April was an absolute blockbuster month for Persistence, as we made significant headway when it came to added features and key implementations. Our ongoing efforts are continuing to manifest themselves into powerful results, as we march on to enable the next major installments of our ecosystem.
Our team made several important announcements and developments over the last month, with pSTAKE stealing the spotlight, given the efforts we’ve been pushing forward to continue to innovate and build on the platform to drive forward greater utility for liquid-staked assets.
We also published several important articles on the pSTAKE blog, including a user guide on how to mint and collateralise bATOM and an announcement detailing our Ethereum 2.0 liquid staking implementation.
Keep on reading to learn more about what’s been achieved in the past month.
Major Highlights 🚀
- The bATOM token (pSTAKE’s wrapped stkATOM on Terra) officially went live on Anchor Protocol, allowing native ATOM holders to stake their tokens via pSTAKE and borrow UST against their liquid-staked assets. This marked a significant achievement in DeFi, signifying the first decentralized use case for users to borrow against their ATOM holdings.
- pSTAKE’s implementation of Ethereum 2.0 liquid staking moved one step closer with stkETH going live on the testnet. Community members provided support by participating and stress-testing the network prior to the release of the mainnet.
- pSTAKE integrated with Biconomy, meaning users on our platform are able to convert their ATOM to bATOM (facilitated through stkATOM) without being required to pay any gas fees on Ethereum.
Key Releases 📢
- Minting & Collateralizing bATOM: User Guide: To kick off the month of April, our team put together a step-by-step guide on how to mint and collateralise bATOM tokens in order to borrow UST on Anchor Protocol.
- Ethereum 2.0: Fueling the Proof-of-Stake Ecosystem: In this extensive piece, we dove deep into everything you need to know about Ethereum 2.0, including what it is, important timing and milestones, and the potential effect it will have on the liquid staking ecosystem in general.
- pSTAKE’s Ethereum 2.0 Liquid Staking Implementation: All details regarding pSTAKE’s planned Ethereum 2.0 liquid staking implementation were covered, including an stkETH minting guide, network background mechanics, key components, and token models. We followed this up with a comprehensive guide for the stkETH testnet.
- pSTAKE: Terra DeFi Deep Dive: With the integration of bATOM on Anchor Protocol, users now have the ability to use their tokens as collateral to borrow UST. We developed a degen strategy guide highlighting various tips and tricks on how people can maximize their UST holdings across protocols and applications within the Terra ecosystem, such as Osmosis, Anchor Protocol, Mirror Protocol, and Pylon Protocol.
Persistence Monthly Stats 📊
$XPRT & Persistence Chain 🦾
- We hit an incredible milestone at the beginning of April with the Persistence network surpassing 1 million on-chain transactions.
- Persistence continued to see growth across the network throughout the month, with the total amount of transactions hitting over 1.1 million and wallet count rising to over 44,000.
- The amount of bonded (staked) XPRT has remained steady at around 87%, keeping Persistence a stronger contender within the top 5 PoS networks containing over $100M in staked value.
- The XPRT/UST pool on Osmosis is currently providing a total of over 175% APY for LPs (liquidity providers).
- A proposal was submitted on Snapshot where community members voted in favor of allocating a total of 1.15M $PSTAKE tokens from the Incentivisation and Community Development Fund to bootstrap key pSTAKE ecosystem liquidity pools.
- To enhance the overall user experience for our platform and broaden opportunities for Terra DeFi ecosystem participants, pSTAKE integrated with Biconomy, allowing users to convert their native ATOM to bATOM without paying any Ethereum gas fees.
- Citadel.one successfully integrated pSTAKE on its platform, creating an extension for our protocol. Users can now leverage pSTAKE’s liquid staking capabilities directly within the Citadel.one application, providing new exposure to the platform’s community and user base.
- KuCoin and Gate.io both recently listed the $PSTAKE token on their exchanges, allowing users to deposit and trade the ERC-20 asset via the PSTAKE/USDT trading pair.
- A governance proposal tailored to stkATOM and stkXPRT was drafted on the pSTAKE forum to garner feedback on potentially changing the reward rates for stkATOM and stkXPRT, making them more in-line with those of the native chains. The proposal is soon expected to go live on pSTAKE’s snapshot space as well.
- As of April 21, $9.78M in bATOM had been collateralized on Anchor Protocol.
Persistence’s liquid staking ecosystem continues to strengthen, with pSTAKE developments and integrations moving at a rapid pace. The bATOM integration and stkETH testnet implementation serve as prime examples of our recent progress, setting the stage for more to come towards the tail end of Q2 2022. This includes the development and implementation of stkSOL and stkAVAX, plus pSTAKE launching on the IBC-enabled Persistence chain.
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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