After more than two years of relentless ideation and development, we’re thrilled to announce that the Persistence mainnet is going live tomorrow, March 30th! This will signal the official birth of the Persistence network and the next major milestone on our journey to usher in a new financial paradigm.
The genesis transactions from our validators sent before 12 PM UTC on March 30th, 2021, will be used to publish the final_genesis.json at 1 PM UTC on the same day. The genesis will start immediately after as soon as a quorum is reached.
At this point the network will be live with 16 genesis validators along with 5 Foundation nodes (a total of 21 validators).
We are committed to ensuring the utmost security and robustness of our network, and our strong validator ecosystem is playing a major role on this front. In addition to securing the network, our validators will be enabling XPRT holders to delegate to them for staking (35% APR for stakers in the first year).
Read below to learn more about our mainnet launch and to meet our world-class validator ecosystem bolstering the Persistence network.
Building a Strong Network Bolstered by World-Class Validators
Persistence has onboarded some of the world’s top validators, distributed globally. Our highly experienced ecosystem of validators collectively secure over $7B worth of assets across multiple networks, and growing quickly.
- Dokia Capital
- Tavis Digital
- P2P Validator
- Band Protocol
- AscendEX (formerly BitMax)
We have carefully selected our validator set based on various criteria including their experience, reputation and robust infrastructure (only those with enterprise-grade infrastructure running bare metal servers with top-tier security have been considered). Our decision is also strategic in nature, given that each of our validators brings their own strengths and contributions to the long-term success of Persistence.
For instance, our validator set includes leading Cosmos ecosystem validators and projects (with whom we share strong synergies and will be collaborating with on various fronts), and institutional validators who are helping to bring institutional adoption for XPRT.
Many of our validators have been supporting Persistence since our very beginning and helped to financially bootstrap the project during our earliest funding round.
In order to bootstrap delegations for our validators and incentivize strong support from the outset, 30M XPRT tokens from Persistence’s Ecosystem and Marketing funds will be delegated to the 16 genesis validators.
Onward to Further Decentralization
In addition to the 16 genesis validators outlined above, five additional Foundation nodes (maintained by the Persistence team) will also be live upon the mainnet launch to further bolster the security of the network.
The Foundation nodes will be running at a 100% commission rate to ensure XPRT stakers (delegators) stake with the genesis validators and not with the Foundation nodes. These Foundation nodes will be switched off by the end of Q2 2021 or early Q3 2021.
The active validator set will be expanded to 50 validators after the chain has launched, thus increasing the decentralization of the network.
We have decided to establish the network with a limited set of carefully selected validators, as opposed to a broader set for the sake of greater initial decentralization, in order to ensure a smooth mainnet launch and the best possible staking experience.
Delivering a Superb Staking Experience
As the Persistence chain runs on a delegated Proof-of-Stake based Tendermint PBFT consensus engine, staking is integral to ensuring a secure and robust network. Our validators are highly experienced experts not only in the field of network validation but also in providing staking services for the broader PoS community.
Upon the launch of staking on April 1st, XPRT token holders will be able to delegate their tokens to our network validators for staking. Stakers will receive rewards in the form of XPRT in return for contributing to the security of the network.
The XPRT staking yield for the first year will be 35% APR — among the highest in the industry.
These lucrative staking rewards incentivize XPRT holders to stake their tokens, thus increasing network security. Due to high initial rewards, early stakers will be rewarded with the best staking yields.
XPRT is the token around which the entire Persistence ecosystem is built, thus staking XPRT to secure the chain will also result in a great deal of exposure to multiple dApps in the ecosystem for stakers.
More details regarding staking and the benefits for stakers will be outlined in an upcoming article. Stay tuned!
Interested in Becoming a Persistence Validator? We’d Love to Hear From You!
The Persistence network will be permissionless after TGE (Token Generation Event), meaning anyone will be welcome to run a validator node for the network.
In addition to being able to play a key role in helping to secure the network, validators will also earn a passive income via fees generated from providing staking services for the Persistence community. XPRT token holders will delegate their tokens to the validators, who will charge a commission (rate set by the validators themselves) to receive a percentage of their delegators’ staking rewards in return for their service.
Furthermore, the Persistence Foundation will be providing support for selected validators in the form of Foundation delegations, which validators will have to apply for on a case-by-case basis. The formal Foundation delegation policy will be revealed after TGE, upon which time validators will be able to begin receiving delegations from the Foundation.
We’ve established a validator-specific channel on Discord exclusively for those interested in becoming a Persistence validator or learning more. We invite you to join us in the ‘Validators’ channel of our Discord server here:
The Strong Backbone of a Strong Ecosystem
A network is only as strong as its validators. Backed by a strong ecosystem of world-class validators, we are now ready to push ahead on our mission to usher in a new financial paradigm.
Not only will our validator ecosystem ensure a secure and robust network for our growing suite of next-gen financial applications, but they will also offer a reliable staking solution for XPRT holders who will further bolster network security via staking.
More than two years of relentless ideation and BUIDLing has been leading up to this moment, and we invite you to celebrate the monumental occasion of our mainnet launch alongside us.
Here’s to the next exciting chapter in the journey of Persistence! 🥂
Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
The Persistence chain 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.
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