Introducing Persistence: A Cosmos-based application chain combining liquid staking, tailored for LSDFi
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Introducing Persistence: A Cosmos-based application chain combining liquid staking, tailored for LSDFi
This article will introduce the Persistence ecosystem and the functionalities Persistence provides for surrounding projects.
Navigating Web3 tides with focused insightsAuthor: Revelo Intel
Translation: TechFlow
The Cosmos ecosystem is thriving, and so is staking activity.
With stakers of $ATOM, $OSMO, $INJ, $TIA, and even other assets receiving substantial airdrops, attention has returned to the benefits of staking Cosmos assets. Projects like Milky Way, offering liquid staking services for Celestia, are gaining significant traction.
Persistence combines the Cosmos app-chain and liquid staking narratives, positioning itself as an application chain built for LSTfi. In today’s article, we’ll introduce you to the Persistence ecosystem, the functionalities Persistence offers to surrounding projects, and more.
What is Persistence?
Persistence is a Layer 1 blockchain built on the open-source Tendermint framework, primarily focused on unlocking liquidity for staked assets across various Proof-of-Stake (PoS) networks.
The project aims to position itself as a liquid staking hub, effectively bridging staking and DeFi activities.
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Persistence consists of two protocols:
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pSTAKE allows users to mint and deploy liquid staked assets
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DEXter is a cross-chain DEX for yield-generating assets such as liquid staking tokens (LST)
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Persistence enables users to retain liquidity for their staked assets (via pSTAKE), while also providing them with a place to deposit these LSTs (via DEXter).
pSTAKE
pStake is a liquid staking protocol where PoS token holders can stake their tokens on the pStake platform to mint staking derivative assets called stkASSETS.
pStake stakes deposited PoS tokens with a subset of validators on each supported chain, representing users' staking positions, accruing staking rewards, and enabling users to utilize stkASSETS in DeFi to generate additional yields.
As a liquid staking protocol, the project currently has a TVL just over $10 million, with more than $18 million in IBC transaction volume over the past 30 days.
Networks supported by pStake include Cosmos, Osmosis, BNB Chain, and Ethereum.
Token: $PSTAKE
$PSTAKE serves as the governance, incentive, and non-incentive token for the pStake protocol.
This ERC-20 token primarily enables holders to participate in protocol governance proposals and protocol security.
The initial total supply of PSTAKE is 500 million tokens, with a token distribution designed to balance decentralization and incentives.
DEXter
DEXter is a cross-chain DEX for yield-generating assets, such as liquid staking tokens.
Built on the Persistence Core-1 blockchain, DEXter v1 introduces an automated market maker (AMM) mechanism into the realm of yield-generating assets.
Yield-bearing assets in DeFi offer users opportunities to earn passive income through participation in various financial activities. These assets include liquidity provider (LP) tokens, liquid staking tokens, and lending platforms.
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LP tokens represent a share of a liquidity pool and can be traded or staked to earn yield
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Liquid staking tokens allow users to maintain exposure to staked assets while still using them in trading or DeFi activities, thanks to tokens representing their staked positions.
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Lending platforms enable users to lend their assets to others in exchange for interest payments, with rates determined by supply and demand.
Token: $XPRT
$XPRT is the native token of the Persistence ecosystem.
Launched in April 2021, the token was designed to support a DeFi ecosystem that goes beyond the standard DeFi narrative found in most blockchains.
$XPRT supports use cases such as ecosystem development, network security, and governance.
Origins of PSTAKE
The emergence of DeFi transformed the financial landscape by providing accessible income-generating opportunities through blockchain technology.
In November 2021, the total value locked (TVL) across multiple ecosystems peaked at over $240 billion.
Before the rise of DeFi, staking was a popular yet conservative strategy. As of October 27, 2022, the global staked value had accumulated to nearly $100 billion, attracting approximately 6.7 million stakers.
The Persistence Team
The team behind Persistence is Persistence Labs. Persistence Labs is the actual team responsible for building and developing services on the Persistence network, and it also supports and incubates external teams building on Persistence.
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