pSTAKE is thrilled to announce its integration into new ecosystems with its latest listing on Velodrome, a significant milestone that brings PSTAKE to the Optimism network.
By pushing pSTAKE onto Ethereum’s respected Layer-2 network, we’re opening new doors for our traders. They can now enjoy faster transaction speeds with significantly lower costs.
The integration with Optimism follows similar pushes onto other networks, such as Base, Ethereum, and Blast.
Users can use the Superbridge protocol to bridge PSTAKE from Ethereum to the OP Mainnet.
Let’s examine why we’re taking PSTAKE to Optimism and why we’re excited to be listed on Velodrome.
Bringing PSTAKE to Optimism: Ethereum’s Optimistic Rollup Service
Optimism is a Layer-2 scaling network for Ethereum, born from a research initiative to improve Ethereum’s scalability. The protocol aims to increase Ethereum’s transaction throughput while simultaneously decreasing the cost for users on the network.
To achieve its goals, Optimism leverages a technology called Optimistic Rollups, which batches transactions onto the OP Mainnet blockchain for execution while still relying on Ethereum for settlement and consensus. The design took inspiration from Vitalik Buterin’s rollup design, with additions from the Optimism team.
Alongside helping scalability, it also allows developers to build and deploy their dApps, pushing them in front of thousands of Web3 users with near-infinite scalability while maintaining low fees.
Interestingly, Optimism is also involved in the interoperability revolution through its Superchain concept, which allows multiple Layer 2 networks to interact and share security through shared code.
The Superchain is a rapidly growing ecosystem with almost $16 billion in TVL through 800 distinct projects. For example, Coinbase’s Layer 2 Base network, built using the OP Stack, is also part of the Superchain. Other chains on the Superchain ecosystem include Mode Network, Lisk, and Cyber.
Why Take pSTAKE to Optimism?
So, why did we choose to bring PSTAKE into the Optimism ecosystem?
The answer is simple: Expanding distribution to Web3 aficionados and actively trade within the crypto world. Platforms like the OP Mainnet, with their high transaction throughput and low costs, are the perfect fit for pSTAKE, allowing us to reach a wider audience of real-world traders.
Optimism is a rapidly growing network with over $680 million in total value locked (TVL);
By increasing its exposure to more traders, pSTAKE is excited to illuminate pSTAKE’s groundbreaking Bitcoin Liquid Staking solution, which has recently made its debut on the testnet. This innovative solution empowers BTC holders to stake their tokens, earn a yield, and maintain the liquidity of their assets, all in one place.
PSTAKE Now Live on Velodrome
With PSTAKE now on Optimism, we’re thrilled to announce that pSTAKE is now live on Velodrome, marking a significant step in our journey. This integration brings a PSTAKE/USDC liquidity pool to Velodrome, opening up new opportunities for our users.
Why Velodrome?
Velodrome is the biggest DEX on the OP Mainnet, with a staggering $100 million in TVL:
This makes it the third-largest protocol on the OP Mainnet.
With a monthly trading volume of $120 million and 76,000 active users, Velodrome is the perfect platform for PSTAKE to build liquidity on Optimism.
Velodrome describes itself as the central trading and liquidity market on Superchain. It’s a next-generation AMM providing low trading fees, permissionless pools, and incentivized liquidity positions locked in the form of NFTs.
Besides its increased importance in security, with high-profile audits from Speabit, the best part about Velodrome is that it puts its community first. For example, Velodrome rewards all of its liquidity providers with incentives for VELO emissions, adding more reasons to build liquidity on the platform.
PSTAKE is now live on Velodrome with the PSTAKE/USDC concentrated liquidity pool. A concentrated liquidity pool helps to provide more capital efficiency for liquidity providers, allowing them to set a price range within which they’re happy to allow trades to occur. The LPs earn more fees as trades occur within the range, helping to optimize capital efficiency.
Users can now trade PSTAKE on the pool and earn VELO rewards for adding liquidity to the pool.
About pSTAKE Finance:
pSTAKE Finance is a Bitcoin Yield and Liquid Staking protocol, backed by Binance Labs.
With pSTAKE Finance, users can liquid stake BTC to get rewards from Babylon’s Trustless BTC staking for securing other app chains while maintaining their liquidity, powered by institutional custody providers like Cobo.
Accessing Bitcoin yields should not be complex, risky, or unsafe. With four years of liquid staking expertise and expert-curated yield strategies, pSTAKE Finance helps individuals and institutions put their BTC to work in BTCfi.
pSTAKE Finance has partnered with leading blockchain security firms, such as Halborn, Hexens, Oak Security, Immunefi, Forta, and more, to offer a secure liquid staking product suite.
PSTAKE is the governance and incentivization token of the pSTAKE Finance protocol. It has some of the most prominent investors, including Binance Labs, DeFiance Capital, Spartan Group, Coinbase Ventures, and Kraken Ventures.
