BSC News

pSTAKE Finance Announces Supply Allocation Proposal to BNB Chain

The proposal would bring 12 million PSTAKE tokens to PancakeSwap, Alpaca Finance and other platforms.

New DeFi Product on BNB Chain

Liquid staking platform pSTAKE Finance announced a proposal to allocate 12 million $PSTAKE to promote the project’s expansion to BNB Chain

Depending on the outcome of the governance vote, the tokens from the project’s Community Development and Incentive Fund would be bridged from Ethereum to BNB Chain to boost the adoption of stkBNB.

The tokens have a value of about $2.4 million. As of publication, the vote was 99% in favor of the proposal.

The proposed $PSTAKE allocation to different BNB Chain platforms is as follows:

  1. PancakeSwap (DEX) - 4 million $PSTAKE for 60 days.
  2. Alpaca Finance (Leveraged Yield Farming) - 4 million $PSTAKE for 60 days.
  3. Others (TBD) - 4 million $PSTAKE for 60 days.

Depending on the platform, the tokens will be used to create pools, trading pairs and/or yield farms. Other integrations under consideration include Beefy Finance, Wombat Exchange and Venus Protocol.

When you deposit native assets into pSTAKE, you receive pTOKEN in return (i.e. BNB ⇒ pBNB) that can be staked to receive stkTOKEN (i.e. pBNB ⇒ stkBNB).

The platform’s Stake LP feature allows stkTOKEN to participate in other DeFi products and receive rewards.

The project is on the Cosmos-based Persistence blockchain.

This proposal, which is wholly targeted to expand and develop the stkBNB product, could open up many new opportunities for interaction between BNB Chain and Cosmos.

What Is pSTAKE Finance:

pSTAKE Finance is a liquid staking solution built on the Persistence blockchain in the Cosmos ecosystem. Unlike conventional liquid staking models, pStake currently uses a dual token model that allows users to use capital more efficiently with $PSTAKE as the main governance token of the project.

Where to find pSTAKE Finance:

Website | Twitter | Forum | Telegram |

Don’t forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto! 

Follow us on Twitter and Instagram

If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, Cryptonomics Explainers, and Trading Tool Kits from BSC News.

Check out the Web3Wire Linktree to keep up with all relevant Web3 and Crypto!

Looking for a job in crypto? Check out the CryptoJobsNow!

How would you rate this article?

Related News