pSTAKE Finance is proud to announce that PSTAKE is live on the Sui network, powered by the Wormhole cross-chain protocol.
The move to bring PSTAKE to Sui comes after extensive market research and community input. Sui crossed the $1 billion TVL level this month, making it one of the hottest layer-1 networks in the industry.
Bringing PSTAKE to the Sui network should improve liquidity, distribution, and visibility and increase trading opportunities for PSTAKE holders.
Let’s take a dive into the Sui Network and outline why pStake Finance is bringing its native token to the L1.
Why Bring PSTAKE To the SUI Network
The Sui Network is currently on a hot streak as one of the fastest-growing layer-1 blockchain networks in the sector. The platform has seen parabolic growth in recent months, with the TVL crossing $1 billion in early October, setting a new all-time high with a growth rate beyond 450% for 2024;
Sui is a horizontally scalable layer-one chain that aims to bring high-speed transactions at low costs. The mission statement behind layer one is to deliver the benefits of Web3 with the ease of Web2.
The blockchain is optimized for low latency and provides instant transaction finality and high throughput, allowing it to cater to billions of users. As a result of this configuration, Sui claims that its network can achieve up to 297,000 TPS, which is significantly higher than its competitors, such as Soana and Avalanche.
The Sui network is built on the Move coding language, which is often considered the most powerful language for building smart contracts and dApps.
The growth of the Sui user base has also seen a parabolic upward move, with Sui now having over 21M active accounts. Of these 21 million, there are over 1 million daily active accounts over the past month:
With Sui seeing such parabolic growth, it makes sense to bridge pSTAKE onto the network to allow holders to look for potential opportunities.
PSTAKE can now be bridged to the Sui network through Wormhole, a cross-chain protocol that’s facilitated over 1 billion messages between ecosystems with 30+ blockchains supported. Founded by Jump Crypto in 2021, Wormhole is an interoperability layer that enables different blockchains to communicate with each other. PSTAKE can be bridged to Sui using Portal Bridge. Follow this guide for a tutorial on how to bridge.
Benefits of Being on Sui Network for PSTAKE
The PSTAKE token should see multiple benefits from being introduced to the Sui network, including the following:
- Increased Liquidity
- Further Distribution
- More Accessibility
- Additional Trading Activities
By bringing PSTAKE to a network that’s growing exponentially, pSTAKE will be introduced to a wide range of new savvy traders who can easily trade into PSTAKE with ultra-low fees. As a result, PSTAKE will experience enhanced visibility and easier accessibility, allowing the token to reach a new audience base.
In addition to the increased reach, being introduced to Sui will deepen liquidity pools and stimulate additional trading activities for PSTAKE. Maintaining strong liquidity is essential for community growth, trading, distribution, and arbitrage. It also ensures that users can easily move in and out of PSTAKE without experiencing too much slippage, making entering the PSTAKE ecosystem an attractive opportunity.
As a result, the increased liquidity and enhanced accessibility create a flywheel effect, introducing more users, which results in further increased liquidity and distribution.
Follow this guide to learn how to bridge PSTAKE to the Sui Network. Be sure to follow our social media channels to be updated on the integration with Sui.
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.
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.
