Institution: Mint Ventures
Author: Colin Li
1. Research points 1.1 Core investment logic
In addition to ETH liquidity staking, the BNB and ATOM staking markets have begun to gain the attention of investors. Among these projects, the development of pSTAKE Finance after embracing BNBchain deserves attention. If pSTAKE Finance’s other public chain strategies, such as ATOM’s liquidity staking service, can achieve dual-line expansion of business and ecological expansion like its BNB liquidity staking service, then pSTAKE Finance deserves to be included in the prudent investigation of investors.
1.2 Valuation
From the perspective of static valuation, pSTAKE Finance is relatively expensive, which may be related to the overly concentrated distribution of PSTAKE chips: currently, more than 75% of PSTAKE chips are concentrated in a few addresses, and the circulating market value is small.
1.3. Main risks Public chain development risks: Now pSTAKE Finance is betting on the liquidity staking business of ATOM and BNB. The biggest beta in the future will come from the development of the public chain. Currently, the staking ratios of BNBchain and COSMOS are relatively high, and there is limited room for growth in the future from increasing the staking ratio. In the future, it is necessary to expand other public chains with potential but low pledge rates, which will test the strategic judgment of the founding team. Contract risk: On December 2, 2022, Ankr's contract risk problem affected the BNB staking track, and it has not fully returned to the level before the incident until now. If a similar incident happens again, and pSTAKE Finance provides liquidity staking services on such a public chain, then pSTAKE Finance is also likely to be affected. Price war within the industry: As the staking rate of the PoS public chain continues to increase in the future, a price war may break out in the industry to compete for the small market space: reducing staking and unstake fees will undoubtedly make the entire liquidity staking competition The value of Tao decreases. 2. Basic situation of the project 2.1 Project business scope
pSTAKE Finance is a liquid staking protocol that currently focuses on liquid staking services for Ethereum, BNBchain, and Cosmos ecology. In the future, it is expected to expand the liquidity staking business of more public chains and expand the application scenarios of its own LSD in other DeFi.
2.2 Past development and roadmap
pSTAKE Finance was developed by the Persistence team. Since the project was launched in 2020, it has gone through the following two stages:
The first stage:
The fourth quarter of 2020: The project concept is determined and the MVP is designed; The first quarter of 2021: The pSTAKE Finance project is officially established, and the main business line is to provide staking services for Cosmos; The second quarter of 2021: Airdrops and bug bounty start, and contract audits are conducted; The third quarter of 2021: pBridge (the cross-chain bridge developed by pSTAKE Finance) verifiers and pSTAKE verifiers are online; The fourth quarter of 2021: the pSTAKE Finance mainnet is online and publicized; The first quarter of 2022: To other COSMOS chains (Terra) Expansion; Second quarter of 2022: ETH staking service launched;
second stage:
The third quarter of 2022: Launch the V2 version, promote the use scenarios of stkToken, reach a strategic cooperation with Binance, provide liquidity staking services for BNB, and officially launch it in August 2022; The fourth quarter of 2022: Promote PoS asset management, and It is planned to provide ATOM staking services in Persistence Core-1 Chain (a public chain based on COSMOS developed by the Persistence team) and provide more DeFi services for stkATOM. 2.3 Business situation
2.3.1 Service objects
The main service targets of pSTAKE Finance are users who hold POS public chain tokens. In order to provide a complete staking service and achieve the security of the verification process, pSTAKE Finance uses a verifier scoring system to find verifiers that meet the requirements and hand over the user's public chain tokens to the verifiers for pledge.
User terminal: Since pSTAKE Finance was launched, it has provided pledge services for four public chain tokens, ATOM, XPRT, ETH, and BNB. Early plans also included staking services for SOL, AVAX and other Cosmos Layer 1 public chain tokens in the future. With the advancement of business, especially after reaching a strategic cooperation with Binance in 2022, pSTAKE Finance's business focus has focused on the pledge services of ATOM and BNB tokens. Validator side: pSTAKE Finance has chosen to cooperate with some good validators to provide validation services for pBridge and liquidity staking business. At this stage, pSTAKE Finance’s verifier partners include Figment, Chorus One, CertiK, etc.
