📝 Hello everyone, I am 𝟏𝟎, welcome back to the #区块链开发史 project investment research series. Today, we will focus on (pSTAKE Finance / PSTAKE).
pSTAKE Finance is a protocol that focuses on making money by staking Bitcoin. It works with Babylon to allow BTC holders to earn staking income safely without giving up control of their assets. At the same time, your Bitcoin can still be used flexibly and will not be locked.
👇👇👇
1. Project Overview
pSTAKE Finance is a multi-chain liquidity staking protocol that focuses on the staking without lock-up model. After users stake PoS assets (such as ATOM, BTC), they can obtain 1:1 liquidity tokens (such as stkATOM). While earning staking income, they can also use these tokens to lend, trade, and mine in DeFi, achieving the goal of killing two birds with one stone.
Take BTC as an example: you deposit BTC into pSTAKE, and through cooperation with Babylon (a trust-minimized BTC staking protocol), your BTC can provide security support for other PoS chains and earn staking rewards. At the same time, pSTAKE will issue you a token called yBTC, which can be used for lending, trading, mining, and the income can be automatically compounded.
It started out in Cosmos, and launched ATOM liquidity staking in 2021, with VL reaching $60 million at one point. Now it not only supports BTC, but has also expanded to multiple chains such as BNB Chain, Ethereum, Sui, and Base, and its territory is getting bigger and bigger.
2. Key highlights
1. BTC staking: Collaborate with Babylon to unlock new ways to earn income
Babylon (similar to the Bitcoin version of EigenLayer), founded by a Stanford professor, received $96 million in investment from Paradigm, Binance Labs and others.
It has high security (joint custody with Cobo, etc.) and supports lightning redemption (0.5% handling fee to skip the unlocking period).
2. Multi-chain ecology: connecting Ethereum and Cosmos
The self-developed cross-chain bridge pBridge allows assets to be flexibly transferred between Ethereum (strong liquidity) and Cosmos (large staking demand). The Cosmos community once supported 600,000 ATOMs to participate in ecological construction. Currently, assets such as stkATOM have become the core DeFi foundation of Cosmos. Through the linkage of the two chains, ecological resources can be complementary.
3. Token value: $PSTAKE bound to BTC income
Holding and staking $PSTAKE not only gives you governance rights (such as listing new assets, fee allocation, etc.), but also allows you to directly earn BTC.
Mechanism: Staking is mining, and it can also subsidize BTC stakers (points rewards, etc.).
3. Development Roadmap
1. pSTAKE has a clear development direction, and has achieved many outstanding results in 2024:
● Launched Bitcoin liquid staking solution on Babylon
● Launched a non-custodial Bitcoin staking product tailored for institutions
● Already connected to mainstream exchanges such as OKX, Binance, Bybit, etc.
● Support UniSat wallet and other Bitcoin wallets
● TVL increased 9 times to over $35 million
2. In 2025, they plan to continue to expand through the following strategies:
● Increase institutional adoption and significantly increase TVL
● List $PSTAKE on more CEXs
● Establish strategic cooperation with other BTCfi projects
● Expand community outreach and enhance education
4. $PSTAKE Token Economics
$PSTAKE is the governance and incentive token of the platform, with a total supply of 500 million.
Distribution ratio: Alpha Launchpad accounts for 2%, public sale accounts for 5%, retroactive rewards account for 6%, team accounts for 16%, incentive and community development fund accounts for 26%, PoS stakers account for 3%, protocol guidance accounts for 2%, and the rest is used for fund reserves.
5. Team and Investment Background
The team behind pSTAKE Finance is very experienced. Founder and CEO Tushar Aggarwal is a cryptocurrency veteran with more than 7 years of experience and has been on the Forbes Under 30 list. Chief Strategy Officer Bart Van Der Voort has been in the tech industry for 18 years and has worked at DJI. Technical Director Marc Puig Torres has 9 years of development experience and has worked at Amazon and Figment. In addition, there are many senior experts who have been deeply involved in the Cosmos ecosystem since 2019.
In terms of investment, pSTAKE has the backing of a big tree, with Binance Labs leading the investment, followed by Coinbase Ventures, Sequoia Capital and others, and cooperating with big players such as BNB Chain, Bybit, and Cobo. The strength and resources are very strong, making the project more reliable.
