With the improvement of BTC infrastructure, the first beneficiaries are the DeFi applications above. Huge amounts of capital holding BTC generally think about steadily earning some interest.
Compared to Ethereum, the DeFi track for BTC is still in its early, untapped stage. It is foreseeable that BTC will soon see some TVL giant protocols.
In this regard, the only way to buy coins on the secondary market is through pSTAKE, and its market value is very low. @pStakeFinance
1 Let’s introduce pSTAKE first
In fact, pSTAKE Finance is a well-established liquidity staking platform that has been operating safely for many years. It previously provided multi-chain liquidity staking protocols, including BNB Chain, Solana, Cosmos, and several other blockchains. It has received investments from many institutions including Binance Lab, Galaxy, and Coinbase.
With the improvement of the BTC ecological infrastructure, the team sees the huge demand and development potential for BTC restaking, and is fully focused on developing BTC liquidity staking yields.
Users can deposit BTC into pSTAKE and exchange it for yBTC tokens. BTC will be automatically deposited into the Babylon network, helping Babylon provide security guarantees for other PoS chain layer 2s, while also generating returns. yBTC is a yield-generating BTC derivative. Users can participate in yield generation while maintaining liquidity or other DeFi yield use cases.
Staking PSTAKE to earn BTC activity
Recently, pSTAKE launched a staking PSTAKE campaign to earn BTC. This is definitely good news for those who are optimistic about PSTAKE in the long term, as it adds an extra income source to the tokens they hold. Especially in the early stages of a bull market, enjoying the price increase of coins while also benefiting from the rising price of earned BTC is indeed a double benefit. Moreover, staking reduces the circulation of tokens, creating strong conditions for the token's price increase.
Additionally, for someone like me, staking is a good way to hold long-term. If it’s in an exchange, it’s easy to buy and sell, and during short-term adjustments or negative news about the project, it’s easy to sell. Since staking requires certain operations, it’s not that convenient, which instead makes it easier to hold.
The staking period is conducted seasonally, lasting two weeks each season. Users can stake at any time, and after staking, it accumulates in pSats. All rewards will be paid at the end of each season in the form of BTC derivatives (such as cbBTC, wBTC, YBTC, etc.). Users who continue to stake do not need to take any action. Users can withdraw their stake at any time without a long waiting period.
Additionally, pSTAKE will encourage staking BTC and will provide additional rewards to users who notify about staking PSTAKE and BTC. Specifically, a total of 20% of the rewards will be allocated to users who stake PSTAKE and hold at least 0.05 YBTC.
PSTAKE Token Situation
With the launch of the Babylon mainnet, many BTC Restaking projects have emerged around it. And PSTAKE is currently a project that can be traded on the secondary market. The total supply of PSTAKE tokens is 500 million, launched in February 2022, with a circulation ratio of up to 97%. The current circulating market value is only 22 million USD, which can be considered very cheap. The conclusion from the last on-chain data investigation is
According to on-chain data analysis, 22.07% of the circulating tokens belong to ecological incentives. It can be seen that the project party is quite cautious in controlling the chips and has not abused the token chips.
The organization has unlocked 100 million tokens, but most have not been sold yet.
On-chain investigation found that the team allocated 80 million tokens have been unlocked, but there are still 76 million tokens that remain untouched. Only 760,000 tokens have been transferred to the OK exchange, while the rest have been transferred to the cross-chain bridge. It can be said that most of the team's chips are untouched, indicating that the team is still working hard and is confident about the future in a bull market.
