Allocate $PSTAKE Incentives for stkETH v2 testnet & mainnet adoption

Introduction

The pSTAKE team proposes to allocate 320k PSTAKE tokens* from the Incentivization and Community Development Fund for a stkETH v2 public, incentivized testnet called ‘Marvel’.

The main objectives of the testnet are twofold:

1. Attract a diverse user base and gather feedback to further refine the User Experience before the mainnet launch
2. Onboard node operators and test the cross-chain technical architecture of the product

The proposed incentivization strategy aims to foster a lasting alignment between the protocol and users, ensuring long-term sustainability, bootstrapping user retention, and driving initial traction after the mainnet launch.

About stkETH v2

stkETH v2 is a new solution that scales ETH liquid staking & LSTfi (Liquid Staking Tokens Finance) on Layer 2s (L2s) like Arbitrum and Optimism sustainably. One can find more information about it in this blog here.

Marvel Testnet

The proposed testnet incentives are as follows:

1. Beta Testers: USD 500 (in PSTAKE)

• Incentive for testnet participants for providing valuable feedback.

2. Road to Mainnet Campaign: USD 10,000 (in PSTAKE)

• Incentive for testnet participants to stake ETH upon mainnet launch.

Eligibility for incentives is proposed as follows:

Mint stkETH on pSTAKE testnet

• The user must complete specific on-chain actions such as minting stkETH on the testnet and verifying it by minting an NFT on Galxe.

(Beta Testers) Provide feedback for the product

• After testing the product, the user must provide feedback by submitting a form. The pSTAKE team will check for the quality of feedback, select the top 10 submissions by quality, and reward each user $50 (in PSTAKE).

(Road to Mainnet) Stake ETH on pSTAKE mainnet

• After successfully participating in the Marvel Testnet and minting an NFT on Galxe as proof, users must stake a minimum of 0.1 ETH on the pSTAKE mainnet to share a pool of $10,000 incentives (in PSTAKE).

The incentive amount will depend on the amount of ETH staked by the user -

0.1 ETH - 5 ETH => 1% 5 ETH - 50 ETH => 0.5% 50 ETH - 250 ETH => 0.25%

Example: If a user completes the on-chain testnet steps, submits valid feedback, mints the NFT on Galxe, and stakes 1 ETH (assuming the price is $1850) on pSTAKE Mainnet, they will be airdropped 1% of the staked amount, i.e., $18.5 in PSTAKE tokens.

The above-proposed incentives division ensures that there are dedicated incentives for testnet feedback & also for participants to stick with the pSTAKE protocol upon mainnet launch.

*Please be aware that the planned incentives are denominated in $ amount and the PSTAKE funds requested account for the current market price with an additional buffer to accommodate any market volatility. Any unused funds will be allocated towards stkETH incentivization in DeFi upon mainnet launch. The pSTAKE team will ensure that the use of allocated funds is public & kept transparent at all times through the pSTAKE Forum & other channels.

If this proposal passes, 320k PSTAKE tokens will be transferred from the Incentivization and Community Development Fund wallet as follows:

1. The tokens will be withdrawn to a 2/3 Ethereum multisig address - ‘0x3fc53e41C2b2BF279C67c4E1494bFBa9Fd942170’.
2. The multi-sig holders of the wallet are: Mikhil Pandey (Lead), Maajid Nazrulla (Head of Product), and Aditya Vandkar (Marketing Associate).

Vote 'FOR' if you agree with the proposed 320k PSTAKE incentives for the stkETH v2 testnet.

Vote 'AGAINST' if you disagree with the proposed 320k PSTAKE incentives for stkETH v2 testnet.

Vote 'ABSTAIN' if you do not want to participate in this proposal.