pSTAKE Finance

$PSTAKE #airdrop Batch-1 has been distributed.

To be eligible for distributions in months 2-6, stake at least 20 ATOM OR 100 XPRT via pSTAKE before 20th March 2022.

Source: $PSTAKE Airdrop Explained

Allocation

• pSTAKE’s governance token, $PSTAKE, will be distributed to key stakeholders within the pSTAKE ecosystem.
• 30M $PSTAKE (6% of the total genesis supply) will be distributed, based on the snapshots previously taken.
• 21.25M $PSTAKE will be distributed to eligible stakers of ATOM, XPRT and OSMO.
• 5M $PSTAKE will be distributed to the communities of certain DeFi protocols (Aave and Curve Finance).
• 750K $PSTAKE will be equally distributed amongst all eligible early adopters of the pSTAKE protocol.
• 450K $PSTAKE will be distributed to our Cosmos StakeDrop campaign participants, with 50K additional tokens distributed to those who delegated with AUDIT.one during the StakeDrop.
• 2.5M $PSTAKE tokens have been set aside in a Strategic Reserve for future airdrops.

Distribution

• All airdrop tokens will be distributed directly on the Persistence Core-1 chain. Eligible airdrop recipients will need to create and submit a Persistence wallet addresses (except for StakeDrop participants and XPRT stakers).
• Airdrop tokens are vested over 6 months and released monthly, with the first distribution taking place on February 24th, 2022.
• To be eligible for distributions in months 2-6, recipients must deposit and stake at least 20 ATOM via pSTAKE (mint 20 stkATOM) in the eligible ERC20 wallet after the first distribution but before 20th March 2022 (only required once to receive the remaining 5 distributions). A dedicated article will be released for ATOM, XPRT and OSMO stakers (who do not have an eligible ERC20 address) after the first airdrop distribution (which will be sent to all eligible airdrop recipients).

With the launch of pSTAKE’s governance token, $PSTAKE, we previously announced a retroactive token airdrop to the critical stakeholders within the protocol’s ecosystem to ensure alignment of incentives and foster long-term growth of the protocol.

You can learn more about $PSTAKE’s token utility, value accrual, and the critical stakeholders in our previous article here.

pSTAKE will allocate 6% of the token’s total genesis supply (30M $PSTAKE) for various airdrops to be distributed based on the snapshots previously taken (read below for details).

Following community feedback, the parameters of the airdrop have been adjusted in order to better align the priorities of pSTAKE with airdrop recipient communities and to incentivise the stakers who are the core supporters of relevant ecosystems.

This article will further expand on the details of the $PSTAKE airdrop campaign, focusing on the distribution mechanism.

Cosmos Ecosystem

21.25M $PSTAKE will be distributed to Cosmos ecosystem stakers, which includes stakers of ATOM, XPRT and OSMO.

Stakers are the core active supporters of the underlying PoS networks. We have therefore decided to divert the allocation previously reserved for holders of ATOM and XPRT to stakers of ATOM, XPRT and OSMO, based on feedback received from the community. This will incentivize the core primary supporters of the relevant ecosystems to become active pSTAKE supporters and ecosystem participants.

Allocations for ATOM and XPRT stakers will be determined via a fairdrop mechanism (inspired by the OSMO fairdrop carried out by Osmosis) to ensure fair distribution of the allocated tokens and prevent potential centralization with large token holdings. The amount of $PSTAKE to be received by each address will be proportional to the square root of its total ATOM or XPRT balance at the snapshot time.

The allocation for OSMO stakers will be distributed equally to all eligible participants.

ATOM Stakers (14.5M $PSTAKE)

Persistence (the developer team behind pSTAKE) is one of the earliest contributors to the Cosmos ecosystem. The support of the Cosmos community has been instrumental to our success thus far and they will continue to play a major role as pSTAKE users and ecosystem participants. Thus, ATOM stakers are being rewarded with an airdrop allocation to further align the Persistence/pSTAKE and Cosmos communities.

For an ATOM staker to be eligible to receive the airdrop, they must have been staking at least 100 ATOM at the time of the snapshot. Furthermore, we have implemented a max cap of 2000 ATOM per wallet; thus, a maximum balance of 2000 ATOM will be considered while calculating the eligible airdrop amount.

Snapshot date: 2nd September 2021, 12PM UTC

The eligible airdrop amounts for ATOM stakers will be calculated based on the following fairdrop formula:

XPRT Stakers (3.5M $PSTAKE)

XPRT stakers are the core supporters of the Persistence chain and ecosystem, including pSTAKE. With an implementation of the pSTAKE protocol soon launching on the Persistence Core-1 chain and XPRT being pSTAKE’s second currently supported PoS asset, the pSTAKE and Persistence communities will continue to become more tightly interwoven. XPRT stakers are being incentivised via the airdrop to continue their ongoing support in bolstering the security of the Persistence ecosystem.

