I made a thread about @pStakeFinance to help understand the value and bring awareness of this game changing product. I will explain in short how to use it as well.
Powered by @PersistenceOne
Powered by @PersistenceOne
What is pSTAKE?
pSTAKE allows holders of PoS tokens to securely stake their network tokens to earn staking rewards while receiving 1:1 pegged ERC-20 stkTOKEN that represent staked tokens which can then be used in Ethereum’s DeFi ecosystem.
pSTAKE allows holders of PoS tokens to securely stake their network tokens to earn staking rewards while receiving 1:1 pegged ERC-20 stkTOKEN that represent staked tokens which can then be used in Ethereum’s DeFi ecosystem.
Its all about unlocking liquidity for staked assets. You can stake your assets to earn staking rewards plus receive 1:1 pegged staked representative tokens which can be used in #DeFi to generate additional yield. So youre earning staking rewards and tokens at the same time.
FEATURES:
- Wrap:
pSTAKE wraps your native tokens into 1:1 pegged ERC-20 pTOKENs which allows you to use your PoS assets in the Ethereum ecosystem.
- Wrap:
pSTAKE wraps your native tokens into 1:1 pegged ERC-20 pTOKENs which allows you to use your PoS assets in the Ethereum ecosystem.
- Claim staking rewards part 1:
You can claim your staking rewards at any point in time. Staking rewards are claimed in the form of pTOKENs which can then be staked to compound staking rewards or be used to redeem an equivalent amount of the native PoS tokens.
You can claim your staking rewards at any point in time. Staking rewards are claimed in the form of pTOKENs which can then be staked to compound staking rewards or be used to redeem an equivalent amount of the native PoS tokens.
- Claim staking rewards part 2:
Transferring stkTOKENs to a different wallet address triggers an automatic rewards claim!
Transferring stkTOKENs to a different wallet address triggers an automatic rewards claim!
- Stake part 1:
You can stake your deposited PoS assets by minting 1:1 pegged ERC-20 stk-tokens. Assets staked through pSTAKE are delegated to a set of safelisted validators of the underlying network.
You can stake your deposited PoS assets by minting 1:1 pegged ERC-20 stk-tokens. Assets staked through pSTAKE are delegated to a set of safelisted validators of the underlying network.
- Stake part 2:
These assets are staked across multiple validators to minimize slashing risks and optimize for higher staking rewards. stk-tokens are fungible in nature and slashing risks are shared across all pSTAKE users.
These assets are staked across multiple validators to minimize slashing risks and optimize for higher staking rewards. stk-tokens are fungible in nature and slashing risks are shared across all pSTAKE users.
- Liquidity and instant unbonding:
You can skip long unbonding periods by swapping your stk-tokens for other assets through liquidity pools on DEXes. Direct unbonding is one of the huge advantages of pSTAKE and uniq in the cryptosphere.
You can skip long unbonding periods by swapping your stk-tokens for other assets through liquidity pools on DEXes. Direct unbonding is one of the huge advantages of pSTAKE and uniq in the cryptosphere.
- Insurance fund part 1:
In the near future, assets delegated to pSTAKE’s safelisted validators will be safeguarded against slashing risks by an insurance pool which covers a portion or all of the slashed amount based on the severity of the slashing event.
In the near future, assets delegated to pSTAKE’s safelisted validators will be safeguarded against slashing risks by an insurance pool which covers a portion or all of the slashed amount based on the severity of the slashing event.
- Insurance fund part 2:
pSTAKE cares about the safety of youre assets and created this solution.
pSTAKE cares about the safety of youre assets and created this solution.
- Generate additional yield:
stk-tokens can be used across various #DeFi protocols in the Ethereum ecosystem to generate additional yield. This can be in the form of trading fees earned by supplying liquidity to a DEX, or more complex use cases such as borrowing and lending.
stk-tokens can be used across various #DeFi protocols in the Ethereum ecosystem to generate additional yield. This can be in the form of trading fees earned by supplying liquidity to a DEX, or more complex use cases such as borrowing and lending.
HOW TO USE PSTAKE 👇
Now that you know what pSTAKE has to offer, you want to start using it. Here's a list of things that you require before starting:
- Keplr wallet and metamask
- $ATOM, Cosmos’s native token
- Some ETH for gas fees
Now that you know what pSTAKE has to offer, you want to start using it. Here's a list of things that you require before starting:
- Keplr wallet and metamask
- $ATOM, Cosmos’s native token
- Some ETH for gas fees
Step 1. Connect youre Metamask wallet.
Step 2. Connect youre keplr wallet and deposit $ATOM
Step 3. Stake the tokens!
Step 4. Claim youre rewards!
Step5. Unstake/Unbond youre tokens.
Step 6. Unwrapping the tokens.
Step 2. Connect youre keplr wallet and deposit $ATOM
Step 3. Stake the tokens!
Step 4. Claim youre rewards!
Step5. Unstake/Unbond youre tokens.
Step 6. Unwrapping the tokens.
Thats it! You have now received youre $ATOM's back. If you need an more detailed explanation about how to use kindly follow this link below where you will be guided step by step with pictures 👇
medium.com/@notblurryface…
medium.com/@notblurryface…
What are you waiting for? Let youre tokens work for you with pSTAKE start earning today! 👇
pstake.finance
Hope this thread was usefull and thanks for taking the time to read. Likes and retweets are very much appreciated 🙏
pstake.finance
Hope this thread was usefull and thanks for taking the time to read. Likes and retweets are very much appreciated 🙏
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