Launch token utility mechanism to stake $PSTAKE and earn $BTC

Overview

This proposal suggests an update to the PSTAKE token utility with a staking/locking functionality that generates a yield for users who lock up PSTAKE with BTC and/or other Bitcoin DeFi (BTCfi) ecosystem tokens.

The core idea of this proposal is “Stake PSTAKE, Earn BTC”.

$PSTAKE Staking Proposal

The utility of the PSTAKE token currently is incentivization and governance. Limited utility might be ideal for a new token that has not had its discovery or unlocks. For an established, reputed project like pSTAKE, adding a strong and compelling token utility can unlock the next phase of parabolic growth.

Now may be the optimal time to update the PSTAKE token’s utility:

1. BTCfi is a hot narrative
2. BTC is at an all-time high with Bitcoin DeFi as a prime beta next
3. Recent pSTAKE milestones on product, TVL, distribution, and mindshare
4. $PSTAKE is the only Bitcoin LST token tradable in the market today
5. Increase awareness with value accrual, grow holders, users, and liquidity, and also aid in Centralized Exchange listings where $PSTAKE is not yet listed

$PSTAKE Staking mechanism and rewards are proposed similar to what is mentioned in the corresponding pSTAKE Forum Discussion.

Vote

Vote 'FOR' if you agree with launching the proposed $PSTAKE staking

Vote 'AGAINST' if you disagree with launching the proposed $PSTAKE staking

Vote 'ABSTAIN' if you choose not to participate in this proposal