2.3.2 Business classification
Source: https://app.pstake.finance/
Currently, pSTAKE Finance supports staking services for three assets, ATOM, BNB, and ETH. Among them, stkATOM and stkXPRT are undergoing migration. In the future, the liquidity staking services of ATOM and XPRT will be carried out on the Persistence Core-1 Chain public chain developed by pSTAKE Finance.
2.3.3 Business details and multi-chain deployment
The liquidity staking business model can be simplified to the following figure:
Source: Mint Ventures
The mechanisms between POS chains are different, but the general business logic is as above. Among the pledges of ATOM, ETH and BNB, BNB is more special. There are two chains related to BNB: BNB Beacon Chain, which is responsible for the governance and staking of BNB; BNB Smart Chain, which is EVM compatible and supports the operation of various types of Dapps. In addition, BNB has designated 42 validators.
Like other LSD projects, pSTAKE Finance will charge a certain fee when providing services: taking ATOM as an example, 5% of the staking rewards obtained by users during the staking period will be paid to pSTAKE Finance as a fee; when the user unstakes, If you want to get your pledged token quickly, there will also be a "Redeem Instantly" fee of 0.5% of the total amount.
Source: pSTAKE Finance, Mint Ventures
In addition to providing staking services, pSTAKE Finance also provides users with application scenarios for their own staking certificates: taking pSTAKE Finance’s BNB staking certificate stkBNB as an example. Although the BNB staking business was launched late, due to the acquisition of Binance’s license in the second half of 2022 Investment, ecological partners are very fast to access. Users' stkBNB can be applied to many mainstream DeFi in the BNBchain ecosystem. For example, stkBNB can be deposited in Beefy Finance to earn additional income, it can also be used as margin for transactions in OpenLeverage, and it can also be deposited in Midas Captal to earn lending income. wait.
Source: pSTAKE Finance, Mint Ventures
In contrast, the application scenario cooperation between stkATOM and stkETH has progressed slowly.
2.4 Business data
Overall TVL
Source: https://defillama.com/protocol/pstake-finance
The current TVL of pSTAKE Finance totals approximately US$7.41 million, of which approximately 60% is BNB, 40% is ATOM, and ETH staking is almost negligible.
Price Anchoring and Liquidity
The following two pictures show the situation of stkATOM. Although the overall liquidity of the cooperative DEX is poor and the cooperation time is short, stkATOM generally does not show a large deviation, and the proportion of stkATOM and ATOM in the trading pair is balanced.
Source: https://info.osmosis.zone/pool/886 Source: https://dexscreener.com/BNBchain/0xaa2527ff1893e0d40d4a454623d362b79e8bb7f1 Source: https://app.crescent.network/farm?open_modal_pool_id=57
Overall, the liquidity of the two pools can basically meet the needs of users for small-scale, slip-free exchanges.
After the stkBNB-BNB trading pair went online, the main unanchoring time occurred on December 2, 2022. However, this was not due to major problems in pSTAKE Finance itself, but was implicated in the Ankr attack: On that day, Ankr was attacked. As a result, its aBNBc was over-minted, which triggered market concerns about BNB LSD assets. However, stkBNB returned to anchor one hour after the de-anchoring and was not continuously affected.
Source: https://dexscreener.com/BNBchain/0x2b3510f57365aa17bff8e6360ea67c136175dc6d Source: https://dexscreener.com/BNBchain/0xaa2527ff1893e0d40d4a454623d362b79e8bb7f1 Source: https://info.wombat.exchange/# /assets/0x0e202a0bcad2712d1fdeeb94ec98c58beed0679f
The size of the stkBNB-BNB pool in Thena and Wombat can also meet users' small-scale exchange needs without slippage.
Since the ETH pledge business has shrunk significantly, the stkETH-ETH trading pair in the current Uniswap V3 project only has a TVL of slightly more than $50,000, and the price loss caused by trading one stkETH has reached 7.25%.
Source: https://eth.pstake.finance/defi Source: https://app.uniswap.org/#/swap?chain=mainnet&inputCurrency=0x2C5Bcad9Ade17428874855913Def0A02D8bE2324&outputCurrency=ETH 2.4 Team situation
2.4.1 Overall situation
According to LinkedIn data, Persistence, the development and operation team behind pSTAKE Finance, has a total of 45 employees, mainly composed of engineers, marketing, BD, media and community operations personnel.
