In the month of October, pSTAKE witnessed significant developments across its ecosystem, achieving notable milestones in both dApps and chain statistics. This upswing in activity underscores pSTAKE’s dedication to providing a steady stream of innovative offerings. Within this vibrant landscape, let’s delve into several key developments that unfolded within the pSTAKE ecosystem throughout October.
During this period, pSTAKE experienced a decline in Total Value Locked (TVL) by approximately 13.75%, closing the month at $6.78 million. This reduction is attributed to a confluence of ATOM unbondings across the Cosmos network and inherent price fluctuations.
Behind the operational curtain, pSTAKE contributors have maintained momentum, with a particular emphasis on expanding stkToken within our product suite. Additionally, efforts are being directed towards enhancing distribution strategies on both the Marketing and Business Development fronts.
This blog recaps all the noteworthy pSTAKE updates from October 2023, starting with an overview of pSTAKE-issued LSTs
Traction Updates
This covers the pivotal moments of pSTAKE in October. We’ll be zeroing in on key updates in liquid staking on Cosmos and adding support for EVM integration. Let’s dive in.
pSTAKE on Cosmos:
- 8.5% surge in users engaging in liquid staking with ATOM, totaling 2914 in the community.
- Discussion initiated in the Agoric Community forum about integrating stkATOM as collateral for Inter Protocol’s $IST, aiming to enhance stkATOM’s distribution and adoption.
- A discussion was started on the Cosmos Hub forum to allocate 600k ATOM from the Cosmos Hub Community Pool to pSTAKE for the growth of liquid staking with stkATOM. This may lead to the Cosmos Hub liquid staking 350k ATOM (~$3.5M+) with pSTAKE.
pSTAKE on EVM:
- The integration and adoption of stkBNB in the BNB Chain LSTfi Ecosystem show ongoing progress. To date, 17,127 BNB (approximately $4.2M) has been liquid staked by 2,429 users utilizing pSTAKE.
- Shellboxes, a leading firm in the EVM ecosystem, completed a second audit for stkETH v2.
- Successful conclusion of the stkETH v2 Marvel Testnet with over 2,200 participants exploring L2 native ETH liquid staking on Arbitrum and Optimism.
What’s on the Horizon? A Course Towards Expansion.
In the growing world of liquid staking, pSTAKE is steering its course toward expansion. October’s strides were made towards setting the stage for what lies ahead.
In response to the changing tides of the liquid staking market in Cosmos, particularly fueled by the growth of stkATOM since its inception in January 2023, pSTAKE is poised for a purposeful expansion. While some competitors opt for an aggressive approach in supporting numerous networks, pSTAKE’s focus remains on strategic and user-oriented growth, as an approach that focuses on long-term sustainable growth
