Persistence: What You Need to Know
Cosmos Liquid Staking & LSTFi
The Cosmos ecosystem is popping off, and so is staking…
With stakers of $ATOM, $OSMO, $INJ, $TIA and even others receiving some substantial airdrops, there is renewed focus on the benefits of staking cosmos assets. Projects like Milky Way, a liquid staking service for Celestia are gaining traction.
Persistence combines the cosmos appchain and liquid staking narratives into one, functioning as an appchain built for LSTfi. In today’s edition, we’ll be briefing you on the Persistence ecosystem, what Persistence offers to surrounding projects, and more.
Stay alert, stay informed ⬇
What is Persistence?
Persistence is a Layer-1 blockchain built on the open-source Tendermint framework.
The chain has a primary focus on unlocking the liquidity of staked assets within a variety of Proof-of-Stake (PoS) networks.
The project aims to establish itself as a prominent liquid staking hub, providing an efficient bridge between staking and DeFi activities.
Persistence is comprised of 2 protocols;
pSTAKE allows users to issue and deploy liquid-staked assets.
DEXter is an interchain DEX for yield-bearing assets, such as Liquid Staking Tokens.
Persistence provides users with the ability to retain liquidity of their staked assets (pSTAKE), while also giving them a place to park these LSTs (DEXter).
pSTAKE
pStake is a liquid staking protocol where PoS token holders can stake their tokens onto the pStake platform to mint staked derivative assets called stkASSETS.
pStake stakes the underlying deposited PoS tokens with a subset of validators on each of the supported chains, representing the user’s staked position, accruing staking rewards, and allowing users to use stkASSETS in DeFi to generate additional yield.
As a liquid staking protocol, the project currently has just over $10M in TVL and over $18M in IBC volume in the past 30 days.
Supported Networks include Cosmos, Osmosis, BNB Chain, and Ethereum.
Tokens: $PSTAKE:
$PSTAKE acts as the pStake protocol’s native governance, incentivization, and disincentivization token.
The token, an ERC-20, serves two primary purposes, allowing holders to participate in;
protocol governance proposals
protocol security
The Total Genesis Supply of PSTAKE is 500,000,000
The distribution balances decentralization with incentivization
DEXter:
DEXter is an interchain DEX for yield-bearing assets, such as Liquid Staking Tokens.
Built on the Persistence Core-1 blockchain, DEXter v1 brings automated market maker (AMM) mechanisms to the world of yield-generating assets.
Yield-generating assets in DeFi offer users the opportunity to earn passive income by participating in various financial activities. These assets encompass Liquidity Provider (LP) tokens, Liquid Staked Tokens, and Lending Platforms.
LP tokens represent a share of a liquidity pool and can be traded or bonded for yields.
Liquid Staked Tokens allow users to stake their assets while still accessing them for trading or DeFi activities, thanks to tokens representing their staked positions.
Lending platforms enable users to lend their assets to others in exchange for interest payments, with the interest rate determined by supply and demand.
Tokens: $XPRT:
$XPRT is the native token of the Persistence ecosystem.
The token was launched in April 2021 and was conceived to fuel a DeFi ecosystem that would go beyond the standard DeFi primitives found in most blockchains.
$XPRT enables use cases such as ecosystem development, network security, and governance.
PSTAKE Origins
The emergence of DeFi has transformed the financial landscape, providing accessible yield-generating opportunities via blockchain technology.
DeFi reached a peak of over $240 billion in Total Value Locked (TVL) across multiple ecosystems in November 2021.
Before DeFi's rise, staking was a popular yet conservative strategy, accumulating nearly $100 billion in global staked value and attracting 6.7 million stakers as of October 27, 2022.
Who is Behind Persistence?
Persistence Labs is the actual entity responsible for building and developing the tools and services made available on the Persistence network.
Persistence Labs also supports and incubates external teams building on Persistence.
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