Source: (2) Persistence Labs: People | LinkedIn
2.4.2 Founder
Source: Tushar Aggarwal | LinkedIn
Tushar Aggarwal is the co-founder and CEO of Persistence and graduated from Nanyang Technological University in Singapore. Before founding Persistence, he had experience in many crypto funds such as Decrypt Asia, Antler, LuneX Ventures, etc., and also served as a partner at Outlier Ventures. In 2019, Tushar founded Persistence, hoping to promote the development of the Cosmos ecological liquidity staking business. Subsequently, in 2020, he led the Persistence team to develop the pSTAKE Finance project.
Source: https://www.linkedin.com/in/deepanshutr/
Deepanshu Tripathi is the co-founder and CTO of Persistence and graduated from Vellore Institute of Technology. Before founding Persistence, he worked as an engineer at Mahindra Comviva and later became the chief software architect at Comdex. In 2019, Tushar founded Persistence and served as CTO. In 2022, he founded AssetMantle, a one-stop NFT service platform.
2.4.3 Core members
Members of the main business lines have rich and deep backgrounds in relevant fields.
Head of Ecology and Marketing: Abhitej Singh, who served as the head of marketing and media at BLOCK42.network and became the co-founder of Cosmos India in 2019. Project leader: Mikhil Pandey, who has been working at Persistence and has served as market research assistant, head of strategy and business development, etc. 2.5 Financing situation
pSTAKE Finance has gone through two rounds of independent financing.
In November 2021, pSTAKE Finance completed US$10 million in financing, with a valuation of US$50 million, and the platform token PSTAKE was sold at a price of US$0.1 per coin. Investors include Three Arrow Capital, Sequoia India, Galaxy Digital, Defiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital and Spartan Group. Ajit Tripathi, head of institutional business development at Aave, Do Kwon, founder of Terra, and Tascha Punyaneramitdee, co-founder of Alpha Finance, also participated in this round of financing. In December 2021, pSTAKE Finance completed US$10 million in financing on CoinList and sold 5% of the tokens. The platform token PSTAKE was sold at a price of US$0.4 per coin, with a valuation of US$200 million. In May 2022, pSTAKE Finance received strategic investment from Binance Labs for an unknown amount. 3. Business Analysis 3.1 Industry Space and Potential
3.1.1 Classification and Market Size
Among public chains with a TVL higher than US$200 million, the average pledge rate is 46.9%, except for some public chains that have not launched staking business. Among them, the pledge rates of public chains such as Ethereum, Tron, and Polygon are lower than this level. As the Ethereum Layer 2 network gradually comes online, more chains will provide their token staking services in the future. Some investors in the market are more optimistic about the pledge ratio of the public chain, and the pledge rate of Layer 2 will also reach a corresponding ratio.
For the liquidity staking track, assuming that the market value remains unchanged, the staking scale of a single public chain is only related to the staking ratio. The overall revenue scale of the track is also related to the PoS yield and service fees. Proportionality matters. In the figure below, the average staking yield of the public chain is about 8.6%.
Source: DeFi Llama, StakingRewards, Mint Ventures, data as of April 11, 2023
In the current market, liquidity staking projects generally extract 5%-15% of the income as service fees. According to the PoS rate of return of 8.6%, the total rate of return obtained by the liquidity staking project is between 0.43% and 1.29%. From this, we can roughly estimate the rough relationship between liquidity staking profits and the market value of the public chain. Of course, we can also adjust the PoS yield for estimation.
Source: Mint Ventures, data as of April 11, 2023
By assuming different valuation parameters - the price-to-sales ratio (PS ratio), we can also get the data as shown below.
Source: Mint Ventures, data as of April 11, 2023
Therefore, if we only start from the basic dimension of liquidity staking base, if we want to improve the overall valuation of the liquidity staking track, we need to find a public chain whose staking rate, PoS yield rate, and market value will increase significantly in the future.
