Crypto

Persistence Launches pSTAKE Offering Liquidity for Billions of Crypto Assets Delivered

Placing cryptocurrencies on blockchain networks with proof of ownership has become one of the popular methods for generating stable profit from cryptocurrency. While DeFi offers the potential for impressive returns at very high risk, bets offer more stable returns on average around 15%, according to current stakingrewards.com data. Still significantly higher than anything you would get in a bank, but generally with much less risk.

However, the fact that a token lock is required for staking means that this is currently either / or a solution. If a risk-averse user wants to insure against the reliability of their betting income, they will have to withdraw their funds in order to use them. This is a feature, not a bug – it is designed to improve the security of the blockchain during black swan events. However, it also ensures that a significant amount of liquidity is excluded from the larger crypto-financial ecosystem.

Now Persistence is about to launch the next product of its sequel – pSTAKE. It aims to overcome the staking problem by providing users with an easy and intuitive way to place a bet and unlock over $ 600 billion in liquidity held in the proof of stake market. And while improving overall security and decentralizing the betting ecosystem.

What is pStake?

pSTAKE is a liquid staking protocol that allows users to unlock liquidity from their assets. How it works? Well, instead of placing tokens directly with the platform, users will be placing bets through the pSTAKE protocol. In return, the user will receive indexed 1: 1 pTOKENs. These tokens represent the user’s participation in the Ethereum blockchain and can be used in the Ethereum DeFi ecosystem.

Under the hood, pSTAKE delegates assets to one of its whitelisted validators on the underlying PoS network that the user wants to use. Thus, the user receives a staking reward. However, the pTOKENs they receive from the pSTAKE protocol can be lent as liquidity to DEX pools, earning a portion of the transaction fees, or lent to decentralized credit pools in exchange for interest. The return received from these DeFi deposits is in addition to the rewards involved, which increases the likelihood of winning at the same initial stake.

Cosmos is the first network supported by pSTAKE, followed by Persistence.

Another tool in the box with persistence

Perseverance is becoming a hot new competitor to DeFi and also bears the flag in the name of the multi-channel ecosystem. pSTAKE is based on Ethereum and Cosmos, and Persistence works with several other platforms in various offerings and operations. The project already has a decentralized commodity exchange ComDex, which recently by USD 100 million in transaction volume.

The launch of pSTAKE is supported by the Persistence credential in the Proof of Stake realm. The project also uses Audit.One, a bet as a service solution that protects over ten networks, including Polygon, Cosmos, Terra, NEAR, and its own Persistence platform.

Persistence has also integrated a group of professional and reputable validators for its network, including Band Protocol in Thailand, Cosmostation in South Korea, Tavis Digital in Switzerland, and Huobi Pool in China. The first 16 validators integrated with Persistence collectively provided over $ 7 billion in assets. As a result, the project has a well-established network and reputation in the POS community, providing a safe way for any user to unlock their betting liquidity using pStake.

pSTAKE starts on June 15 at 12:00 Moscow time.


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