On October 26, 2020, the team behind Persistence One launched their highly anticipated stakedrop for Cosmos stakers. Participants of this stakedrop will be rewarded in XPRT tokens from a total pool of 200,000 $XPRT. The Persistence One Cosmos stakedrop could prove to be a very lucrative opportunity for holders of Cosmos tokens if they choose to stake them. The team behind Persistence One has stated the potential return for the participants of their liquidity mining program can be as high as an estimated $50,000 USD. It is important to keep in mind that this estimated return is based on the current valuation of the tokens and they could be even higher depending on the market.
The 200,000 $XPRT stakedrop might seem good enough on its own, but the Persistence One team have announced that this is just the first of many more stakedrops to come. The team has stated that they have delegated 1% of their total supply of 100,000,000 $XPRT tokens towards stakedrops. After today, there will be six other stakedrops for stakers on some of the largest networks in this space. The six other stakedrops will be for Terra, Kava Labs, IRISnet, Polkadot, Matic Network, and Tezos.
The Persistence One Cosmos staking program is already live. The staking program began on Cosmos Network at 12:00 am PDT on October 26th, and it will last for one month. This means that the Cosmos stakedrop will end around November 26th, 2020.
Even though the Cosmos stakedrop has already begun, people can still continue to join in or add more stake into the pool even after it has already begun all the way until it ends. However, it is important to join in earlier as that way you can yield more rewards. The rewards from the stakedrop pool will be given once the one month period is over when you unstake, and it is important to keep in mind that the maximum reward size will not exceed 5000 $XPRT tokens. The team mentioned the reason they capped the total reward pool to 5000 $XPRT tokens is to maintain a fair and even distribution.
How to Participate
To begin staking you will need to get any non-custodial that supports Cosmos and allows on-chain staking. A great example of a non-custodial wallet that supports Cosmos and allows on-chain staking is the Cosmostation wallet. It is very important to note that anyone who stakes Cosmos tokens (ATOMS) on an exchange wallet will not be able to participate in the Persistence stakedrop, hence they will not get any rewards.
The Persistence One team mentions steps for two small tasks that you will have to complete to begin participating in the Persistence stakedrop. The first task is to just start staking your Cosmos tokens, which is not exclusive to Persistence. If you ever want to participate in any of the stakedrops happening on the Cosmos network you will have to stake your Cosmos tokens (ATOMS). For the first task you simply have to begin staking your ATOMS, which if you are already doing then you can move on to the second task right away. If you are not yet staking your ATOMS you can find all the steps the Persistence one team laid out here. It is important to note that once you have staked your ATOMS you don’t have to do it over and over again for future campaigns.
The second task requires sending a magic transaction to the Persistence One address so that you can register your address for the Persistence One stakedrop. The purpose of registering your address is to let the team know which address you want to be receiving your share of the $XPRT tokens on. The Persistence One team mentioned six small steps on how people can register their address and you can find them here.