Since liquidity staking projects provide users with very similar services, and there is no obvious difference in rates, users are more inclined to prioritize occupying the market, have a long-term safe operation record, and have good LSD liquidity without obvious discounts. s project. Taking the Ethereum liquidity staking track as an example, the current market share of the top 3 companies has reached 94.8%, of which Lido has a market share of 73.4%. The Lido project was established earlier than some other liquidity staking projects.
Source: https://dune.com/LidoAnalytical/Lido-Finance-Extended
The ultra-high market share is also related to the performance of stETH. Except for the sharp market decline in the past two years, stETH has almost never experienced a significant de-anchoring. And its trading liquidity is also excellent. In the stETH-ETH pool on Curve, a single transaction of 100,000 stETH has an impact on the price of only 0.78%. However, for the second-ranked cbETH, a single transaction only requires a transaction volume of about 623 pieces to achieve a similar value loss. . It can be seen that for large investors who hold more ETH, choosing Lido is a better choice. Of course, the subsidy incentives provided by Lido are also one of the important factors leading to its ultra-high market share.
Source: https://dune.com/LidoAnalytical/Lido-Finance-Extended Source: https://curve.fi/#/ethereum/pools/steth/swap Source: https://curve.fi/#/ethereum/ pools/factory-crypto-91/swap 3.2 Token model analysis
3.2.1 Total amount and distribution of tokens
There are a total of 500 million tokens PSTAKE, which will be put into circulation in February 2022. in:
2% belongs to Alpha Launchpad, allocated to Alpha Finance pledge users and Alpha Finance (note: it was a lending project in the early days of launch, and now it has become an Alpha Finance DAO, providing comprehensive services including project incubation, VC, etc.); 20% is strategic Sale, unlocking begins 6 months after investment, and linearly unlocks within the next 12 months; 5% is a public raise on CoinList, 25% of which is unlocked on the day of sale, and the remainder is unlocked linearly within 6 months; 6 % is the retroactive reward provided to the liquidity providers of the stkATOM-ETH and stkXPRT-ETH pools. The linear unlocking will be completed within 6 months; 16% belongs to the team, and will begin to be unlocked 18 months after the token starts circulating in the secondary market, and will be linearly unlocked within the subsequent 18 months; 26% belongs to the incentive and community development fund: Linearly unlocked every quarter, and all unlocked within 2 years; 3% belongs to XPRT stakers, linearly unlocked quarterly within 1 year; 20% belongs to the treasury, and linearly unlocked within 24 months after the tokens start circulating in the secondary market; 2% The bootstrapping belonging to the project can be circulated after the token is launched. Source: https://blog.pstake.finance/2021/12/13/pstake-tokenomics/ Source: https://blog.pstake.finance/2021/12/13/pstake-tokenomics/
According to the above-mentioned token release rules, about 55.2% of the token PSTAKE is already available for circulation, and all will be released by 2025. The average annual inflation rate in the next two years is about 35%, and the inflation rate is relatively high.
3.2.2 Token value capture
The PSTAKE token currently only has governance functions and cannot share the project’s revenue. PSTAKE holders can participate in community governance voting and pledge PSTAKE to maintain the security of the project.
3.2.3 Core demand side of tokens
At this stage, the reason why tokens with pledged governance functions are recognized by investors may be due to two factors:
Directly participate in governance and influence the development direction of future projects. pSTAKE Finance stipulates that investors/institutions holding at least 250,000 PSTAKE tokens can initiate proposals within the community. This may be more attractive to investors with larger funds and the ability to bring ecological support and business resources to the project. By initiating proposals and voting, large investors can influence various aspects such as pSTAKE Finance fees, public chain deployment strategies, and ecological incentive mechanisms. These strategies may increase PSTAKE's mid- to long-term value. Similar to UNI, the value capture function of tokens may be realized through subsequent proposals. However, UNI does not necessarily have to acquire value capture or profit sharing attributes in the near future. In the stock market, stocks issued by high-growth companies do not necessarily have to pay dividends within a certain period of time. For example, Amazon's stocks have not paid dividends for a long time, but this does not affect the long-term rise of Amazon's stock price, because the company is still experiencing long-term rapid growth. A stage that requires a lot of investment. Therefore, PSTAKE does not need to have cash flow dividend attributes in the short term, but it needs to further expand its business, whether it is a multi-chain deployment strategy similar to Uniswap, or a multi-business line collaborative development model similar to Frax Finance, as long as the pSTAKE Finance project can pass the expansion Gaining growth without the ability to capture value at this stage may not be the core concern of potential investors.
