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Similar to Lido and Anchor Protocol, pSTAKE brings liquid staking to the Cosmos ecosystem and allows ATOM and XPRT holders to integrate with DeFi on a deeper level.
As more projects launch or transition to the PoS model, a new class of protocols have emerged that are focused on offering liquid staking options that allow token holders to tap into the value held in their staked tokens while still earning a yield for locking their assets on the network.
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Heavy hitters back the project with a $10 million seed funding round
The pSTAK project is part of the Persistence (XPRT) protocol, a multi-chain tech stack that supports Cosmos (ATOM ), Ethereum (ETH ) and other Tendermint-based chains. The long-term mission of Persistence is to create an ecosystem of multi-chain Web3 products designed to stimulate global liquidity and enable simplified value exchange.
The funds raised during the seed round have been used to provide the reserves necessary to bootstrap liquidity staking on the protocol and ensure that there was enough liquidity for users to engage with the platform.
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Since its launch, pSTAKE has offered liquid staking for Cosmos and XPRT, which have annual yields of 12% and 32%, respectively. Users who deposit ATOM or XPRT on the protocol receive stkATOM or stkXPRT in return, which can then be used for various functions in decentralized finance (DeFi), including borrowing and lending.
According to data from Defi Llama, the pSTAKE protocol currently has a total value locked (TVL) of $48.63 million.
Developers behind the project are currently working on adding support for other tokens including Ether, Terra (LUNA ) and Solana (SOL ).
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Liquid staking comes to the Cosmos ecosystem
Lido, for instance, is a liquid staking protocol that already offers support for Eth2, Terra, Solana and Kusama, and has a TVL of $9.35 billion.
The main difference for pSTAKE is that it emerged out of the Cosmos ecosystem and has its main focus on increasing liquidity for other protocols that are part of the Inter-Blockchain Communication Protocol (IBC) through adding Ethereum Virtual Machine (EVM) compatibility.
While Lido does offer support for Terra, pStake is the only protocol that offers support for ATOM and other Tendermint-based projects.
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pSTAKE airdrop and ongoing developments
As a way to help increase community support and reward early adopters, the project launched an airdrop of its pSTAKE token, which will see 30 million pSTAKE distributed over the next six months to a variety of addresses including ATOM, OSMO and XPRT stakers.
On the development side, one of the main collaborations being explored currently is with Terra’s Anchor Protocol (ANC), a savings protocol that is responsible for the minting of the TerraUSD (UST) stablecoin.
ATOM tokens could eventually be used as collateral to mint UST on Anchor, which can currently only be done with LUNA and Ether.
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