pSTAKE Alpha Bug Bounty Launch

pSTAKE introduced pSTAKE Alpha release and bug bounty program, with the aim of ironing out any kinks to create a flawless user experience.

pSTAKE’s Alpha launch is a test launch of the pSTAKE application to enable initial users to try out the product and provide feedback on their experience. The Alpha launch is scheduled to begin 15th June, 2021, with support for Cosmos Network (ATOM).

The following functionalities will be supported for the Alpha release, with no usage restrictions:

🔸Wrap

When a user deposits their ATOMs on pSTAKE, the pBridge facilitates the minting of an equivalent number of ERC-20 based 1:1 pegged wATOMs (barring a small fee). These wATOMs can be used to stake the deposited assets through pSTAKE or, once pSTAKE is launched on mainnet, can be used within the Ethereum DeFi ecosystem. Conversely, withdrawal requests trigger the burning of wATOM and native tokens are transferred from pSTAKE wallet to the user’s wallet.

🔸Stake

Stake transactions performed by users on pSTAKE burn their wATOMs and mint pATOMs, which represent 1:1 pegged ERC-20 staked representatives of the ATOMs. pSTAKE stakes the native ATOMs deposited by the user with a trusted validator pool and allows pATOM holders to earn staking rewards in the form of wATOMs. The liquid pATOMs can be used within the Ethereum DeFi ecosystem (once pSTAKE is launched on mainnet) to generate additional yield.

🔸Claim Staking Rewards

pATOM holders earn staking rewards in the form of wATOMs that can be claimed in the ‘Unclaimed Rewards’ section in the right pane of the application. In case the user unstakes the pATOMs or transfers them to a different account, the accumulated rewards (in the form of wATOMs) are automatically claimed.

🔸Unstake

Users can exit their staking position through an ‘Unstake’ transaction, which reduces the user’s pATOM balance and mints exactly the same amount of wATOM (barring a minor deviation due to fees), which are locked up for the unbonding period. Additionally, the wATOMs accumulated as staking rewards are automatically claimed and added to the user’s balance.

🔸Redeem Unbonded Tokens

The wATOMs minted during an unstaking transaction are locked up for the duration of the unbonding period (~21 days). After the completion of the unbonding period, the unbonded wATOMs can be redeemed by the user.

The Alpha release will also incorporate a bug bounty program to allow users to identify and raise issues that they might face while using the application. The bug bounty program will start at the launch time of Alpha release — 15th June, 2021 — and will run for a period of 10 days (until 25th June, 2021), at the end of which the participants who have highlighted bugs shall be rewarded based on the severity of the issues identified.

The Alpha launch bug bounty program aims to allow the users to identify and raise issues that they might face while using the application. The program will run for a duration of 10 days starting from the launch (15th-25th June, 12:00 UTC) with rewards totalling $25,000 to be distributed.

The verification and categorization of the issues raised will be conducted by the pSTAKE team and shall not be open to dispute. The pSTAKE team will diligently track all of the issues raised and decide reward eligibility on a case-by-case basis. The rewards for the program shall be disbursed to the eligible participants within 30 days of the program’s conclusion.

What is pSTAKE?

pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens on the pSTAKE application to mint 1:1 pegged ERC-20 wrapped unstaked tokens represented as wTOKENs (e.g. wATOMs) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.

The pSTAKE Alpha launch shall be followed by a staking competition and then a mainnet launch for Cosmos (ATOM), Persistence (XPRT), and many more prominent PoS networks, the details of which shall be announced later.

What is 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.

📰 INFO:

https://medium.com/@pstakefinance/pstake-alpha-release-bug-bounty-full-details-837b52fcdee5