3.2.4 Summary of Token Model
From the perspective of the token economic model, there is room for improvement in PSTAKE. For example, to address the problem of excessively high inflation in the short and medium term, the Ve model can be used to slow down inflationary pressure in the short and medium term, improve governance efficiency, and retain long-term investors. It should be noted that the ve model is a possible solution, and the final appeal of the token still depends on the quality of the project itself. Without the obvious benefits of participating in governance, the ve model cannot save currency prices.
In response to the problem of value capture, in the middle and late stages of the rapid growth of the project, pSTAKE Finance can use part of the fees for repurchases, etc. The income earned at this stage does not necessarily have to be kept in the treasury, and part of the money can be used to do it. Ecological promotion, or even purchasing tokens of other projects that can have synergistic effects.
3.3 Project competition landscape
3.3.1 Basic market structure & competitors
Judging from the business layout and external cooperation of pSTAKE Finance, the important direction that will determine its development in the future is BNB and ATOM liquidity staking services. Regarding the liquidity staking of these two tokens, especially the competitive landscape of BNB’s liquidity staking, it is very critical. The dimensions of token liquidity and ecological cooperation are our focus.
In the BNBchain ecosystem, there are currently 5 companies providing liquidity staking services: Ankr, Stader, SteakBank Finance, Stafi, and pSTAKE Finance. From a fee perspective, pSTAKE Finance charges are in the middle.
Source: Each project website, Mint Ventures, data as of April 11, 2023
In terms of ecological cooperation, pSTAKE Finance currently has the most diverse application scenarios and can basically meet most of the financial needs of PSTAKE holders on the BNBchain chain.
Source: Each project website, Mint Ventures, data as of April 11, 2023
In terms of liquidity, pSTAKE Finance can meet the trading needs of large investors with smaller slippages.
Source: Each project website, Mint Ventures, data as of April 11, 2023
Currently, pSTAKE Finance's BNB staking volume lags behind Ankr and Stader (ranking third in the liquidity staking track on BNB Chain).
Source: Each project website, Mint Ventures, data as of April 11, 2023
Cosmos’ liquidity staking market currently mainly includes Stride and pSTAKE Finance. We still observe from the above dimensions. In comparison, pSTAKE Finance’s rates are low, and the depth of its depositary receipts can currently meet the entry and exit needs of small and medium-sized liquidity. In the future, as the demand for ATOM liquidity pledge increases, at least in competition with Stride, pSTAKE Finance There is an opportunity to gradually increase market share.
Source: Each project website, DeFi Llama, Mint Ventures, data as of April 11, 2023
3.3.2 Project competitive advantage
From the above comparison, we can find that the core competitiveness of pSTAKE Finance has been highlighted after Binance’s investment:
stkBNB has a wide range of application scenarios: After pSTAKE Finance received investment from Binance, it has all-round support from the current BNBchain ecosystem. stkBNB can almost meet the needs of most users’ on-chain financial scenarios. The liquidity of stkBNB is good, and the entry and exit channels are smooth for traders: the number of BNB pledged on pSTAKE Finance has reached the third level in the current market, and the liquidity can also satisfy the entry and exit of ordinary investors.
These two points are also the development direction of other liquidity staking businesses such as ATOM.
