pSTAKE, a protocol to release the liquidity of pledged assets, has closed its custody in List of coins, successfully raised $10 million. Sell a portion of its native $PSTAKE token.
The sale, which began on December 16, sold out in 45 minutes, with 5% of the total supply of PSTAKE tokens listed at $0.40, with a total valuation of $200 million. The total number of registrations exceeded 949,000, the highest of any CoinList sale to date, with 20,000 new token holders added to the post-sale ecosystem. On or around January 25, 2022, 25% of tokens sold will be unlocked, followed by a linear six-month vesting schedule.
pSTAKE is one of the first liquid staking protocols for the Cosmos network. It previously raised $10 million in strategic funding, attracting some of the biggest names in venture capital, with Three Arrows Capital, Galaxy Digital, Sequoia Capital India and DeFiance Capital co-leading the seed round.
The platform has surpassed $40 million in total value locked (TVL) since its launch in September Persistence ($XPRT) and Cosmos ($ATOM) pledge deposits.
The protocol unlocks the potential of PoS tokens by allowing proof-of-stake (PoS)-based asset holders to earn rewards without losing asset liquidity. pSTAKE users can stake assets, participate in protocol improvements, and secure the network, earning staking rewards in the form of 1:1 pegged staking tokens (stkTokens) that can be used throughout the DeFi ecosystem.
pSTAKE’s vision is to build an end-to-end PoS asset management platform; the team firmly believes that liquid staking is the most important primitive for DeFi’s next phase of growth. Over the past few months, the protocol has completed a security audit and expanded to support liquid staking for Persistence’s native $XPRT. During this period, its active user base has grown to over 5,500.
As part of its development plan, pSTAKE will continue to provide liquid staking support for more major PoS assets inside and outside the Cosmos ecosystem. This includes ETH, LUNA, SOL, etc.