In January, pSTAKE’s Total Value Locked (TVL) closed at $10.5 million.
Behind the scenes, the pSTAKE contributors haven’t slowed down with a focus on stkToken expansion on the product front and working on improving distribution on the Marketing and BD front. I have some really exciting, needle-moving updates to share with you at the end of this update.
But first, let’s take a look at an overview of pSTAKE-issued LSTs.
Traction Highlights
pSTAKE on Cosmos
- Users continue to express faith in liquid staking ATOM with pSTAKE exhibiting healthy volumes.
- pSTAKE continued with its incentive program allocating 515K pSTAKE in January 2024.
- A proposal to add stkATOM as collateral for Inter Protocol’s $IST, a leading decentralized stablecoin in Cosmos, was initiated and passed.
- A discussion to Decentralize Cosmos Hub with pSTAKE’s new validator delegation strategy for stkATOM was initiated on pSTAKE Finance forum. It proposes an updated automated validator delegation and rebalancing strategy for stkATOM to decentralize the Cosmos Hub. Here are some of its benefits:
- Constant liquid staking alignment with the Cosmos Hub validator set
- Increase transparency through on-chain and data-driven automated validator delegation and rebalancing strategy
- Reduce protocol and users’ slashing risk
- Promote validator behavior that is aligned with Cosmos Hub. This is poised to increase decentralization and adoption of LSTs in Cosmos.
- Launched DYDX liquid staking on pSTAKE testnet for using stkDYDX in DeFi on Dexter in the Persistence LSTfi Ecosystem. pSTAKE is the first protocol to launch liquid staking for stakDYDX on testnet.
- stkDYDX will soon come to life on pSTAKE. Launches early next week.
Benefits:
- It will help to expand pSTAKE’s liquid staking support in Cosmos by onboarding dYdX with the launch of stkDYDX.
- 0% fee for the first 2 months
- Novel no-click auto-compounding
- Cosmos DeFi integrations, starting with Dexter
- Considering Ethereum DeFi integrations
- It will also include an innovative mechanism for Flash Unstake stkDYDX for DYDX on pSTAKE that matches daily deposits with withdrawals.
11. stkATOM is now LIVE ON MARS (NEUTRON). Users will be able to deposit stkATOM for yield and use stkATOM as collateral for borrowing through this new integration.
12. pSTAKE is in the final conversations with the Kujira team to list stkATOM as collateral on the Ghost Money Market and enable USK minting using stkATOM on Ghost.
pSTAKE on Osmosis
- With 21,784 OSMO (~34K) liquid staked with pSTAKE, stkOSMO is becoming more deeply integrated into the Osmosis chain LSTfi Ecosystem. stkOSMO has completed audits from Halborn Security.
- Users can swap stkOSMO on Osmosis or use pSTAKE’s unique Flash Unstake feature to receive liquid OSMO.
What’s next for pSTAKE?
In one word, EXPANSION!
I’m glad to share that in the coming months, we are on track to expand pSTAKE’s offering to some major PoS networks.
The launch of stkATOM and stkXPRT: pSTAKE will witness the launch of stkDYDX next week. On the stkXPRT front, pSTAKE will bring natively staked XPRT to stkXPRT/XPRT LP position on Dexter in a single click) – Superfluid LP. Newer pools will also be added for LSTs like stkDYDX and stkXPRT on Dexter, Astroport, and other DEXes. The team will work towards integrations with B/L protocols like Mars, Umee, and Nolus to ensure deep liquidity.
stkATOM expansion will happen in a big way! OnNeutron – Astroport (incentives coming soon), Mars, Apollo, Amulet, etc.; USK collateral on Kujira; Listing as collateral on Ghost Money Market on Kujira; IST collateral on Agoric; and Perps market on Levana.
AEZ: Participating in upcoming ASTRO Wars (Persistence made a strategic acquisition of ASTRO tokens). stkATOM recently went live on Mars and is already live on Astroport. The team will work towards integrating stkATOM strongly into Neutron’s DeFi, such as on Amulet Finance. stkDYDX, and stkXPRT liquidity will also be considered on Astroport.
New stkATOM validator delegation strategy (expanding current set to 62) to optimize for Cosmos Hub decentralization. Validator weights will be calculated daily.
Airdrops for stkToken Holders: Partnerships with new projects to actively include stkATOM (and other LSTs too) for airdrops. New incentives will also be added for bootstrapping liquidity.
The coming months will be focused majorly on getting the word out there about what the pSTAKE Multi-chain Liquid Staking Ecosystem is and why it stands out. Efforts continue to expand our marketing and distribution by partnering with creators, working with research firms to cover the ecosystem, growing regional communities, and adding additional CEX listings.
About pSTAKE
pSTAKE is a multi-chain liquid staking protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets to earn staking rewards, and receive staked underlying representative tokens (stkASSETs) which can be used to explore additional yield opportunities across DeFi.
At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), and Osmosis (OSMO) networks’ native tokens, with a view to enable support for more chains and assets such as Persistence (XPRT), Celestia (TIA), and DYDX (DYDX) in the future.
