pSTAKE Finance is a DeFi protocol that creates earning additional yields for staking PoS assets. The protocol was launched in 2021 by an anonymous team named Persistence, who claims to be one of the earliest supporters of Cosmos.
In Proof of Stake blockchains, people have to lock a certain amount of tokens to secure the blockchains and earn rewards in return. pSTAKE Finance presents the concept of liquid staking, which is a mechanism that allows those people to get more returns for their staked tokens. It achieves that by minting representative assets of the staked tokens and the representative tokens can then be used in other DeFi platforms to generate yields.
PSTAKE is the token of governance and incentivization for contributors of the protocol. The total supply of PSTAKE is 500 million, among which 44.35 million tokens are being circulated.
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