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. pSTAKE Finance is one such protocol.
Heavy hitters back the project with a $10M seed funding round
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 project got a boost in November 2021 by receiving funding from investors including Three Arrows Capital, Galaxy Digital, Coinbase Ventures, and Alameda Research
Liquid staking comes to the Cosmos ecosystem
pSTAKE focuses on increasing liquidity for protocols that are part of the Inter-Blockchain Communication Protocol (IBC) through adding Ethereum Virtual Machine (EVM) compatibility.
- Unlike Lido, pStake does not offer support for Terra, but offers support for ATOM/Tendermint-based projects.
pSTAKE Airdrop and ongoing developments
The project launched an airdrop of its token to increase community support and reward early adopters.
- One of the main collaborations being explored is with Terra’s Anchor Protocol (ANC), a savings protocol that is responsible for the minting of the TerraUSD (UST).
- ATOM tokens could be used as collateral to mint UST on Anchor.
