🔐Early Staking

Introduction

Early Staking is an innovative feature designed from Project Pi. It allows participants to stake their PLS tokens in advance of the official launch of Pi Staking, earning Project Pi Yield (PPY) collateral tokens as rewards. This program not only benefits early stakers but also supports the liquidity and development of the Pi Pool ecosystem.

Why Participate in Early Staking?

  • Accessible Rewards: This program allows users who cannot participate in our fundraising rounds to earn rewards and engage with the Pi Staking ecosystem.

  • Governance Involvement: Earning PPY tokens provides a say in the governance and future direction of Pi Staking.

  • Support Innovation: Your early commitment aids in the development and success of Pi Staking on PulseChain.

Key Features

  • Stake PLS Early: Deposit PLS into the Early Staking platform before the official launch of Pi Staking

  • Early PPY Tokens: Receive PPY, the collateral and governance token of Project Pi, as a reward for your early commitment

  • Support the Ecosystem: Your early staking helps increase TVL, making PLS trading more liquid and robust

  • Reduced Validator Requirement: The first 100 stakers can become validators with 8 million PLS, half the requirement on our platform's (16 million PLS) or 1/4th the requirement needed to be a native validator

How It Works

  1. Deposit Phase: Users deposit PLS tokens into the Early Staker vault. These tokens are held in 'HODL mode', accruing PPY rewards.

  2. Staking Duration: The staking period lasts for 90 days (T). During this time, participants earn a share of the total reward pool.

  3. Reward Calculation:

Rewards Earned (E)=∫t0tR dt,Where the reward rate R=σT\text{Rewards Earned (E)} = \int_{t_0}^{t} R \, dt, \text{Where the reward rate }R = \frac{\sigma}{T}
t0=starting time of the staking periodt=ending time of the staking period\begin{align*} t_0 &= \text{starting time of the staking period}\\ t &= \text{ending time of the staking period} \end{align*}

And Total Rewards available for Early Staking is represented here:

Total Reward Pool (σ)=9,859,600\text{Total Reward Pool } (\sigma) = 9,859,600

  1. PPY Rewards: Rewards in PPY tokens are claimable after the staking period is over, provided the staker remains committed for the entire duration

Unstaking and Burn Calculation

Participants can unstake their PLS at any time. However, early unstaking activates a burn mechanism (B), reducing the final reward.

Burn Rate Calculation:

B=Rewards Earned (E)×(1−Current StakedPeak Stake)B = \text{Rewards Earned (E)} \times \left( 1 - \frac{\text{Current Staked}}{\text{Peak Stake}} \right)

Final Reward After Burn:

Final Reward=Rewards Earned (E)−Burn Rate (B)\text{Final Reward} = \text{Rewards Earned (E)} - \text{Burn Rate (B)}

  1. Once the staking period is over, users will have to manually claim their PPY rewards. Only then will they will be able to claim their PPY and migrate their PLS.

Post Staking Process: Transition to stPLS

  • Claim & Transfer Transition: Once the platform transitions to mainnet, your PLS will be transferred to the TokenstPLS contract.

  • Entry into Liquid Staking: This marks your entry into liquid staking derivatives, allowing your assets to continue earning interest.

  • Minting stPLS Tokens: The contract mints stPLS tokens, representing your staked PLS plus accrued interest.

  • Future Yield Generation: Your PLS remains actively engaged in staking strategies within the Pi Pool ecosystem.

  • Flexible Access: This process ensures liquidity and ongoing participation in yield generation with flexible access to your investments.

Conclusion

As we forge ahead, the Pi Staking ecosystem is set to become a cornerstone of the PulseChain network. Your involvement in Early Staking is instrumental in bringing this vision to fruition, paving the way for a more interconnected and prosperous DeFi landscape.

Early Staking ended on May 17th, 2024. Early Stakers can check out their staking metrics here.

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