Summary
The pSTAKE community passed the proposal to allocate 12 M PSTAKE tokens for stkBNB launch and integration initiatives from the Incentivisation and Community Dev Fund. The pSTAKE team has already transferred 3.96 M of PSTAKE to PancakeSwap and Alpaca Finance to finalise the integrations which are already live. The pSTAKE team is incentivising two more integrations with OpenLeverage to enable stkBNB margin trading, and Project Galaxy to incentivise stkBNB minting and DeFi actions. The breakdown for the token allocations is as below -
| Protocol | $PSTAKE tokens allocated |
|---|---|
| PancakeSwap | 2,000,000 |
| Alpaca Finance | 1,960,000 |
| OpenLeverage | 76,400 |
| Project Galaxy | TBD (Max 2,000,000) |
The remaining funds from the 12 M allocated funds will be used for further integrations on the BNB chain and the community will be kept in the loop while allocating these funds through our forum.
Introduction
pSTAKE’s liquid staking solution for the BNB chain, stkBNB, went live on 8th August. The product is gaining good traction with USD 4.8 M+ in BNB staked within the first month of the launch.
The pSTAKE team has been collaborating with some of the major protocols in the ecosystem to integrate stkBNB and bring use cases to the stkBNB token. In our previous posts, we detailed the plan to allocate PSTAKE tokens from the Incentivisation and Community Development Fund to incentivise the early adopters of stkBNB use cases on these platforms. We also communicated about incentivising pools on Pancakeswap and Alpaca Finance which has brought huge traction to the product with USD 8 M+ in TVL locked in PancakeSwap. We have also integrated with Beefy Finance for yield compounding from the PancakeSwap pool without any incentivisation to the pool.
Through this post, we are updating the community about the status of the next two incentivised integrations -
OpenLeverage
OpenLeverage is a permissionless lending and margin trading protocol that enables users to long or short any trading pair on DEXs efficiently and securely. The platform was funded by Binance Labs and is live across multiple chains.
pSTAKE has integrated with OpenLeverage to enable margin trading and leveraged staking for the stkBNB token. Users can deposit their stkBNB token to OpenLeverage as collateral and borrow BNB on margin up to a 5.9x leverage. The borrowed BNB is converted by the OpenLeverage protocol to stkBNB. Thus, users can go long on stkBNB on leverage and earn staking rewards on their holdings. BNB holders also earn returns by depositing BNB that is lent out to margin traders.
OpenLeverage enables stkBNB holders to earn higher returns through a larger exposure to stkBNB by borrowing BNB. Since stkBNB price follows the price of BNB, the user does not face a risk unless there is a large depeg of stkBNB against BNB, something possible only because of a security issue in the pSTAKE protocol. The pSTAKE team has always taken a security-first approach to minimise the chances of such an event.
To enable the bootstrapping of this feature, the OpenLeverage team is incentivising BNB lending by giving out USD 10 K worth of OLE tokens. pSTAKE team is matching the incentives by giving out USD 10 K worth of PSTAKE tokens (76,400 $PSTAKE) to incentivize margin trading. The incentives will last for 28 days after which it will be evaluated based on the traction on the platform.
The OpenLeverage integration is live and can be accessed using this link
Project Galaxy
NFTs are a great way to engage active product users in the community. Project Galaxy has a unique place in this ecosystem as they provide the basic infrastructure for projects to engage with their communities. Many prominent BSC chain projects including Alpaca Finance and liquid staking products like Marinade Finance have launched campaigns on Project Galaxy.
pSTAKE team is launching the first-ever BNB Stake2Earn Campaign powered by Project Galaxy. Users who stake their BNB during the campaign and follow the guidelines will earn PSTAKE tokens. The campaign is divided into three phases -
- Phase 1: Battle of Stakes - The first phase will last for 10 days (Sep 6 to Sep 16). BNB holders who stake their BNB on pSTAKE protocol are eligible to participate in Phases 2 and 3, with rewards at the end of each phase. The users are divided into three segments based on the amount of BNB staked. The net BNB staked on the protocol after deducting any unstake, transfers, etc will be considered.
- Phase 2: ReDeFining staking - Phase 2 lasts for 3 weeks. Users who staked their BNB in Phase 1 must hold on to their stkBNB for the duration of the campaign and use it in any of the pSTAKE’s DeFi integrations. At the end of the 3 weeks, eligible stakers can mint an NFT on the Project Galaxy interface based on the segment they are eligible for. The NFT holders will be awarded PSTAKE tokens based on their amount of BNB staked.
- Phase 3: Diamond Hands - Phase 3 also lasts for 3 weeks. Users holding any of the NFTs from Phase 2 can participate in Phase 3 by holding on to their stkBNB tokens for another 3 weeks. The Diamond hands who hold on to their stkBNB can mint an Ultimate Emerald NFT. The Emerald NFT holders will be awarded PSTAKE tokens, and will also be eligible for further benefits in the future.
The final token allocations for the Stake2Earn Campaign with Project Galaxy will be based on the number of users participating in the campaign. But, the pSTAKE team has put a maximum cap of 2 M PSTAKE tokens for rewards. The reward distribution details are as follows -
| Sr No | BNB staked | Tier | Rewards (Phase 2) | Rewards (Phase 3) |
|---|---|---|---|---|
| 1 | 0.25 to < 5 BNB | Bronze | 3% | 2% |
| 2 | 5 to < 10 BNB | Silver | 2.5% | 2% |
| 3 | > 10 BNB | Gold | 2% | 2% |
The pSTAKE team is very excited to bring this Stake2Earn campaign to the community. The campaign is retail focussed and brings an amazing opportunity for the users to earn huge rewards while using the liquid staking product and its DeFi integrations.
The Stake2Earn campaign will go live on 6 Sep 2022. All the campaign details can be found here
The pSTAKE team is working continuously to enable the best liquid staking and DeFi opportunities and bring new use cases to the stkBNB token. We will keep the community updated as we unlock exciting opportunities for staked BNB.