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 proposal allocated 8 M tokens for PancakeSwap and Alpaca Finance integrations. 3.96 M of PSTAKE tokens have been transferred to PancakeSwap and Alpaca Finance to finalise the integrations which are already live. The breakdown for the same -
| Protocol | $PSTAKE tokens allocated | $PSTAKE tokens used |
|---|---|---|
| PancakeSwap | 4,000,000 | 2,000,000 |
| Alpaca Finance | 4,000,000 | 1,960,000 |
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 1.5M+ in BNB staked within 2 days of the launch.
The pSTAKE team has been collaborating with some of the major protocols in the ecosystem to integrate stkBNB and bring more use cases to the token. In our previous post, 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.
Through this post, we are updating the community about the status of the first two integrations that were finalised -
PancakeSwap integration
pSTAKE has integrated with PancakeSwap to create two incentivised farms for liquidity providers to earn rewards in CAKE tokens -
- stkBNB/BNB farm: 1x multiplier for first 2 days, 0.5x multiplier after 2 days
- PSTAKE/BUSD farm: 0.5x multiplier for first 2 days, 0.1x multiplier after 2 days
Along with this, CAKE holders can stake their tokens to the PSTAKE Syrup Pool on PancakeSwap to earn PSTAKE rewards. To enable the integration, the PSTAKE team has transferred 2 M PSTAKE tokens that will be distributed through the Syrup pools.
The PancakeSwap farms are live now and can be accessed using this link
Alpaca Finance integration
pSTAKE has integrated with Alpaca Finance to allow users to earn additional yields through leveraged yield farming. Users will be able to leverage farm PancakeSwap’s stkBNB/BNB and PSTAKE/BUSD pools by opening yield-farming positions with up to 4x and 2x leverage, respectively.
In addition to this, leveraged yield farmers will be able to earn ~200k USD (at the time of writing this post) in PSTAKE bonus rewards which will be distributed at the end of the eight-week campaign period. The distribution to each farmer is based on the farmer’s debt value relative to the entire debt of all borrowers farming the pair. The rewards will be distributed as follows:
- 490,000 PSTAKE tokens will be distributed to users that open LYF positions on the stkBNB-BNB pair.
- 490,000 PSTAKE tokens will be distributed to users that open LYF positions on the PSTAKE-BUSD pair.
ALPACA stakers will be able to earn extra rewards in the form of PSTAKE tokens via the Grazing Range on Alpaca. 980,000 PSTAKE tokens will be distributed in the Grazing Range over the next 8 weeks.
Leveraged yield farming for the two pools is live and can be accessed using this link.
The pSTAKE team is working continuously to integrate with the best projects in the BNB ecosystem and bring new use cases to the stkBNB token. We will keep the community updated as we unlock the DeFi use cases for staked BNB.