Alpha Finance Lab, a DeFi ecosystem and platform, today revealed the second Alpha Launchpad project, pSTAKE, a ‘Liquid Staking’ DeFi protocol that opens liquidity of staked possessions.
What is pSTAKE?
- Designed as a liquid staking option, pSTAKE.finance opens the true capacity of staked PoS possessions (e.g. ATOM). PoS token holders can transfer their tokens onto the pSTAKE platform to mint 1:1 pegged ERC-20 covered un-staked tokens represented as pTOKENs (e.g. pATOM).
- pTOKENs can be converted into 1:1 covered ERC-20 staked representatives called stkTOKENs by staking the underlying transferred PoS tokens. stkTOKENs can be considered yield creating tokens. Because stkTOKENs represent staked tokens, they accrue staking benefits in the type of pTOKENs (This mirrors the functions of most PoS chains where benefits aren’t automatically intensified, however made in the form of liquid tokens which can be claimed by a user at any time).
- Even more, pSTAKE permits its users to utilize stkTOKENs in various DeFi protocols to make a yield on top of their staking rewards.
Chosen incubated projects that pass a comprehensive screening procedure get to work with the core Alpha team to successfully introduce and grow their DeFi jobs. The Alpha Launchpad offers hands-on support, mentorship, and assistance in all areas of a job’s company.
For groups thinking about requesting Alpha Launchpad, check out the application process here.
The post Alpha Finance introduces 2nd launchpad incubation task: pSTAKE appeared initially on CryptoNinjas.