3.4 Project risks
Combined with the problems of the liquidity staking track itself, the pSTAKE Finance project mainly faces the following three types of risks:
Public chain development risks: Because pSTAKE Finance is now betting on the liquidity staking business of ATOM and BNB, the largest development beta in the future will come from the development of the public chain. If COSMOS and BNBchain cannot achieve greater growth, then the driving force from the public chain level will be reduced. Moreover, the pledge rate of BSC and COSMOS is relatively high, and the future growth space from the increase in pledge rate will be limited. If pSTAKE Finance wants to further grow its business, in addition to stabilizing BNB staking and ATOM staking, it also needs to expand other potential public chains with low pledge rates. Betting on public chains is undoubtedly the focus of many entrepreneurs and investors, but judging from the development history of public chains, only those who can really seize promising public chains will undoubtedly test the strategic vision of the founding team. Contract risk: A contract attack will cause a large amount of bad debts in the agreement. It should be noted that the risk of a contract attack is not limited to the project itself. If a project in the same track is attacked, it may also affect other projects in the same track. . On December 2, 2022, Ankr had a contract risk problem, which led to a huge additional issuance of its Liquidity Collateral Certificate (LSD)-aBNBc. Subsequently, Ankr temporarily suspended the BNB staking business for processing, but the panic had a greater impact on other BNB staking projects: during the same period, the business scale of pSTAKE Finance and Stader shrank by more than 70%, and it is only now that it has basically returned to the level before the incident. Source: https://dune.com/David_C/liquid-staking-on-bnbchain Source: https://dune.com/David_C/liquid-staking-on-bnbchain Source: https://dune.com/David_C/ Price war in the liquid-staking-on-bnbchain industry: As the PoS public chain grows and the pledge rate continues to increase in the future, a price war may break out in the industry to compete for the small market space: reduce the staking and unstaking process in fees. If the above deduction occurs, this will undoubtedly lead to a significant reduction in the overall profit margin of the liquidity staking track, thereby reducing the internal value of the track project. This has happened more than once in the traditional financial market: the stock trading commission for China's A-shares has been reduced to five ten thousandths, and the custody business of China's banking industry can even be given away for free along with other corporate businesses. 4. Preliminary value assessment 4.1 Core questions
For pSTAKE Finance, the core issues that determine its value depend on the following 3 aspects:
The strategy of public chain selection: Judging from the business turning point of rapidly expanding the BNBchain chain business after accepting Binance’s strategic investment, pSTAKE Finance chose to embrace public chains with development potential, and its strategy of linking the ecology through capital and other channels deserves recognition. Similar development models can serve as templates for expanding new public chains. Is there a significant discount on the liquidity pledge certificate LSD: Currently, pSTAKE Finance’s strategic focus ATOM and BNB staking have not experienced significant discounts due to the project itself. This is relatively friendly to large investors. At this stage, liquidity is not good. It will become a problem that hinders the development of pSTAKE Finance. Is LSD linked to enough ecosystems to expand usage scenarios: What can be seen now is that the application scenarios of stkBNB are wide enough. The future of stkATOM is still uncertain, especially in the expansion of stkATOM application scenarios. It has not yet received support from Cosmo officials, other DeFi projects and related capital parties. The team’s ability to independently expand the ecosystem remains to be investigated. 4.2 Valuation level Source: CoinGecko, Coinmarketcap, DeFi Llama, Mint Ventures, data as of April 11, 2023
Judging from the static valuation, pSTAKE Finance is obviously on the high side. The high valuation may be related to the overly concentrated distribution of PSTAKE chips: currently more than 75% of PSTAKE chips are concentrated in several addresses, part of which are tokens that have not yet been released. The relatively small circulating market value provides investors in the market with greater room for speculation. Compared to Lido's current situation where 85% of tokens have entered the circulation stage, the price of PSTAKE is more susceptible to the influence of market makers.
Source: https://app.bubblemaps.io/eth/token/0xfb5c6815ca3ac72ce9f5006869ae67f18bf77006 Source: https://app.bubblemaps.io/BNBchain/token/0x4c882ec256823ee773b25b414d36f92ef58a7c0c 4.3 Summary
Judging from the business development strategy and current layout, pSTAKE Finance currently has a certain degree of competitiveness in the BNB liquidity staking track. The next test is how to expand the application scenarios of stkATOM and how to achieve high staking rates in ATOM. Get customers. Whether it is the project team's own efforts to attract customers or replicating the successful cases of Binance Investment, the development status of stkATOM is a touchstone to test the team's true operational capabilities.
In terms of valuation, the current time window may not be the best to buy PSTAKE. Investors need to wait for the price to fall or the fundamentals to grow rapidly before making a decision. If the liquidity pledge business based on ATOM shows signs of improvement, PSTAKE may be within the investment range.
