Staking has been a process of users participating in transaction validation (similar to mining) on a proof-of-stake (PoS) blockchain or Protocol. Anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards with the help of a better APR.
With $XPRT — The Persistence Governance token, staking has been made easier and a better network’s security infrastructure has been provided to all stakers actively participating via its validation node.
The Proof-of-Stake are already taking over the cryptocurrency ecosystem as most of the Proof-of-Stake networks are extremely undervalued. We can see that in some of the cryptocurrency assets like $ATOM & $XPRT.
Development on Persistence has far outpaced its ability to change and thus scale. It’s easy to understand that #pStake infrastructure is being built around this technology that will create more opportunities around the #cosmos ecosystem.
What is pSTAKE?
pSTAKE is a PoS network that allows token holders to participate in the staking of their tokens to earn staking rewards as incentives. These rewards can be used in several DeFi ecosystems as a form of additional yield depending on the APR attached to it.
How does staking works on pSTAKE?
Step 1: Creation and Accumulation of $ATOM
For staking to be successfully done, pATOM is needed to be staked.
In the case where you are a $XPRT Holder, you can acquire $ATOM by trading some $XPRT on the Osmosis Lab. For those who would be needing a newly created cosmos account, register here: https://wallet.keplr.app/.
Several exchanges have listed the $ATOM and you can check those exchanges on Coinmarketcap.
Step 2: Navigate to the pSTAKE Finance Dashboard
Now with the first step completely done, you should have your $ATOM accumulated to your cosmos wallet through the help of the Osmosis lab. Now let’s go to the pSTAKE dashboard.
Step 3: Connection of ERC20 Wallet to the pSTAKE Dashboard
After navigating to the pSTAKE Dashboard, the next step is to connect your Ethereum wallet — ERC20 Based wallet (Metamask preferably) to the pSTAKE app.
The next step would be to add pATOM and stkATOM to Metamask and as well approve it. All notifications pop up automatically for approval and for the next step to be accomplished, the approval button is needed to be clicked.
Step 4: Wrapping ATOM from the Cosmos wallet to pATOM on the pSTAKE Dashboard
In order to wrap your ATOM. Go to the “Wrap Tab” to convert $ATOM to its converted state — pATOM and all wrapping will be done just by connecting your wallet from the cosmos wallet.
Using the Keplr wallet extension installed on your chrome browser, a pop-up notification for the connection of your cosmos wallet is shown(you can as well connect your custom wallet or ledger too if the kelpr wallet is not installed).
Use ONLY a noncustodial wallet where you own the Seed Phrase / Mnemonic / Recovery Key.
Step 5: Staking ATOM to receive stkTOM
Remember, pATOM are 1:1 pegged representatives of ATOM holding the same value. Navigate to the ‘Stake’ tab to stake pATOM for stkATOM which are also pegged at 1. A transaction pop-up for approval would then be displayed for approval and after being clicked, the stkATOM WILL automatically be reflected in your Ethereum wallet.
Now that’s proof that your ATOM being staked on the pSTAKE platform has started receiving rewards in form of pATOM — the staking derivative of ATOM. Once this is done, stkATOM would then automatically reflect in your Ethereum wallet
Step 6: Redeeming stkATOM
Rewards in form of stkATOM are automatically accrued with a better staking APR of 7.00% which will only be redeemed during uring any send/receive operation or by clicking on ‘Claim Now’, in the form of pATOM.
Step 7: Unstaking stkATOM back to pATOM
For unstaking to be done, a lock-in period of 21 days is attached for all unstaking. Navigate to the ‘Unbonded Tokens’ to check the status of unstaked assets. Click on ‘Redeem Now’ to withdraw your unbonded tokens after the lock-in period.
Remember, Unstaking would take between 21 to 24 days to show and this would reflect in the pATOM unbonding balance on the right bar of the app, after that you can then redeem your rewards once the unbonding period is over.
Step 8: Unwrapping pATOM back to ATOM
For unwrapping to take place, you still have to navigate to the ‘Wrap’ tab, click and select ‘Unwrap’.
Fix in the maximum amount of pATOM to be unwrapped and key in your cosmos address that you’d use to receive the ATOM you’re unwrapping.
After all, inputs are completely filled, click on the “Unwrap” button and you’d get a popped-up message for approval of the transaction on your Ethereum wallet (Metamask). As the transaction is approved, the ATOM is automatically added to your Cosmos wallet.
Persistence has really shown to unlock the true potentials of DeFi with its recent updates from the recent Mainnet launch of pSTAKE to the new validator onboarding down to the Liquidity Provision for XPRT/ATOM & XPRT/OSMO on the Osmosis Lab. More updates are coming, stay tuned!
Access the pSTAKE Dashboard here: https://app.pstake.finance/
How To Stake Cosmos $ATOM With Keplr Wallet: https://medium.com/stakin/how-to-stake-cosmos-atom-with-keplr-wallet-ba137318d412
About Persistence
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in various areas whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.
For More Information about Persistence:
Website: https://persistence.one/
Telegram Group: https://t.me/PersistenceOne
Twitter: https://twitter.com/PersistenceOne
Reddit: https://www.reddit.com/r/PersistenceOne/
