Simplifying the $PSTAKE Airdrop

All eligible airdrop participants who have submitted their wallet address within the deadline will receive their full $PSTAKE allocation without the need for any further action.
PSTAKE Liquid staking Airdrop Simplified

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 pSTAKEā€™s governance token, $PSTAKE, weā€™re conducting a retroactive token airdrop to the critical stakeholders within the protocolā€™s ecosystem. 

6% of $PSTAKEā€™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 Persistenceā€™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 protocolā€™s growth. The airdrop and retroactive rewards campaign were the first of many to reward our active supporters.

About pSTAKE

pSTAKE, developed by Persistence, 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 staked representative tokens, which are represented as stkTOKENs (e.g. stkATOM) that can be leveraged to earn staking rewards as well as additional yields.

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 building an ecosystem of decentralized applications whose financial activities drive value accrual for $XPRT, which lies at the core of the Persistence ecosystem.

The key focus for the Persistence team is to drive significant economic activity on the Persistence Core-1 chain, thereby accruing value to XPRT. This goes hand-in-hand with our vision of evolving pSTAKEā€™s stkASSETs to become the core assets of the PoS economy.

Persistenceā€™s Core mainnet is a Proof-of-Stake chain powered by Tendermint BFT consensus engine. Persistenceā€™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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