pSTAKE Alpha Launch¶
pSTAKE’s Alpha launch is a test launch of the pSTAKE application to enable initial users to try out the product and provide feedback on their experience. The Alpha launch is scheduled to begin 15th June, 2021, with support for Cosmos Network (ATOM).
The following functionalities will be supported for the Alpha release, with no usage restrictions:
Wrap: When a user deposits their ATOM on pSTAKE, the pBridge facilitates the minting of an equivalent number of ERC-20 based 1:1 pegged pATOMs (barring a small fee). These pATOM can be used to stake the deposited assets through pSTAKE or, once pSTAKE is launched on mainnet, can be used within the Ethereum DeFi ecosystem. Conversely, withdrawal requests trigger the burning of pATOM and native tokens are transferred from pSTAKE wallet to the user’s wallet.
Stake: Stake transactions performed by users on pSTAKE burn their pATOM and mint stkATOM, which represent 1:1 pegged ERC-20 staked representatives of ATOM. pSTAKE stakes the native ATOM deposited by the user with a trusted validator pool and allows stkATOM holders to earn staking rewards in the form of pATOM. The liquid stkATOM can be used within the Ethereum DeFi ecosystem (once pSTAKE is launched on mainnet) to generate additional yield.
Claim Staking Rewards: stkATOM holders earn staking rewards in the form of pATOM that can be claimed in the ‘Unclaimed Rewards’ section in the right pane of the application. In case the user unstakes the stkATOM or transfers them to a different account, the accumulated rewards (in the form of pATOM) are automatically claimed.
Unstake: Users can exit their staking position through an ‘Unstake’ transaction, which reduces the user’s stkATOM balance and mints exactly the same amount of pATOM (barring a minor deviation due to fees), which are locked up for the unbonding period. Additionally, the pATOM accumulated as staking rewards are automatically claimed and added to the user’s balance.
Redeem Unbonded Tokens: The pATOM minted during an unstaking transaction are locked up for the duration of the unbonding period (~21 days). After the completion of the unbonding period, the unbonded pATOM can be redeemed by the user.
Learn more about Protocol Features.
The Alpha release will also incorporate a Bug Bounty Program to allow users to identify and raise issues that they might face while using the application. The bug bounty program will start at the launch time of the Alpha release - 15th June, 2021 - and will run for a period of 10 days (until 25th June, 2021), at the end of which the participants who have highlighted applicable bugs shall be rewarded based on the severity of the issues identified.
The Alpha release will be launched for the Cosmos Network with the pSTAKE’s interchain bridge, pBridge, connecting a Private Cosmos Testnet with the Ethereum Ropsten Testnet. Learn more about pBridge.
Cosmos Private Testnet¶
The private Cosmos testnet implementation can essentially be perceived as the Cosmos network on steroids. Certain parameters of the Cosmos mainnet have been modified to simulate an environment that will allow the users to put the application to test and identify the issues, if any, fairly quickly. To use the Alpha application, users will have to procure testnet ATOM from the faucet available in the pSTAKE Discord (‘bug-bounty’ channel).
The Cosmos network parameters modified in the private testnet are as follows:
|Name||Original Value||New Value|
|Unbonding Period||21 Days||21 Hours|
|Inflation Rate||7-20 %||(7-20)*24|
|Blocks per year||6311520||262980|
|Jailing Missed Blocks||500||50|
|Number of Validators||125||5|
|Governance Proposal Deposit Time||2 Days||2 Hours|
- Alpha Launch Bug Bounty Program: 15th June, 2021 to 25th June, 2021
- Alpha Launch Staking Competition (Details TBD)
- v1 Launch for Cosmos Network Mainnet (Details TBD)
Participants actively participating in the Bug Bounty Program and Staking Competition phases of the Alpha launch may get a preferential spot in the capped launch of pSTAKE v1.