What is the reason for pSTAKE's 20% surge today?

On July 29, pSTAKE launched version 1 of its Bitcoin Liquidity Staking Platform, an important milestone. This new protocol allows BTC holders to earn income by staking cryptocurrencies while maintaining cryptocurrency liquidity. This innovative solution may have attracted the attention of a large number of investors and stakers, driving up demand for pSTAKE tokens, which in turn led to an increase in its price.

As the DeFi (decentralized finance) and PoS (proof of stake) ecosystems continue to develop, the demand for liquidity staking protocols continues to grow. As one of the leading projects in this field, the launch of pSTAKE's new protocol may further meet the market's demand for liquidity staking solutions, thereby driving up the price of its tokens.

pSTAKE plans to launch a promotion in August, offering higher pSats and additional rewards through Babylon. This preview has sparked interest and expectations among investors as they expect to earn more during the promotion. This expectation may have led investors to buy pSTAKE tokens in advance in order to participate in the upcoming promotion, driving up the price of the token.

The pSTAKE protocol initially limited deposits to 50 BTC, but this may be seen as a responsible and robust approach. This emphasis on security may have increased investor trust and confidence in pSTAKE, which in turn drove up the price of its token.