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Stakeholders

The various stakeholders in pSTAKE can be categorized as the following users/participants:

  • Wrapped Token Users: Users who deposit their native assets to mint wrapped ERC-20 based 1:1 pTOKENs. For example, a pATOM represents an unstaked/liquid ATOM on the Cosmos chain. After depositing native tokens, pTOKENs are minted and issued to the user's wallet. pTOKEN holders can stake all or a portion of their deposited assets on pSTAKE to burn an equivalent amount of their pTOKEN holdings and mint stkTOKEN. Users can also withdraw native PoS tokens from pSTAKE by burning pTOKENs using the unwrap interface.

  • stkTOKEN Holders/Stakers: Users who stake their PoS tokens (represented as pTOKENs on pSTAKE) through pSTAKE receive representative staked tokens (stkTOKENs) and earn staking rewards in the form of pTOKENs. For example, a stkATOM represents a staked ATOM on the Cosmos chain. It accrues rewards in the form of native unstaked ATOM. stkTOKENs can be listed on any decentralized exchange (DEX) or be utilized in any permissionless DeFi protocol. Over time, the pSTAKE team will work to create more utility for stkTOKENs.

  • Safelisted Validators: pSTAKE stakes the deposited native tokens with a set of safelisted validators and issues 1:1 ERC-20 based stkTOKENs to the users when they trigger a stake transaction. Initially, all the safelisted validators will receive equal delegations, which may be updated through governance later. If n validators are safelisted, the entire delegation to the native PoS chain through pSTAKE will be distributed equally among these validators, i.e., each validator will have a delegation of (total pTOKENs staked / n). The average commission rate for n validators will be:

{(Commission_Val1 + Commission_Val2 + Commission_Val3 +....+ Commission_Valn)/n}

The initial safelisted validator set is:

  1. Stake.fish
  2. Chorus One
  3. Figment
  4. Cosmostation
  5. Everstake
  6. SG-1
  7. AUDIT.one

 

  • pBridge Validators: pBridge operations are secured by actual PoS validators who maintain a single source of truth for pSTAKE. These validators together ensure the highest level of credibility and performance to be included in the bridge validator pool. pSTAKE will whitelist a fixed number of validators for pBridge initially, starting with single-validator operations and expanding to multiple-validator operations in future iterations.

  • Governance Participants (more details coming soon) The Governance Participants shall be able to vote for protocol attributes using the pSTAKE Governance token (more details to be announced soon!)