Liquid staking in pSTAKE Beta from Persistence: Comprehensive Guide.

A more advanced version of a new product meant for liquid staking called pSTAKE was launched by Persistence Developers

This product will aid users to convert cryptocurrency into tokens, stake them, and widely use tokens within the DeFi industry. This could only be achieved due to the IBC functionality of transferring between different networks, gaining rewards for both participation in DeFi activities and staking.

This version product now supports ATOM staking in Cosmos mainnet, issuing ERC-20 tokens in Ethereum mainnet.

Crypto-assets staking potential has been greatly improved due to pSTAKE and it’s the first to ever have done that on the Cosmos Hub.

The past alpha version which lasted for two weeks from the 14th of June have customers the chance to convert test ATOM into ERC -20 wATOM and pATOM tokens at a 1:1 ratio in Ethereum and Atom testnets which aided in the identification of bugs that allowed the Persistence team to groom the UX for pSTAKE Beta.

To see the whole picture of pSTAKE I highly recommend reading related articles from the Persistence team:

Understanding Proof of Stake & Liquid Staking: The Evolution of PoS;

Introducing pSTAKE: Unlocking Liquidity of Staked Assets

pStake Mainnet Launch: Beta Releasing with Cosmos ATOM Support.

To use pSTAKE services, customers should stake their crypto assets directly after purchase or they can unstake their existing stake to stake again through pSTAKE to enjoy its wide functionality. Later on , customers will face an unstaking period (21 days for Cosmos ATOM), though in pSTAKE next version this period can be crossed through the use of a specially designed Redemption pool.

XPRT token stakers will benefit also from all persistence products and will be rewarded by part of the generated commissions from products which includes Comdex ,pSTAKE and other solutions to come.

You may learn how to stake XPRT token from the following guides:

How to Delegate XPRT in Persistence Wallet

How to Delegate Persistence (XPRT) in Cosmostation Crypto Wallet

This step-by-step guide was culled from Everstake, it will help everyone who wants to quickly master pSTAKE and pioneer liquid staking.

1. How to connect to pSTAKE

To access the pSTAKE application visit the website and click on the Launch pSTAKE button.

As you see on the next screen, to get access you need to install an IBC compatible wallet, the best recommendation will be MetaMask wallet (the Google browser extension).

After installing MetaMask and before connecting, please ensure that the Ethereum mainnet is set inside the wallet.

You need to top up your Metamask wallet with some Ethereum in advance as you’ll need some gas for future transaction fees.

2. How to Convert ATOM and Stake pATOM

To stake Cosmos ATOM on the platform you need to get pATOM tokens first and then make a stake with them.

Enter pSTAKE, selecting MetaMask.

To get wrapped ATOM click on Wrap on the left side of the screen and in the Wrap section find active field ATOM and inactive field pATOM which serve for wrapping your ATOMs to pATOMs.

But do not rush to enter the amount of ATOMs for wrapping up, you have to replenish your connected wallet with ATOMs first.

There are 3 options to deposit ATOMs to the pSTAKE: via Keplr, Ledger, or Cosmos SDK CLI.

This guide considers the Keplr wallet option:

> Install Keplr Google browser extension;

> Select Cosmos chain and copy wallet address by clicking on it;

Replenish your Keplr wallet with ATOM from any of your wallet or exchange account, taking into account that the minimum amount you can deposit to pSTAKE is 5 ATOM and also you’ll need some ATOM to provide transaction.

Having replenished your Keplr wallet, now you can top up your pSTAKE balance with pATOMs:

> Come back to the Wrap menu point the amount you want to wrap up, click on Wrap

> Select Keplr, Approve its connection to the pSTAKE

> Approve transaction in appeared Keplr extension interface;

If the transaction was successful, a corresponding pop-up message will be shown at the page bottom;

> Now, please check the pATOM balance on the right side of the interface, it may take some time for pATOMs to be displayed;

Now you can stake your pATOMs, and get stkATOMs for that. At the moment of staking, pATOMs are burned and native ATOMs become staked in the Cosmos mainnet to one of the whitelist validators. Simultaneously stkATOMs are minted to your pSTAKE balance which can be used on Ethereum DeFi platforms.

To stake pATOMs:

> Click on Stake on the left side of the screen and write the amount of pATOMs you want to stake

in the Metamask wallet that appeared, click Confirm, choosing preferable gas fee, the more commission — the faster transaction will be completed.

N/B: No matter whether you stake 5 or 500 ATOM — the gas fee in the Ethereum chain would be pretty the same, so for paying less compared to the stake — it is better to stake higher amounts, up to 500 pATOM — in accordance with the current staking limits in pSTAKE.

> If the transaction was successful, a corresponding pop-up message will be shown at the page bottom

> Soon you’ll see stkATOM balance and pATOM Unclaimed rewards balance change on the right side of the interface that means you’ve started earning staking rewards!

Metamask balance also changes and now you can see stkATOMs in it and you are free to transfer them to Ethereum DeFi platforms to benefit from.

Rewards could be claimed anytime just by clicking Claim Now! under your balances to send them to your main pATOM balance.

After clicking Claim Now! MetaMask wallet appears again for transaction confirmation. Push confirm and soon your pATOM balance will be replenished with pATOM rewards!

MetaMask pATOM balance will be increased simultaneously.

If everything was done correctly, a pop-up will appear

3. How to withdraw claimed rewards

To withdraw your rewards in ATOM, click on Unwrap inside the Wrap menu, point the desired pATOM amount and preferable Cosmos address (it could be any of your ATOM addresses), and click Unwrap.

Check your wallet, the ATOM balance should increase promptly and pSTAKE pATOM balance reduces by the same amount.

4. How to unstake pATOM

To unstake your assets you should come back to the Stake menu to the Unstake tab, when you reach it you will see a warning message that the unbonding period is 21–24 days.

Write amount to unstake and click Unstake.

Confirm transaction in MetaMask, if everything was correct the massage will be shown

After that, pay attention to your balances section — unstaked amount should appear in Total Unbonding Tokens, which becomes withdrawable in 21–24 days according to the warning message.

Once the tokens are unbonded they move to the Unbonded Tokens region and can be redeemed by clicking on Redeem Now! to be moved to the main pATOM balance.

From the main pATOM balance rewards can be withdrawn as described in section 3 of this guide.

It was exciting to experience how pSTAKE Beta works powered by ATOMs, and no doubt it is a kind of new-gen application that could completely change the rules of staking. Having added XPRT, SOL, DOT, the next pSTAKE version will definitely cover a decent market share, bringing a new vision of staking and DeFi.

I hope this helped.

About Persistence

Persistence is an interoperable protocol enabling the creation of innovative solutions to expand the DeFi and NFT sectors, in addition to bridging traditional finance and DeFi.

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