What is pSTAKE? Information about the governance token airdrop

Alpha Finance Launchpad has announced support for pSTAKE, a project designed to increase the capital efficiency of staked assets. Similar to Lido’s ETH and SOL staking platforms, pSTAKE allows users to earn through token staking, as well as incentive rewards for using the platform. One of the new developments of the project is the upcoming airdrop of the PSTAKE governance token, which will be distributed to key stakeholders in the pSTAKE ecosystem.

What is the pSTAKE project and the PTAKE token?

pSTAKE is a staking protocol built by Persistence that unlocks the potential of Proof-of-Stake (PoS) coins. Holders can deposit assets to the pSTAKE app to mint ERC-20 tokens at a 1:1 ratio, expressed as pTOKEN (e.g. pATOM). That token can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional profits.

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Meanwhile, PSTAKE is a governance token, used to share transaction fees in the pSTAKE protocol. This is an ERC-20 standard token that offers holders the ability to:

Voting right
Directly benefit from economic activity in the ecosystem through transaction fee sharing

By owning the token, holders can participate in the governance of the protocol to ensure the long-term success of the pSTAKE project, while still receiving a portion of the fees generated by the application. At its core, PSTAKE has tailored the incentives of stakeholders in the pSTAKE staking ecosystem.

At the moment, pSTAKE is in the process of implementing a staking system, allowing users to stake PSTAKE and vote on governance proposals such as:

Mint fee
Transaction fee staking service
Define Safelist Validator integration parameters
Vote for validators in the system

Owning PSTAKE will be able to accumulate value as the protocol generates revenue. A portion of the revenue generated by pSTAKE will be distributed to those who stake coins. This will regulate holder preferences, helping to maintain the security of the blockchain.

About the PSTAKE airdrop

Recently, the team announced that they will be opening an airdrop to key stakeholders in the ecosystem. Of which, pSTAKE will allocate 6% of the total supply and the amount of tokens distributed will be based on snapshots as of 19:00, September 2, 2021.

Since PSTAKE is an ERC-20 token, all eligible XPRT and ATOM holders need to provide an Ethereum wallet address by sending a “Magic Transaction” from the wallet to the website to request an airdrop.

Here are the project’s airdrop recipients:

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 tokens/wallet. The airdrop amount will be calculated based on the following formula:

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For XPRT holders, to receive the airdrop you must have a total balance of at least 100 XPRT in your wallet. With a maximum limit of 10,000 XPRT/wallet, a maximum balance of 10,000 tokens will be considered. We have the following formula to calculate the amount of airdrop:

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The earliest pSTAKE users

These are the objects that play an important role in giving the application a necessary starting point for long-term development. The PSTAKE airdrop will reward these early adopters for their trust in the protocol. Furthermore, this is also the group that receives the largest allocation, up to 2.5% of the total supply, evenly distributed to all eligible and early adopters. All ETH address holders with at least 10 stkATOM in the 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 the DeFi protocols. The aim is to attract more active users in the Ethereum ecosystem to join the pSTAKE application, paving the way to capitalize on potential future synergies with other DeFi protocols.

Reward = (Allocated PSTAKE)/(Number of Eligible Wallets)

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StakeDrop Participants

A total of 1.67% of the airdrops were assigned to reward all Cosmos Producers (Cosmos Producers ATOM) participating in the Cosmos StakeDrop campaign. 0.125% PSTAKE will be reserved for all participants who have staked the asset through Persistence’s validator arm, AUDIT.one, and the remaining 1.545% will be distributed to all Stakerop participants.