Cosmos liquid staking protocol developed by blockchain startup Persistence sold 25 million PSTAKE tokens, or 5% of the total supply

SINGAPORE / ACCESSWIRE / January 20, 2022 /pSTAKE, the protocol unlocking liquidity for staked assets, held a public token sale on CoinList, selling out a tranche of its native $PSTAKE tokens for a total raised of $10 million.

The sale sold out in just 45 minutes, with 5% of the total supply of PSTAKE tokens listed at a price of $0.40 and a total valuation of $200M. The registration count topped 949,000 registrations in total, the highest of any CoinList sale to date, with 20,000 new token holders added to the ecosystem following the sale. On or around Jan. 25, 2022, 25% of the tokens sold will be unlocked, with a six-month linear vesting schedule to follow for the remainder.

pSTAKE is one of the first liquid staking protocols for the Cosmos network. It previously raised a $10M strategic round, attracting some of the biggest names in venture capital, with Three Arrows Capital, Galaxy Digital, Sequoia Capital India and DeFiance Capital co-leading the seed round. Since its launch in September, the platform has reached over $40 million in total value locked (TVL) for Persistence ($XPRT) and Cosmos ($ATOM) staking deposits.

The protocol allows Proof-of-Stake (PoS)-based asset holders to earn rewards without losing the liquidity of their assets, unlocking the true potential of PoS tokens. pSTAKE users can stake assets, participate in improvements to the protocol, and secure the network to earn staking rewards in the form of 1:1 pegged staked tokens (stkTokens) which can be used across the DeFi ecosystem.

pSTAKE's ultimate vision is to build an end-to-end PoS asset management platform; the team strongly believes liquid staking is the most important primitive for the next phase of growth for DeFi. Over the last few months, the protocol has completed a rigorous security audit, and expanded to support liquid staking for Persistence's native $XPRT. In that time its active user base has grown to more than 5,500.

About pSTAKE

pSTAKE is the protocol that unlocks liquidity for your staked assets. With pSTAKE, you can securely stake your Proof-of-Stake (PoS) assets, participate in protocol improvements and security to earn staking rewards, and receive 1:1 pegged staked representative tokens which can be used to explore yield opportunities across DeFi. At present, pSTAKE supports Cosmos ($ATOM) and Persistence ($XPRT) networks' native tokens with a view to support more chains and assets in the future.

Media Contact:
Alaina Stowers
alaina@energentmedia.net

SOURCE: pSTAKE

View source version on accesswire.com:
https://www.accesswire.com/684831/PSTAKE-Raises-10-Million-in-its-Public-Token-Sale-on-CoinList