cryptoninjas.net
Alpha Finance Lab, a DeFi ecosystem and platform, today announced the second Alpha Launchpad project, pSTAKE, a ‘Liquid Staking’ DeFi protocol that unlocks liquidity of staked assets.
What is pSTAKE?
- Designed as a liquid staking solution, pSTAKE.finance unlocks the true potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens onto the pSTAKE platform to mint 1:1 pegged ERC-20 wrapped un-staked tokens represented as pTOKENs (e.g. pATOM).
- pTOKENs can be converted into 1:1 wrapped ERC-20 staked representatives called stkTOKENs by staking the underlying deposited PoS tokens. stkTOKENs can be thought of as yield generating tokens. Since stkTOKENs represent staked tokens, they accrue staking rewards in the form of pTOKENs (This mirrors the workings of most PoS chains where rewards aren’t automatically compounded, but earned in the form of liquid tokens which can be claimed by a user at any point in time).
- Further, pSTAKE allows its users to utilize stkTOKENs in various DeFi protocols to earn a yield on top of their staking rewards.
Alpha Launchpad
Selected incubated projects that pass a thorough screening process get to work with the core Alpha team to successfully launch and grow their DeFi projects. The Alpha Launchpad provides hands-on support, mentorship, and guidance in all areas of a project’s business.
For teams interested in applying for Alpha Launchpad, check out the application process here.