The Alpha Finance Launchpad announced support for pSTAKE, designed to increase the capital efficiency of staked crypto assets. Similar to Lido’s ETH and SOL staking programs, pSTAKE will allow users to capture the value from staking underlying tokens, as well as additional incentive rewards for using the platform, and of course the liquidity from the received token. The forecast also recently announced that pSTAKE’s governance token, PSTAKE, will be distributed to key stakeholders within the pSTAKE ecosystem.
What are pSTAKE and PSTAKE token?
pSTAKE is a liquid staking protocol built by Persistence, that unlocks the potential of staked Proof-of-Stake (PoS) assets. Holders can deposit their tokens on the pSTAKE application to mint 1:1 pegged ERC-20 wrapped unstaked tokens, which are represented as pTOKENs that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Now it has presented its Airdrop Distribution Mechanism via distribution token.
PSTAKE is the governance and fee-sharing token of the pSTAKE protocol. It is an ERC-20 token that provides its holders with a two-fold benefit:
- Voting rights
- Direct benefit from the economic activity in the ecosystem via fee sharing
When in possession of tokens, holders can participate in the protocol’s governance to ensure pSTAKE’s long-term success while receiving a share of the fees generated by the application. According to information from the project, at its core, PSTAKE aligns stakeholder incentives in pSTAKE’s liquid staking ecosystem.
At the present time, pSTAKE is in the process of rolling out native governance staking, which will allow users to stake PSTAKE token and vote on governance proposals that modify parameters such as:
- Minting fees
- Staking service fees
- Safelist Validator onboarding parameters
- Voting to onboard validators
PSTAKE will accumulate value as the protocol generates revenue. A portion of the revenue generated by pSTAKE will be distributed to stakers. This will regulate the incentives of holders, thus helping to maintain the security of the underlying blockchain.
About PSTAKE airdrop
Recently, the team announced that they will be opening an airdrop for key stakeholders within the ecosystem. In it, pSTAKE will allocate 6% of the token’s total genesis supply for various airdrops to be distributed based on the snapshots taken on 12:00 UTC, 2nd September 2021.
Since PSTAKE is an ERC-20 token, all eligible XPRT and ATOM holders will have to provide their Ethereum wallet addresses by sending a “Magic Transaction” from their wallets through our airdrop claim webpage.
- ATOM Holders and Stakers
To be eligible for the airdrop, ATOM holders must have a total balance of at least 100 ATOM in their wallet. Furthermore, the team has implemented a maximum limit of 2,000 token wallets; therefore, a maximum balance of 2,000 ATOM will be taken into consideration while calculating the eligible airdrop.
The eligible airdrop amount for ATOM holders and investors will be calculated based on the following analytical formula:
- XPRT Holders and Stakers
For XPRT holders, to receive the airdrop, there must be a total balance of at least 100 XPRT in the wallet. With a maximum limit of 10,000 XPRT/wallet, a maximum balance of 10,000 tokens will be considered while calculating the eligible airdrop. The factor for the unmarked XPRT balance for eligible wallet holders has been set to 2.5.
We have the formula as below:
- pSTAKE Early Adopters
These are the objects that play an important role in giving the application a necessary start for its long-term development. PSTAKE airdrops will reward these early adopters for their trust in the protocol.
A sizable portion of the allocated funds, 2.5%, will be evenly distributed among all eligible early adopters of the protocol. All ETH address holders with at least 10 stkATOM in their wallet at the time of snapshot will be eligible to receive the airdrop.
- DeFi Power Users
25% of the airdrop allocation will be distributed to eligible users of specific DeFi protocols to attract the active user base in the Ethereum ecosystem to the pSTAKE application and pave the way for leveraging the potential future synergies with the aforementioned DeFi protocols.
Rewards = (PSTAKE allocated for the category)/(Number of eligible wallets)
- StakeDrop Participants
A total of 1.67% of the allocated airdrop was designated to reward all Cosmos Producers (ATOMs) who participated in the Cosmos StakeDrop campaign. 0.125% of PSTAKE will be reduced separately to all Cosmos StakeDrop participants who staked their assets through Persistence’s validator arm, AUDIT.one with the remaining 1.545% distributed to all participants Stakerop.
- Strategic Reserve
15.83% of the total airdrop allocation has been set aside in a Strategic Reserve.
Besides receiving tokens from the airdrop, further, pSTAKE allows its users to utilize stkTOKENs in various DeFi protocols to earn a yield on top of their staking rewards.
Read more:
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