 XPRT via pSTAKE have been rewarded with an additional 100 $PSTAKE in addition to their respective airdrop allocation.
- This update has been implemented in order to better achieve the goals of the airdrop, which are to facilitate widespread distribution of $PSTAKE, properly align the incentives of ecosystem stakeholders, and reward active ecosystem participants.
$PSTAKE Airdrop 101
Following the recent launch of pSTAKE’s governance token, $PSTAKE, we’re conducting a retroactive token airdrop to the critical stakeholders within the protocol’s ecosystem.
6% of $PSTAKE’s total genesis supply (30M $PSTAKE) has been allocated for various airdrops to be distributed based on the snapshots previously taken.
The first batch of rewards (16.67% of the total allocation) was distributed to eligible participants (those who submitted their wallet addresses before March 8) on March 8. The remaining rewards will be distributed in further batches each month over the next 5 months.
Full Allocation Eligibility Requirement Update
Previously, participants were required to stake at least 20 ATOM or 100 XPRT via pSTAKE in order to receive reward batches 2-6. We have now dispensed with this requirement based on community feedback.
Therefore, participants who have submitted their wallet address up to the deadline of March 20, 12 PM UTC do not need to take any further action in order to receive their full airdrop allocation.
Note: Participants who submitted their wallet address after March 8 will receive batches 1 and 2 of rewards together on April 8, 2022.
Why Remove the Staking Requirement?
The primary goal of the airdrop is to facilitate the widespread distribution of $PSTAKE tokens, while rewarding active ecosystem contributors.
1,461 of the 10,903 airdrop participants who submitted their wallet address have fulfilled the staking requirement for their full $PSTAKE allocation.
Bearing in mind the prohibitive gas fees on Ethereum, we have dispensed with the staking requirement in order to ensure the widespread distribution of $PSTAKE and to give the community the total rewards allocation that they deserve for their participation in the broader ecosystem.
Note: With the upcoming launch of pSTAKE on the IBC-enabled Persistence chain (due in Q2 2022), the barriers to entry of using pSTAKE will be all but eliminated thanks to Persistence’s relatively miniscule network fees.
Rewarding Active Supporters
Participants who have met the previous requirement for the full airdrop by staking at least 20 ATOM or 100 XPRT via pSTAKE have been rewarded with an additional 100 $PSTAKE tokens in addition to their respective airdrop allocation.
The pSTAKE team is committed to rewarding active community members who contribute to the protocol’s growth. The airdrop and retroactive rewards campaign were the first of many to reward our active supporters.
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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