PStake Community Airdrop Campaign
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Reward pool
~$22,500,000
30,000,000 pSTAKE
Expected profit
Proportionally
pSTAKE
Max participants
∞
No limit
DropsEarn score
Neutral
Normal, Low Risks
Details
With the launch of pSTAKE’s governance token, PSTAKE, pSTAKE 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.
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.
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. pSTAKE has 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 pSTAKE 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, pSTAKE has implemented a max cap of 2,000 ATOM per wallet; thus, a maximum balance of 2,000 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, pSTAKE has implemented a max cap of 10,000 XPRT per wallet; thus, a maximum balance of 10,000 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 $PSTAKE)
Osmosis has continued to see significant growth since its launch, emerging as the primary DEX in the Cosmos ecosystem and forming a vital piece of the backbone of Cosmos DeFi. With many synergies between pSTAKE and Osmosis to explore (e.g. listing of stkASSETs on Osmosis), OSMO stakers are receiving an airdrop in order to further align the two communities in preparation for upcoming collaboration opportunities.
For an OSMO staker to be eligible to receive the airdrop, they must have been staking at least 750 OSMO at the time of the snapshot.
The allocation for OSMO stakers will be distributed equally to all eligible participants.
Snapshot date: 2nd February 2022, 12PM UTC
DeFi Power Users
5M PSTAKE will be distributed to eligible users of specific DeFi protocols. In consideration of current DeFi integration priorities, pSTAKE has decided to divert the allocation reserved previously for xSUSHI holders and instead focus on the Aave and Curve Finance communities. The Strategic Reserve will potentially be used to align incentives with further synergistic DeFi protocols moving forward.
The Aave and Curve communities have been selected as they are some of the most active in DeFi lending, which is a strong use-case for pSTAKE’s stkASSETs. Thus, pSTAKEis airdropping PSTAKE to the Aave and Curve communities to attract an active user base within the Ethereum ecosystem and to pave the way for leveraging potential future synergies with the DeFi protocols.
Details of the protocols selected and the respective eligibility criteria for each user base can be found below:
Rewards = ($PSTAKE allocated for the category) / (number of eligible wallets)
Snapshot date: 2nd September, 2021 12PM UTC
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 the 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, pSTAKE aims 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:
- Exchange addresses are not valid and will be discarded automatically. You must submit a Persistence wallet address created on-chain, not one provided by an exchange.
- All participants must submit their Persistence wallet address at airdrop.pstake.finance.
- The address submission process is straightforward:
- Navigate to airdrop.pstake.finance
- Input your address (ATOM, XPRT, OSMO, and/or ERC20) to check eligibility
- If eligible, create a Persistence wallet address
- Submit your address by signing a transaction using Keplr or MetaMask (depending on which category you are eligible for – if ATOM staker, then sign a Cosmos TX by submitting the Persistence wallet address)
- Once done, you will receive your first distribution directly on 24th February 2022
- If a participant fails to provide a Persistence chain wallet address for the first distribution by 15th March 2022, their airdrop amount will be moved to the Strategic Reserve for future airdrops.
- First month allocation will be dropped directly to eligible wallets.
- To be eligible for the distributions in months 2-6:
Users 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).
- The wallet verification interface will prompt the user to sign a one-time transaction (either using Keplr or MetaMask) to provide the TX hash of the stkATOM minting transaction and Persistence chain address for wallet verification. A detailed guide will be shared at a later date.
- The above signing TX is necessary to receive the remaining allocation for months 2-6 (signing is only required once).
- If a user fails to perform the verification, their remaining airdrop amount will be moved to the Strategic Reserve for future airdrops.
Disclaimer: Notwithstanding the above, your eligibility to participate in the $PSTAKE airdrop is subject to your acceptance of and compliance with the terms and conditions of the $PSTAKE airdrop as set out at airdrop.pstake.finance.
About pSTAKE
pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens on the pSTAKE application to mint 1:1 pegged ERC-20 wrapped unstaked tokens, which are represented as pTOKENs (e.g. pATOM) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Currently, pSTAKE issues 1:1 pegged ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term aim of building a multi-chain protocol issuing liquid staked representatives on multiple networks including the Persistence Core-1 chain.
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About
Beginning Feb 24, PSTAKE will airdrop 30M pSTAKE tokens to: ATOM, XPRT, OSMO stakers; stkAAVE, CRV (including yveCRV, cvxCRV) holders; pSTAKE early adopters; Cosmos XPRT StakeDrop participants.
24 Feb 2022 03:00(UTC+3) - 28 Apr 2022 03:00(UTC+3)
Closed
over 6 months