THE EFFORTLESS APPROACH TO USING PSTAKE FINANCE
If you happen to stumble on this article as a Cosmos Network fan, trust me when I say you’re in luck because this article will provide a simple but thorough guide to using the newly launched pSTAKE Finance by Persistence. Even if you are a newbie to blockchain ecosystems, I assure you that this is a beginner-friendly article. Ready to go? Keep reading!
Persistence’s pSTAKE Finance is a platform that allows holders of Proof of Stake coins to safely stake their tokens which helps them to earn irresistible staking rewards. If you’ve been in the staking game for a while, you’re probably wondering what makes this such a big deal. Tokens can be staked in a wallet after all. However, this has one disadvantage that gives pSTAKE an edge. Staking tokens in a wallet means that staked tokens can’t be used if they are not bonded.
What Pstake does to raise the bar is to provide users with 1:1 pegged ERC-20 tokens which represent staked tokens great for use in all the DeFi services provided by Ethereum. Super cool right? Here is everything you need to start taking away.
1. Kepler Wallet and Metamask
2. $ATOM, Cosmos’s native token (for this tutorial, I’ll be using ATOM however, pSTAKE plans to offer to stake for $XPRT, Persistence’s native token, in the future)
3. Ethereum for gas costs
Connect your Metamask wallet
Start by visiting the link: https://app.stake.finance. You will have a page offering an option for a Metamask pop-up. Click on this and then click on the ‘Connect’ button that will pop up. This will connect you automatically to the application.
Connect your Kepler Wallet and deposit ATOM
After connecting to your metamask wallet, you will be redirected to the main dashboard and welcome page of pSTAKE. Navigate the right side of the page to find the dashboard. Check the left side to see the two primary functions of pSTAKE plus a page to view all transactions. Connect your Keplr wallet and deposit ATOM. When you click the ‘Wrap’ button, you will be linked to a tab to enter the amount you wish to deposit. Click the ‘Wrap’ button again and wait for a message to pop up.
Next up is to click on the ‘Keplr’ button. You will see a window similar to that of a metamask pop-up. Simply click the ‘Approve’ tab and have your ATOMs deposited. Note the pop-up showing you how many ATOMs you added.
Stake the tokens
To do this, click the stake button and confirm the transaction in the metamask window. Approve transactions with ETH to convert pATOM to stkATOM in your metamask wallet to trade and swap stkATOM on multiple DeFi protocols on Ethereum.
Claiming the rewards
To claim your pATOMs and stkATOMS, click on the red button that says ‘Claim Now’ to claim your sweet rewards.
Unstaking/Unbonding the tokens
To get back your tokens as ATOMs, unbond them. This will take 21–24 hours. Just go to the stake tab, enter the value you want unstaked and click ‘Unstake’. Return in the specified time to claim your unbonded tokens.
Unwrapping the tokens (pATOMs to ATOMs)
Do this by navigating the ‘Wrap’. Next, enter the value you want unwrapped and click ‘Unwrap’.
And you are done! Easy Peasy!