The Persistence ecosystem continued to grow and blossom throughout March, as we stayed true to our commitment and innovation by continuing to build upon the underlying infrastructure, bringing us one step closer to ultimately realizing the full potential of our liquid staking economy.
Over the course of the last few weeks, pSTAKE has picked up significant traction and garnered attention due to major news and updates, most notably a proposal for the integration of bATOM on Anchor Protocol and the launch of $PSTAKE into the Cosmos ecosystem.
To provide more insights into the Persistence protocol and the landscape from a broader perspective, we published two articles highlighting Persistence’s long-term vision and the liquid staking landscape within the Cosmos ecosystem. In these pieces, we touch more on the future of our platform and other liquid staking protocols that coexist within Cosmos.
To learn more, below you can find a high-level recap of the key highlights and milestones we achieved last month.
Major Highlights 🚀
- A proposal was submitted to enable bATOM as collateral on Anchor Protocol. bATOM is pSTAKE’s stkATOM on the Terra blockchain. Whitelist voting is now live — if passed, Anchor Protocol would become the first DeFi lending option for ATOM stakers, allowing them to borrow against their collateralized assets for the first time as a direct effect of liquid staking.
- The Persistence Bridge for $PSTAKE went live, initiating the $PSTAKE token’s launch within the Cosmos ecosystem. The ERC-20 version of $PSTAKE can be transferred from Ethereum to the Persistence Core-1 chain, allowing token holders to provide liquidity on the Osmosis DEX and the token to interconnect with other chains via IBC.
- pSTAKE community governance: $PSTAKE token holders can now initiate proposals and vote to implement changes to the pSTAKE protocol on Snapshot, allowing decentralized governance to take place for the first time.
Key Releases 📢
- Bringing Liquid Staking to the Forefront: Setting the Next Chapter in Stone: Highlights of what Persistence is aiming to accomplish, a closer look at the $XPRT token’s utility, the harmonic relationship between $XPRT and $PSTAKE, and major future developments.
- The Liquid Staking Landscape of Cosmos: A Bird’s Eye View: An overview of the various liquid staking protocols that sit within the Cosmos ecosystem, with a deeper dive into how pSTAKE fits in and demonstrates its own unique value proposition amongst the landscape.
Media Coverage 📰
- It’s Called Incompossibility, It’s a Big Problem, and Liquid Staking Protocols Can Solve It: The Defiant published an article written by Tushar Aggarwal, our founder and CEO, discussing the fragmentation and under-utilization of liquidity across blockchains and the solution liquid staking protocols present.
- $PSTAKE and $XPRT are Poised to Make Persistence the Epicenter for Liquid Staking in DeFi: NewsBTC and CoinMarketCap released a news article covering how the two tokens work together in harmony to add value across the entire Persistence ecosystem.
Persistence Monthly Stats 📊
$XPRT & Persistence Chain 🦾
- We celebrated Genesis Day on March 30, a major milestone in our project’s history that marked the one-year anniversary of the Persistence Core-1 chain mainnet launch.
- OSMO liquidity mining rewards and XPRT external incentives are live for the XPRT/UST pool on Osmosis, enabling liquidity providers to earn ~195% APR for bonding their tokens.
- March ended on a strong note for Persistence users, with the total number of XPRT stakers rising by 21% and the number of Persistence wallets increasing to 39,069.
- Governance proposal #3 was implemented in March. This saw the upgrade of the Persistence Core-1 chain to v2 — the Cosmos SDK was updated from v0.42.4 to v0.44.6, modules were updated and added (including a standalone IBC module), and the Tendermint version was upgraded to v0.34.14.
- Governance proposal #5 was submitted and passed. This proposal decreased the voting period of on-chain governance proposals from 14 days to 7 days.
- Anchor Protocol hosted a Twitter space AMA featuring the Persistence team to dive deeper into the onboarding of bATOM as collateral on their platform, while also discussing the implications for pSTAKE and the Cosmos/Terra ecosystems as a whole.
- As of March 24, pSTAKE users had amassed over $470K in staking rewards since launch ($138,807 in ATOM and $337,518 in XPRT).
- The 30 million $PSTAKE airdrop was initiated. Eligible users received the first batch in March. The distribution of retroactive $PSTAKE rewards for stkASSET liquidity providers on SushiSwap was also initiated.
- The mechanics of the $PSTAKE airdrop were simplified so that all participants became eligible to receive 100% of their token allocation, opening the door for more rewards to be disbursed among community members.
- The $PSTAKE/$OSMO pool #648 on Osmosis continues to provide high APRs of up to ~238% for liquidity providers.
Broader Persistence Ecosystem 🌐
- AUDIT.one was selected to be a genesis validator following the news of the Evmos mainnet launch.
The Persistence team continues to march on with improved platform enhancements, activities, and integrations that bring us closer to bringing liquid staking further into the limelight. As we move further into 2022, we’ll keep laying the foundation for greater use cases for our liquid staking assets and beyond.
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Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence 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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