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Crypto staking protocol pSTAKE raises $10M in public token sale on CoinList » CryptoNinjas

Written by James Smith

pSTAKE, a protocol for unlocking liquidity for staked property, has closed its public token sale hosted on CoinList, efficiently elevating $10 million. promoting out a tranche of its native $PSTAKE token.

The sale began on December 16, and bought out in 45 minutes, with 5% of the overall provide of PSTAKE tokens listed at a value of $0.40 and a complete valuation of $200M. The registration depend topped 949,000 registrations in complete, the very best of any CoinList sale thus far, with 20,000 new token holders added to the ecosystem following the sale. On or round January 25, 2022, 25% of the tokens bought can be unlocked, with a six-month linear vesting schedule to observe.

pSTAKE is among the first liquid staking protocols for the Cosmos community. It beforehand raised a $10M strategic spherical, attracting a number of the greatest names in enterprise capital, with Three Arrows Capital, Galaxy Digital, Sequoia Capital India, and DeFiance Capital co-leading the seed spherical.

Since its launch in September, the platform has reached over $40 million in complete worth locked (TVL) for Persistence ($XPRT) and Cosmos ($ATOM) staking deposits.

pSTAKE wraps your native tokens into 1:1 pegged ERC-20 pTOKENs

The protocol permits Proof-of-Stake (PoS)-based asset holders to earn rewards with out dropping the liquidity of their property, unlocking the potential of PoS tokens. pSTAKE customers can stake property, take part in enhancements to the protocol, and safe the community to earn staking rewards within the type of 1:1 pegged staked tokens (stkTokens) which can be utilized throughout the DeFi ecosystem.

pSTAKE’s imaginative and prescient is to construct an end-to-end PoS asset administration platform; the group strongly believes liquid staking is crucial primitive for the following section of progress for DeFi. Over the previous couple of months, the protocol has accomplished a safety audit and expanded to help liquid staking for Persistence’s native $XPRT. In that point its energetic consumer base has grown to greater than 5,500.

As a part of its improvement plan, pSTAKE will proceed to launch liquid staking help for extra main PoS property — from each inside and out of doors the Cosmos ecosystem. This contains ETH, LUNA, SOL, and others.

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