Stakers today need to lock up their PoS assets (such as ATOM, XPRT, ETH, SOL, etc.) on the network to earn staking rewards. Staked assets are usually illiquid and cannot be put to any further use.
pSTAKE is a liquid staking protocol unlocking the liquidity of staked assets. Stakers of PoS tokens can now stake their assets while maintaining the liquidity of these assets. On staking with pSTAKE, users earn staking rewards and also receive 1:1 pegged staked representative tokens (stkTOKENs) which can be used in DeFi to generate additional yield (yield on top of staking rewards).
pSTAKE wraps your native tokens into 1:1 pegged ERC-20 pTOKENs which allows you to use your PoS assets in the Ethereum ecosystem.
You can stake your deposited PoS assets by minting 1:1 pegged ERC-20 stkTOKENs. Assets staked through pSTAKE are delegated to a set of safelisted validators of the underlying network. These assets are staked across multiple validators to minimize slashing risks and optimize for higher staking rewards. stkTOKENs are fungible in nature and slashing risks are shared across all pSTAKE users.
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.
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. Transferring stkTOKENs to a different wallet address triggers an automatic rewards claim.
You can skip long unbonding periods by swapping your stkTOKENs for other assets through liquidity pools on DEXes.
stkTOKENs 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.
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