5. References
Financing and Token Economy:
https://blog.pstake.finance/2021/11/16/pstake-raises-10m-to-bootstrap-liquid-staking-protocol/ https://www.binance.com/en/blog/ecosystem/binance-labs-makes-a-strategic-investment-in-liquid-staking-protocol-pstake-421499824684903831 https://blog.pstake.finance/2021/12/10/pstake-sale-on-coinlist-step-by-step-guide/ https://blog.pstake.finance/2021/12/13/pstake-tokenomics/ Alpha launchpad：https://blog.pstake.finance/2021/09/13/pstake-to-launch-on-alpha-launchpad/ Retroactive Rewards：https://blog.pstake.finance/2021/10/25/introducing-retroactive-rewards-for-stktoken-liquidity-providers/> Binance labs：https://blog.pstake.finance/2022/05/17/pstake-binance-labs-partner-to-develop-bnb-liquid-staking-solution/
Roadmap and member information:
https://coin98.net/what-is-pstake-finance https://icodrops.com/pstake/ https://blog.pstake.finance/2022/12/30/pstake-2022-year-in-review/ https://blog.pstake.finance/2022/05/01/stketh-ethereum-2-0-pstakes-next-leap-forward/
business:
Token staking services provided: https://blog.pstake.finance/2021/12/10/pstake-zero-to-one/ Validator selection: https://blog.pstake.finance/2021/11/22/ introducing-pstakes-validator-ecosystem/ https://blog.pstake.finance/2022/10/28/stkbnb-ecosystem-overview/ https://blog.pstake.finance/2022/02/08/expanding-the- pstake-validator-ecosystem/ The situation of BNB chain: https://blog.pstake.finance/2022/10/04/the-state-of-bnb-staking-september-2022-report/ https://blog.pstake .finance/2022/10/28/stkbnb-ecosystem-overview/ The difference between stkToken and pToken: https://blog.pstake.finance/2021/12/10/pstake-zero-to-one/ ATOM staking process: https ://docs.pstake.finance/stkATOM_Technical_Architecture/ ATOM staking fees: https://docs.pstake.finance/stkATOM_Rewards/ BNB staking fees: https://docs.pstake.finance/stkBNB_Rewards%26Fees/ https://snapshot .org/#/pstakefinance.eth/proposal/0xda92d83397663e12d582627207127081adb3bc0732e4dc198e41a31ec7198cf3 https://twitter.com/pSTAKE_stkBNB/status/1621171480229969920 ETH staking fee: https:// docs.pstake.finance/stkETH_Fees/
BNBchain Staking rate:
Ankr：https://www.ankr.com/docs/liquid-staking/bnb/faq/ Stader:https://docs-new.staderlabs.com/binance/fees SteakBank：https://docs.steakbank.finance/tokenomics/sbf/deflationary-mechanics Stafi: https://docs.stafi.io/rtoken-app/rbnb-solution https://app.stafi.io/rtoken/stake/BNB?tokenStandard=Native https://twitter.com/pStakeFinance/status/1620373647474167809
BNBchain cooperation ecology:
Ankr:https://www.ankr.com/staking/defi/?assets=ankrBNB&types=landing Stader：https://www.staderlabs.com/bnb/liquid-staking/defi/ steakbank：https://app.steakbank.finance/ stafi：https://www.stafi.io/
BNBchain largest liquidity pool:
Ankr:https://ellipsis.finance/pool/0x440ba409d402e25b95ac852e386445af12e802a0 Stader：https://thena.fi/liquidity/manage/0x6c83E45fE3Be4A9c12BB28cB5BA4cD210455fb55 steakBank：https://pancakeswap.finance/swap?outputCurrency=0x43c37e8240d0fccef747d12e201bf295e4226388 Stafi：https://pancakeswap.finance/swap?outputCurrency=BNB&inputCurrency=0xF027E525D491ef6ffCC478555FBb3CFabB3406a6 pSTAKE：https://thena.fi/swap?outputCurrency=0xc2e9d07f66a89c44062459a47a0d2dc038e4fb16
BNB pledge amount:
Ankr：https://www.ankr.com/staking-crypto/binance-bnb/ Stader：https://www.staderlabs.com/bnb/ steakBank:https://app.steakbank.finance/ Stafi:https://app.stafi.io/rtoken pstaKe:https://bnb.pstake.finance/