The Persistence team has been diligently working to deliver on many of our key milestones and goals to help grow and expand our ecosystem. Our ultimate vision is to become the leading liquid staking hub of the PoS industry through our ecosystem components — every day, we’re getting closer to making this a true realization.
We recently announced several key insights surrounding our 2022 mission and how our ecosystem components will work in harmony to achieve our goals. Accordingly, we’re continuing to push initiatives forward based on our targets and goals, putting the pieces together that will ultimately consolidate to bring forth our broader vision.
Recapping Our Goals for 2022 & Beyond
Our core mission for this year will be to cement Persistence’s place as the liquid staking hub of the PoS industry, which will be achieved by driving the utility and adoption of pSTAKE’s stkASSETs (liquid staked assets).
Use-cases for stkASSETs will thus be expanded through a range of applications and integrations bridging the PoS and DeFi sectors. All internal initiatives (led by the Persistence core team) are focused primarily on driving innovation around staking and liquid staking. Ecosystem applications are being encouraged to build use-cases around stkASSETs.
Internal Products
- pSTAKE: pSTAKE is a key component of the Persistence ecosystem, enabling liquid staking for users and the issuance of stkASSETs on the Persistence Core chain. We’re committed to continually expanding pSTAKE’s supported assets, thereby continually expanding our addressable market. pSTAKE will continue to drive the expansion of DeFi utility and liquidity of stkASSETs, thereby increasing demand and adoption.
- AUDIT.one: Via AUDIT.one, Persistence’s validator arm, we are continuing to become more deeply integrated within, and a critical component of, the overall PoS industry. We aim to reach $2 billion in assets under delegation by Q4 of 2022, while becoming one of the most prominent validators on chains within Cosmos and beyond. Moreover, we’re working towards becoming a node operator for all major (liquid) staking pools in addition to creating a one-stop-shop dashboard for staking & liquid staking.
We’ll also be creating additional opportunities for the growth of stkASSET utility and adoption, including activities such as hackathons, grants programs, partnerships, and more to strengthen innovation and leverage collective brainpower to further drive our vision.
Major Developments
Aside from the deployment of the incentivised XPRT/UST pool on Osmosis, as described above, one of the most notable recently completed developments is $PSTAKE bridging. Through Gravity Bridge, $PSTAKE can now be bridged from Ethereum into the Cosmos ecosystem via the Persistence chain, providing more utility and interconnectivity across the other chains within the network. Bridging went live on March 8 2022.
Upcoming developments currently underway which will be instrumental in our next phase of expansion include:
- Additional stkASSETs on pSTAKE: As the pSTAKE ecosystem begins to branch out, we plan on soon adding an additional set of supported assets — this will include ETH (stkETH) and SOL (stkSOL) for Ethereum and Solana token holders, respectively. This is expected to roll out in April 2022.
- pSTAKE Launch on Persistence Chain: pSTAKE will be launching on the Persistence Core-1 chain, which means stkASSETs will be available and interoperable within the Cosmos ecosystem via IBC — thus increasing DeFi utility and accessibility of stkASSETs within the broader ecosystem. The implementation is currently underway, expected to go live in Q2 of 2022.
- Launch of stkASSET/stkASSET Pools: We will soon be deploying stkASSET/stkASSET liquidity pools (e.g. stkATOM/stkXPRT). LPs of these pools will not need to deploy any unstaked capital and will earn staking rewards and LP rewards with 100% of their pool position, maximising yield. This will encourage stakers to hold multiple stkASSET tokens, accelerating the adoption of pSTAKE. Expected to launch in Q2 of 2022.
Onward to a New Paradigm in PoS
With our vision clearly in mind, our team is putting our foot on the gas and is making consistent progress when it comes to key developments and accomplishments.
Every development and integration milestone brings us a step closer to making liquid staking the default staking choice of the PoS economy. The Persistence ecosystem is strongly positioned to both drive, and derive value from, significant growth of the liquid staking industry in 2022 and beyond.
About 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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