We’re pleased to announce the integration of pSTAKE and Biconomy, now allowing our users to convert their native ATOM tokens to bATOM without paying gas fees on the Ethereum network.
Users who convert their ATOM to webATOM (the Wormhole version of ATOM) will benefit from gasless transactions.
The integration will greatly enhance the overall pSTAKE user experience and value proposition, making it far more efficient to initiate transactions and token conversions on the Ethereum network. As a whole, this provides an attractive alternative to the currently high Ethereum gas fees, encouraging users to join the movement in exploring DeFi (decentralized finance) opportunities within the Terra ecosystem through the bATOM token.
In order to enable gasless transactions, pSTAKE users will be required to convert a minimum of 5 stkATOM tokens. It’s also important to note that users will still need to pay gas fees (in LUNA) in order to redeem their bATOM from the Wormhole Bridge.
Biconomy’s multichain relayer protocol provides simple APIs to enrich the overall Web3 experience for its user base while also increasing accessibility – their technology makes dApps easier to use in the Web3 ecosystem.
The project’s end goal is to reduce the complexity of dApp interactions while making onboarding and transacting in Web3 smoother. It does this by allowing for gasless meta transactions, enabling users to pay gas fees with various crypto assets, and more.
pSTAKE has chosen to integrate with Biconomy because we believe that they will help drive the blockchain space to mass adoption – a goal we both share.
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 our socials below to stay up-to-date with the latest developments.