For an XPRT staker to be eligible to receive the airdrop, they must have been staking at least 100 XPRT at the time of the snapshot. Furthermore, we have implemented a max cap of 10000 XPRT per wallet; thus, a maximum balance of 10000 XPRT will be considered while calculating the eligible airdrop amount.

Snapshot date: 2nd September 2021, 12PM UTC

The eligible airdrop amounts for XPRT stakers will be calculated based on the following fairdrop formula:

Note: All constants in the above formulae have been derived to ensure fair allocation of the allocated airdrop amount amongst the eligible wallet owners.

OSMO Stakers (3.25M $PSTAKE)

Osmosis has continued to see significant growth since its launch, emerging as the primary DEX in the Cosmos ecosystem and forming a vital piece of the backbone of Cosmos DeFi. With many synergies between pSTAKE and Osmosis to explore (e.g. listing of stkASSETs on Osmosis), OSMO stakers are receiving an airdrop in order to further align our two communities in preparation for upcoming collaboration opportunities.

For an OSMO staker to be eligible to receive the airdrop, they must have been staking at least 750 OSMO at the time of the snapshot.

The allocation for OSMO stakers will be distributed equally to all eligible participants.

Snapshot date: 2nd February 2022, 12PM UTC

DeFi Power Users

5M $PSTAKE will be distributed to eligible users of specific DeFi protocols. In consideration of current DeFi integration priorities, we have decided to divert the allocation reserved previously for xSUSHI holders and instead focus on the Aave and Curve Finance communities. The Strategic Reserve will potentially be used to align incentives with further synergistic DeFi protocols moving forward.

The Aave and Curve communities have been selected as they are some of the most active in DeFi lending, which is a strong use-case for pSTAKE’s stkASSETs. Thus, we are airdropping $PSTAKE to the Aave and Curve communities to attract an active user base within the Ethereum ecosystem and to pave the way for leveraging potential future synergies with the DeFi protocols.

Details of the protocols selected and the respective eligibility criteria for each user base can be found below:

Rewards = ($PSTAKE allocated for the category) / (number of eligible wallets)

pSTAKE Early Adopters

pSTAKE’s early adopters have played a vital role in providing the application with the necessary head start for its long-term growth. Not only have early adopters assisted in bootstrapping the TVL of pSTAKE and liquidity for stkASSETs, but their constant feedback has been invaluable on our path to creating a robust protocol. The $PSTAKE airdrop will reward these early adopters for their confidence in taking on risk of using an early-stage DeFi protocol and their continued active support of pSTAKE.

A sizable portion of the airdrop total, 750K $PSTAKE, will be equally distributed amongst all eligible early adopters of the protocol. All Ethereum wallet address holders with at least 10 stkATOM or 10 stkXPRT in their wallets at the time of the respective snapshot will be eligible to receive the airdrop. The allocation for early adopters will be distributed equally to all eligible participants.

stkATOM snapshot: 2nd September 2021, 12PM UTC

stkXPRT snapshot: 31st October 2021, 12PM UTC

Cosmos StakeDrop Participants

A total of 500K $PSTAKE has been designated to reward all Cosmos (ATOM) stakers who participated in Persistence’s Cosmos StakeDrop campaign. 50K $PSTAKE tokens will be dropped exclusively to all the Cosmos StakeDrop participants who staked their assets through Persistence’s validator arm, AUDIT.one, with the remaining 450K being distributed across all Cosmos StakeDrop participants.

These participants were helping to bootstrap the overall Persistence ecosystem before the Persistence Core-1 chain itself even went live. The airdrop is a step towards incentivizing early and long-term participants of the Persistence ecosystem to keep contributing towards its growth. With every such step, we aim to build a stronger community that collectively supports the growth of the ecosystem and together reaps the benefits.

The $PSTAKE amount will be distributed equally to eligible wallets at the time of distribution without the need for any additional steps from the participants. There is no minimum stake requirement in terms of the number of $ATOM staked during the StakeDrop.

Strategic Reserve

2.5M $PSTAKE has been set aside in a Strategic Reserve intended to incentivize users of DeFi protocols that are identified as strategic partners in the future, who will help further the growth of the pSTAKE protocol. Details of allocations from the Reserve will be shared in the future.

Distribution Mechanism

• 6-month monthly vesting schedule for eligible wallets (equal number of tokens released every 30 days beginning 24th February 2022).
• All airdrop tokens will be distributed directly on the Persistence Core-1 chain. Eligible airdrop recipients will need to create a Persistence wallet address (except for StakeDrop participants and XPRT stakers). Wallet creation tutorial: