Persistence Liquid Staking

Introduction

Persistence is a Tendermint based specialized Layer-1 powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. The protocol facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.

Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.

The Rise of persistence Liquid Staking

Over the years Cosmos ecosystem continued to expand and mature throughout 2021, so did the Persistence network and their liquidity staking protocol.

pSTAKE, developed by Persistence, is a liquid staking protocol unlocking the liquidity of staked assets. Stakers of PoS tokens can now stake their assets while maintaining the liquidity of these assets. Through pSTAKE the network has continued to strengthen throughout this past year, more especially the idea of spreading pSTAKE to other many chains and different community, Since then Persistence has witnessed an exponential growth for both Persistence and pSTAKE. Plenty of action took place at the forefront and behind the scenes.

The buzz was largely in part due to the success of the stkBNB mainnet launch, inviting the BNB community into the pSTAKE ecosystem. Our BNB liquid staking solution moved us closer to making liquid staking the de-facto standard of the PoS (Proof of Stake) economy.

At present, pSTAKE supports Binance Chain (BNB), Cosmos (ATOM), Persistence (XPRT), and Ethereum (ETH) networks’ native tokens, with a view to support more chains and assets in the future (SOL, and AVAX).

$XPRT and pSTAKE Explained

Gratitude to Persistence, Now users can earn staking rewards while taking part in DeFi like lending/borrowing and liquidity provisioning on DEXs, which makes it easier to issue and deploy liquid-staked stkASSETs. For the readers to understand stkASSETs, note that the native asset of the Persistence network is called $XPRT, it carries a variety of use cases within the ecosystem, including governance, staking, and its role as a work token. $XPRT’s holders can participate in governance by issuing proposals and voting. Moreover, as the Persistence chain runs on delegated Proof-of-Stake based Tendermint PBFT consensus engine, staking is vital to ensuring the network stays secure and robust.

pSTAKE, effectively a liquid staking protocol releasing the staked assets’ liquidity. PoS token owners can use pSTAKE to stake their assets while preserving their assets’ liquidity. Users who stake with pSTAKE receive 1:1 pegged representative tokens (stkASSETs), which can be used to increase returns in DeFi, in addition to staking rewards. A group of the best validators on the underlying networks stake the native assets of users. In effect, pSTAKE is bridging the PoS and DeFi sector by providing users with the ability to:

• By staking the underlying assets and promoting network security, you can receive PoS staking rewards.
• Utilize DeFi protocols that support stkASSET to produce more yield.
• With the issuance of stkATOM and stkXPRT, pSTAKE currently supports liquid staking for Cosmos (ATOM),Persistence (XPRT) and Ethereum ETH.

Tutorials on staking and the staking reward guide can be found on the link below; https://www.stakingrewards.com/journal/how-to-stake-persistence-xprt/

Persistence Statistics & TVL

The infographic above shows the persistence staking statistics as at (Dec13 2022) ranging from staking APY, staking reward/yield and different pools, Building and developing have been top of mind for persistence Devs with efforts ramping up the end of the year 2022.

Total TVL (as of 2022) include:

• Total TVL: $61M+ (inclusive of StakeLP)
• stkATOM TVL: $27.6M+ (17.4% — 7D growth)
• stkXPRT TVL: $17.8M+ (9.1% — 7D growth)
• Total stakers: 5,544

pSTAKE will be continually expanding liquid staking support to other major PoS chains as we progress, including Ethereum 2.0, Solana and other Cosmos-based chains.

Other current focuses of the pSTAKE team include bootstrapping further DeFi use-cases of stkASSETs (such as lending/borrowing, perpetuals, yield farming etc.), and establishing a Cosmos-based implementation of the pSTAKE protocol.

Specific milestones include:

• bATOM integration with Anchor Protocol
• $PSTAKE TGE
• Support for Eth2.0 ($ETH)
• Support for Solana ($SOL)
• Issuance of Tendermint-based assets (stkATOM and stkXPRT) on the IBC-enabled Persistence Core-1 chain

Other Leading POS Ecosystem

At large, The Proof-of-Stake industry has grown from $9B in October 2019 to $390B in 2021 (3700% growth) — and it’s not stopping. At present, the top 10 chains account for 73% of the total PoS market cap.

Now Ethereum 2.0 has launched, the PoS market cap will quickly surpass $700B, producing exponential growth potential for early liquid staking protocols. Major PoS ecosystems to watch include Ethereum, Solana, Cosmos and Polkadot. Interestingly, only $29B is currently staked through staking protocols.

Comparing pSTAKE with other liquid staking

Several projects are leading the charge when it comes to implementing liquid staking solutions within Cosmos. Some current solutions cater to ATOM stakers by issuing liquid assets on Ethereum, some are building native implementations within the Cosmos ecosystem, and some are taking a multi-chain approach.

Some liquid staking solutions, like pSTAKE, are live now and building traction, whereas others are in the works and expected to launch from Q2 2022.

conclusion

liquid staking will have a profound impact on the networks, stakers, and DeFi protocols within and outside the Cosmos ecosystem. it opens the door for greater distributed liquidity and token utility across all interconnected chains, boosting activity and yield opportunities across the board.

This ultimately translates into more TVL and activity across all chains to allow interconnected networks (and their participants) to multiply and prosper. Persistence is poised to leave a firm footprint on the broader industry through these solutions and innovations.

For more information

Website. https://persistence.one/

Twitter: https://twitter.com/PersistenceOne

Official Blog: https://medium.com/persistence-blog

Ann Channel. https://t.me/PersistenceOne

Telegram Group https://t.co/Ix4dy4fuXa