📃Litepaper

Our goals and an overview of the protocol

Pi Staking: A Permissionless Staking Protocol for Liquid Staking Derivatives (LSD) on PulseChain

Abstract

Pi Staking introduces a revolutionary approach for PulseChain node operators to launch a validator node with a minimum of 16,000,000 PLS + 25% PPY. As a permissionless protocol, it's open to individuals, businesses, or any entity involved in LSD. Our mission is to simplify the process of engaging in LSD, with our vision centered around catalyzing the Web3 era through open-source tooling, a robust community, and an open staking protocol.

Protocol Overview

Pi Staking emphasizes trustlessness and peerlessness to maximize decentralization, security, and scalability. The protocol comprises three main components: users, community (tokenomics/DAO), and custom node software.

Users Primer

There are two primary users of the Pi Staking protocol:

  1. Node Operators: They contribute hardware to the pool, stake a minimum 16,000,000 PLS + a collateral in PPY tokens (25% minimum). They earn rewards from staked PLS, operating fees, and PPY incentives. This structure allows operators to stake with less PLS than typically required.

  2. Liquid Stakers: Individuals or businesses can stake PLS and receive stPLS, which accrues value over time based on protocol performance. stPLS offers instant liquidity and steadily increases in value, providing a trustless alternative to traditional staking.

Tokenomics Primer

Pi Staking introduces two tokens: stPLS and PPY.

stPLS is a synthetic derivative token representing a staker’s deposit and accrued rewards, usable like PLS.

Project Pi Yield (PPY) is a PRC20 token for protocol governance, insurance, and incentivizing long-term behavior.

Node Operators need PPY to launch validator nodes, with rewards and insurance mechanisms built-in to ensure reliable operation.

DAO Primer

Pi Staking operates Pi DAO to maintain protocol decentralization and community governance. This DAO manage reward distribution, staking operations, and governance issues, ensuring the protocol remains community-driven and transparent.

Goals

To further decentralize PulseChain, we are making it easier to become a validator while simultaneously providing yield to liquid stakers:

  1. Liquid staking to maximize rewards for all participants

  2. Decentralized, permissionless node operators

  3. Democratizing and decentralizing PulseChain staking and validation

  4. Ensuring maximum decentralization, trustlessness, and scalability of staking infrastructure

  5. Socializing staking losses and rewards across the network to minimize risks and maximize returns

  6. Developing a self-sustaining community through PPY tokenomics

Acknowledgements

  • Pi Staking acknowledges the pioneering efforts of the Rocketpool team in permissionless staking.

  • We extend our gratitude to the Atlanta Blockchain Center and Starter Labs, particularly for their innovative and supportive Immutable Founders program, which has been instrumental in incubating and advancing our project within the Web3 ecosystem.

  • PulseChain Tour for welcoming Project Pi team and allowing us to present our vision for liquiid staking on PulseChain at several in person events.

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