stkETH Public Testnet Launch: User Guide

pSTAKE’s implementation of Ethereum 2.0 liquid staking, stkETH, is now live on testnet. We welcome community members to begin stress-testing the application prior to our mainnet launch.
stkETH ETH liquid staking pSTAKE

The pSTAKE team is excited to announce that we’ve launched the testnet version of the stkETH implementation on Ethereum 2.0. Our end goal of deploying this integration is to allow ETH holders to stake their assets in return for stkETH, the underlying representative token of ETH, as a liquid-staked asset. 

As a result, this will expand the pSTAKE liquid staking ecosystem and open avenues for the ETH community to benefit from earning additional rewards through staked native tokens.

Today, we’ll be providing potential participants and community members with an overview of how the testnet implementation will work and how users can support this initiative by stress-testing the underlying application before the mainnet launch.

User Test Cases

Below are the two different test cases for users testing pSTAKE’s stkETH implementation on the testnet.

  • Users are required to stake ETH
    • Fewer than 32 ETH
    • More than 32 ETH and less than 5% of the total staking pool
    • More than 32 ETH and greater than 5% of the total staking pool
  • LPs (liquidity providers) need to deposit liquidity to the PSTAKE/stkETH Uniswap pool.

Minting stkETH: User Case Scenarios

How stkETH Minting Works:

  • The pSTAKE protocol checks the amount of ETH staked by the user:
    • Case 1a: If a user stakes fewer than 32ETH, their stkETH tokens are minted by the pSTAKE protocol and provided instantaneously.
    • Case 1b: If a user stakes 32 ETH or more, but less than 5% of the ETH present in the staking pool, their stkETH tokens are minted by the pSTAKE protocol and provided instantaneously.
    • Case 1c: If a user stakes 32 ETH or more, and greater than 5% of the ETH within the staking pool, the pSTAKE protocol waits until the new validators have been activated (typically around 24-48 hours). After activation, the user can claim their stkETH by submitting a claim transaction on the pSTAKE app.

Case 1a/1b

Fewer than 32 ETH or more than 32 ETH but less than 5% of the total pSTAKE stake pool. 

  1. Start by navigating to the pSTAKE testnet app.
  2. Connect your MetaMask wallet and select Goerli as your network.
  3. If you don’t have ETH tokens on the Goerli network, you can get some via the Goerli PoW Faucet.
  4. Click the Stake button to stake your ETH.
  5. Once the transaction is confirmed, you will receive stkETH in your wallet.
  6. To view your balance in MetaMask:
    • Open the Assets section of MetaMask and click on Import Tokens
    • Paste the stkETH token address 0x20cD69d52164e2707A90C1C5fA7f95e8943ae72F in the Token Contract Address field and click Add Custom Token

Case 1c

More than 32 ETH and greater than 5% of the total pSTAKE stake pool.

  1. Go to the pSTAKE testnet app.
  2. Connect your MetaMask wallet and select Goerli as your network.
  3. If you don’t have Goerli ETH, you can get some via the Goerli PoW Faucet.
  4. Click the Stake button to stake your ETH.
  5. Wait 24 to 48 hours. Your tokens will be locked as stkETH won’t be minted until a new validator is active. 
  6. Once the validator is active, the Redeem button will be activated
  7. Press the button and sign the transaction in your MetaMask wallet to claim your minted tokens.

Case 2a

Provide liquidity to the PSTAKE/stkETH pool on Uniswap V3.

  1. After following the above steps to mint stkETH, you will automatically be sent some testnet $PSTAKE tokens to your wallet within one hour.
  2. Once received, follow this link to open Uniswap V3 to provide liquidity.
    1. Make sure your MetaMask is connected to the Goerli test network.
  3. Confirm the token addresses are correct (testnet):
    stkETH: 0x20cD69d52164e2707A90C1C5fA7f95e8943ae72F
    PSTAKE: 0x9225AeE0523A202c09A76D987F9D57C43Afd12B7
  4. Select the 0.3% fee tier and click the ‘full range’ button at the bottom left or manually adjust price data, then follow the instructions to provide liquidity.

Join Us

We invite users to participate in exploring and testing pSTAKE’s stkETH implementation on the public testnet to provide valuable feedback on bugs and issues before we go live. This is where our dedicated community plays a crucial role in contributing to key developments aimed at boosting the technology powering our liquid staking protocol.

Users are highly encouraged to note any issues, feedback, or support requests directly within the #stketh_discussion channel of our Discord server (under ‘PSTAKE’).

Join us today at http://testnet.eth.pstake.finance to get started.

About pSTAKE

pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can stake their tokens via the pSTAKE application to receive stkASSETs (ERC-20 representative assets of the underlying staked tokens) 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 our socials below to stay up-to-date with the latest developments.

Website | Twitter | Telegram | Discord | Blog | YouTube | Forum

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. This goes hand-in-hand with our vision of evolving pSTAKE’s stkASSETs to become the core assets of the PoS economy.

Persistence’s Core mainnet is a Proof-of-Stake chain powered by Tendermint BFT consensus engine. Persistence’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.

Twitter | LinkedIn | Telegram | YouTube | Reddit | [email protected]

Total
0
Shares
Leave a Reply

Your email address will not be published.