The dual token pStake model utilizes the tokens of pToken and stkToken respectively. In this article we will take a closer look at the pToken. The pTokens represent the Ethereum based tokens that are the unstaked representation of the native PoS assets. These tokens are deposited on the protocol by its user. For example, when a user deposits an altcoin such as ATOM onto the pStake contract they will receive in return at a ratio of 1:1 a representation of this native PoS token as pATOM.
The way the deposit function works is that the pStake protocol uses the cross chain bridge called pBridge, which issues and burns pegged pTokens at a ratio of 1:1. When the user completes their deposit the pBridge does the minting and issues the pTokens.
The users can then take their pToken and either stake them for a self-determined amount of time and later on they can withdraw their native tokens so long as they hold pTokens.
Topic: pStake’s pToken (Read 58 times)
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