Digital Asset Platform CoinList Announces pStake Token Sale

Digital asset platform CoinList is pleased to confirm that registrations for the pSTAKE Token Sale are currently open.

pSTAKE is the protocol that “unlocks liquidity for your staked assets,” the update from CoinList explained.

The company also mentioned that with pSTAKE, you can “stake your assets, participate in protocol improvements, and secure the network to earn staking rewards, and receive 1:1 pegged staked tokens which can be used to explore opportunities across DeFi.”

The sale “begins on December 16, 18:00 UTC” and has one public option:

  • Supply: 25M PSTAKE tokens
  • Price: $0.40
  • Lockup & release: 25% “unlocks on or around January 25, 2022, followed by a 6-month linear vesting schedule.”

As noted in the update:

“Mint or stake on pSTAKE for a chance to be invited to the priority queue – an invite-only queue for token sales that is significantly shorter than the main token sale queue and runs in parallel to the main queue. Learn more about how you can qualify for the pSTAKE token sale priority queue here.”

CoinList further noted that they will be “announcing a special reveal for the CoinList Karma community soon – stay tuned for more details.”

Unlocking Liquidity and Composability of Staked Assets

pSTAKE is “a liquid staking protocol for Proof-of-Stake (PoS) based assets that allows the holders of staked assets to earn rewards while maintaining liquidity of their assets.” Staked tokens are issued for all assets “staked via pSTAKE, which utilizes a custom bridge to tap into the growth of the Cosmos ecosystem while accessing the liquidity and composability of Ethereum,” the announcement noted.

According to CoinList, here are some reasons why they’re excited about pSTAKE:

  • An inter-blockchain bridge named ‘pBridge’ – The pSTAKE protocol “uses an inter-blockchain bridge named ‘pBridge’ which facilitates the transfer of value between various blockchains, including Ethereum, Cosmos, and Persistence.” While other blockchain bridges only allow the creation of pegged tokens, pBridge “enables staking and unstaking at the protocol level on the respective native chain.”
  • A dual token model – The dual token model of pSTAKE “simplifies staking and rewards mechanisms for users and mirrors the exact workings of the PoS networks that it supports.” pTokens are 1:1 “pegged ERC-20 unstaked tokens that copy the functionality of the underlying PoS network and only represent unstaked tokens on that network.” Users can then stake their pTokens with pSTAKE “to mint stkTokens, which are 1:1 pegged staked tokens.” stkTokens “accrue staking rewards in pTokens which can also be used in the broader Ethereum DeFi ecosystem.”
  • All issued stkTokens are fungible in nature – This fungibility is “achieved by delegating assets staked on the respective PoS networks evenly across a set of validators participating in the pSTAKE protocol.” This proportion of stake distribution “will be governed by pSTAKE token holders after the token launch.”

(Note: Investors in certain jurisdictions may not be able to participate in this offer).

For more details on this announcement, check here.

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