The pSTAKE Staking Gala is an incentivized testnet designed to further refine the pSTAKE application. This phase will be launched on 2nd July at 12:00 PM UTC and run for a period of 7 days until 9th July at 2:00 PM UTC. The Staking Gala replicates the pSTAKE mainnet launch closely and allows users to compete for rewards worth $20,000. The users will be ranked on the basis of their activity on the pSTAKE app and percentage rewards earned on their starting test token balance. They will have to optimize their fees and redelegation processes to maximize the rewards earned.
- Participants are required to register for the competition through this link: register.pstake.finance, to receive test ATOM for the Staking Gala ONLY. Everyone must register, even those who have an existing Cosmos wallet with less than or equal to 500 ATOM.
- Participants who hold more than 500 ATOM will have their assets automatically replicated through a snapshot just before the start of the Gala. Thus, those participants don’t need to register using the above link.
- Cosmos chain snapshot will be taken on 30th June at 12:00 PM UTC for replication of assets.
- A new Cosmos private testnet chain will be deployed for the Staking Gala.
- Participants will receive a ‘Chain Add’ request in their Keplr wallet when attempting their first transaction on the application.
- Users will be supplied with a fixed amount of tokens for the new Cosmos private testnet, to be used during the Staking Gala, as follows:
- Those who have registered through the registration link will receive 500 ATOM directly into the Cosmos address mentioned
- Those who hold >500 ATOM do not need to register using the registration link, as their existing ATOM balance will be automatically replicated in the form of test ATOM after the snapshot
- Eligibility to receive ATOM only through one of the earlier mentioned methods is determined by the following:
- Those who hold enough ATOM but still register using the link will have their registration entry filtered out.
- Those who don’t hold enough ATOM can register anytime using the registration link and receive test ATOM. Only one registration per user is allowed.
- Test ATOM procured during the Alpha Testnet Bug Bounty program will not be compatible for the Staking Gala Cosmos testnet. New ERC-20 token contract instances will be deployed for the Staking Gala.
- Existing balances of Alpha users can be used on Alpha application, but not on the Staking Gala. No asset transfer is possible between pSTAKE’s Alpha application and pSTAKE’s Staking Gala. Any attempt to do so will lead to the loss of test assets.
- The faucet on Persistence’s Discord channel will remain functional for the Alpha application. However, new testnet addresses for the Staking Gala will be incompatible with these assets.
For details on Getting started with pSTAKE app, refer to the User Guide.
pSTAKE Staking Gala has a rewards pool of $20,000 that will be distributed to the eligible winners within 30 days of the competition’s conclusion. Details on how the participants will be scored during the Gala can be found in the Staking Gala Mechanism. The evaluation will be conducted at the end of the contest.
Along with the top performers of the Staking Gala, we also have certain surprise categories of winners, which will be announced at the end of the competition. To give you an idea of what these categories will be about, we have elected to announce the first special category right away: Hyperactive Turtle (The most number of Transactions)
Using pSTAKE incurs fees that are calculated based on the deposit/redeem amount. Fees listed in this section are independent of gas spent on Ethereum transactions.
When a user deposits native PoS assets to pSTAKE, the protocol mints an equivalent number of pATOM. A 0.35% Minting Fee is charged for this transaction (no fee for the burning of stkATOM for the native PoS assets).
A 5% Service Fee is charged by the protocol on the staking rewards earned by the users after the validator commission.
- If total staking rewards earned by the user = $100 (worth of pATOM)
- And commission charged by the validator = 10% = $10
- Service Fee charged by pSTAKE = ( $100 - $10 ) * 5% = $90 * 5% = $4.5
- Final staking rewards with the user = $100 - $10 - $4.5 = $85.5
Disclaimer: The current fee structure is subject to change.