pWAVES is a node-agnostic liquid staking derivative powered by Puzzle. Simply put, it is a token which grows in price together with yield earned by its underlying WAVES. 

WAVES staking is a hot topic right now, because after a recent protocol update it is earning 40%+ in APY. The Puzzle team couldn’t stay away and is launching a new derivative to allow the community to take advantage of such APY with decentralization in mind.

While liquid staking for Waves has been pioneered by Pepe Team’s sWAVES a few years ago and is proven to be a demanded product, pWAVES extends that experience by introducing multi-node leasing solution. This means, all WAVES locked in a smart contract are leased to multiple community nodes. That’s why we call it node-agnostic liquid staking. 

The existing community nodes are used to generate leasing rewards. The diversity of nodes payout policies and complementariness of their opinions on Waves development guarantees that pWAVES achieves two things: 

1. Diversifies earnings for pWAVES holders 
2. Decentralizes mining setup for Waves protocol

On a freshly designed page, users can mint pWAVES with WAVES and redeem it back to WAVES.

As of the moment of writing, there is neither a fee nor waiting delay for these operations. pWAVES grows in price together with any reward payout received by address, hence, after a while, can be redeemed back to more WAVES, than what it had been minted for. 

Initially after new minting WAVES are leased to a defaultNode, then, once in 100 blocks (± 1.5 hour) the total WAVES bag is rebalanced across all nodes. Please bear in mind that due to that mechanics withdrawal of WAVES per 100 blocks is only available for the amount leased to defaultNode. 

pWAVES is launched on top of 11 community nodes. The list is taken from recent community questionnaire responses with the subw@r node added, because they provide the best available sticker pack with a duck drinking tea. The list of nodes will be reconsidered once in a while to exclude ones with unpleasant behaviour, particularly the ones who don’t payout the promised rewards. For example, we would keep an eye on Elysium node who stated the rewards will be 100%, but isn’t paying them out yet. 

Surely, we want to extend the list and are eager to introduce mechanics for node inclusion and their ratios redistribution. However, we would love to see some adoption for pWAVES first, hence, let’s wait for a significant milestone of 1 mln WAVES locked in pWAVES to introduce the dynamic nodes list. 

There are multiple ways we can make WAVES leasing ratios dynamic: PZL governance, bribing mechanics or even a separate Child DAO on Power framework.

Mint pWAVES and join our chat in case you have any questions.

pWAVES is a node-agnostic liquid staking derivative powered by Puzzle. Simply put, it is a token which grows in price together with yield earned by its underlying WAVES. 

WAVES staking is a hot topic right now, because after a recent protocol update it is earning 40%+ in APY. The Puzzle team couldn’t stay away and is launching a new derivative to allow the community to take advantage of such APY with decentralization in mind.

While liquid staking for Waves has been pioneered by Pepe Team’s sWAVES a few years ago and is proven to be a demanded product, pWAVES extends that experience by introducing multi-node leasing solution. This means, all WAVES locked in a smart contract are leased to multiple community nodes. That’s why we call it node-agnostic liquid staking. 

The existing community nodes are used to generate leasing rewards. The diversity of nodes payout policies and complementariness of their opinions on Waves development guarantees that pWAVES achieves two things: 

1. Diversifies earnings for pWAVES holders 
2. Decentralizes mining setup for Waves protocol

On a freshly designed page, users can mint pWAVES with WAVES and redeem it back to WAVES.

As of the moment of writing, there is neither a fee nor waiting delay for these operations. pWAVES grows in price together with any reward payout received by address, hence, after a while, can be redeemed back to more WAVES, than what it had been minted for. 

Initially after new minting WAVES are leased to a defaultNode, then, once in 100 blocks (± 1.5 hour) the total WAVES bag is rebalanced across all nodes. Please bear in mind that due to that mechanics withdrawal of WAVES per 100 blocks is only available for the amount leased to defaultNode. 

pWAVES is launched on top of 11 community nodes. The list is taken from recent community questionnaire responses with the subw@r node added, because they provide the best available sticker pack with a duck drinking tea. The list of nodes will be reconsidered once in a while to exclude ones with unpleasant behaviour, particularly the ones who don’t payout the promised rewards. For example, we would keep an eye on Elysium node who stated the rewards will be 100%, but isn’t paying them out yet. 

Surely, we want to extend the list and are eager to introduce mechanics for node inclusion and their ratios redistribution. However, we would love to see some adoption for pWAVES first, hence, let’s wait for a significant milestone of 1 mln WAVES locked in pWAVES to introduce the dynamic nodes list. 

There are multiple ways we can make WAVES leasing ratios dynamic: PZL governance, bribing mechanics or even a separate Child DAO on Power framework.

Mint pWAVES and join our chat in case you have any questions.