pSTAKE Finance to Launch stkSOL, a New Solana Liquid Staking Solution
Dubai, UAE, April 10th, 2024, Chainwire
Starting on Solana, the “Grow your PP” Airdrop Program aims to significantly enhance opportunities for earning pSTAKE points rewards.
pSTAKE Finance, a Binance Labs-backed multichain liquid staking protocol for BNB Chain, Cosmos, dYdX, and more, has announced plans to launch stkSOL, a new Solana liquid staking solution with a focus on high token rewards and decentralization.
Built on top of the Solana Stakepool program, stkSOL allows customizability similar to that of other Solana LSTs such as jitoSOL, mSOL, and bSOL. stkSOL will optimize for decentralization and high token rewards using MEV-supporting validators.
To mark the launch, pSTAKE Finance is also announcing its “Grow your PP” incentivization and marketing campaign, a key differentiator for Solana holders and a chance to rack up $PSTAKE points (PP).
Solana addresses would receive their initial PP based on certain criteria, such as holding Madlads, holding WIF, liquid staking SOL with other protocols, power DeFi users, and more, aligning with the culture of the Solana Community.
Through this targeted behavior incentivization program, users can grow the size of their PP via actions like liquid staking SOL, using stkSOL in DeFi, and more, raking in TVL from other Solana liquidity staking solutions as well as native stakers.
The bigger a user’s PP size, the bigger their pSTAKE airdrop.
Liquid staking, once exclusively associated with the Ethereum blockchain, represents a massive opportunity on Solana. Much of Solana’s SOL tokens are staked, but only a fraction of those are in liquid staking protocols.
With Solana’s existing staking market cap of $50.5 billion, more liquid staking could significantly change DeFi on Solana. The introduction of stkSOL aims to unlock substantial opportunities for earning rewards, particularly through enhanced staking options and participation in the ‘Grow your PP’ incentive program, enriching the DeFi ecosystem on Solana.
“The launch of stkSOL is the latest move by Persistence to empower the liquid staking and restaking economy. The ‘Grow your PP’ campaign aims to incentivize both new and existing SOL holders and reward those who participate in the broader ecosystem. There are tremendous untapped opportunities for liquid staking on Solana, and stkSOL, helped along by the incentive program, helps users take advantage while supercharging their rewards earnings opportunities,” said Persistence Labs Co-founder and Chief Strategy Officer Mikhil Pandey.
With the addition of Solana, pSTAKE Finance will grow its cross-chain Total Addressable Market to $170 billion, becoming the only multi-chain liquid staking protocol on SOL, BNB, and Cosmos all at the same time.
Currently, pSTAKE plans to launch stkSOL in early May.
About pSTAKE
pSTAKE Finance currently provides liquid staking solutions for Cosmos Hub, BNB chain, dYdX, Osmosis, and more chains, backed by Binance Labs. Like Lido or Jito, users can stake assets and receive liquid staked tokens (stkTokens) that can be used in DeFi to generate additional yield. pSTAKE Finance has one of the lowest liquid staking fees in the industry and is the only LST protocol integrated with Ceffu Global (Binance Custody). Investors in pSTAKE Finance include Binance Labs, DeFiance Capital, Coinbase Ventures, and more.
