May was an eventful month for the Persistence team as we continued on our mission to build a vibrant liquid staking economy for the PoS community. pSTAKE has been the centerpiece of our ecosystem and efforts over the last few weeks, evidenced by several breakthrough developments and implementations when it came to stkASSETs and collaborations.
Step by step, we’re deploying the building blocks that bring us closer to creating a truly diverse liquid staking ecosystem of digital assets and products. In this month’s edition of our newsletter, we cover all the major details and events of what we accomplished to lay the groundwork for more to come as we move further into 2022.
Major Highlights
- pSTAKE’s ETH liquid staking implementation just went live on the Ethereum mainnet. Users can now stake their ETH on the platform to mint stkETH and engage in additional DeFi opportunities throughout the ecosystem.
- Binance Labs made a strategic investment in pSTAKE with the aim to bring liquid staking to the BNB ecosystem via the implementation of stkBNB, expanding pSTAKE’s footprint across the industry.
- External incentives for the new XPRT/axlUSDC pool went live on Osmosis, offering a total of 300K $XPRT rewards over the course of 45 days with ~400% APR (at $1M TVL).
- The Persistence team attended the Gateway Conference 2022 in Prague, Czech Republic this month, which was full of enthusiastic Cosmos ecosystem developers and community members. We had a chance to connect with attendees and gave our own keynote presentation on liquid staking featuring Jeroen Develter.
Persistence Monthly Statistics
$XPRT & Persistence 🦾
- External incentives for the new XPRT/axlUSDC pool went live on Osmosis, offering a total of 300K $XPRT rewards over the course of 45 days with ~400% APR (at $1M TVL).
- The pSTAKE community voted in favor of a Snapshot proposal to adust the stkXPRT rewards rate to 24.63%, which was recently implemented.
- The amount of bonded (staked) $XPRT has remained consistent throughout the month at around 86%. Persistence continues to stand strong as a top network in regards to its bonding ratio, with the total staked $XPRT value now climbing to over $194 million.
- We created a new Persistence China Twitter account to keep our Chinese community members updated on all key news and events regarding our project in Mandarin.
pSTAKE💧💰
- The stkETH testnet was completed, where the community participated to help stress-test the network, followed by a pause for upgrades and internal testing. This was an important building block towards the recent release on the mainnet.
- $PSTAKE reward incentives for key pSTAKE liquidity pools on various DEXs went live — 150k $PSTAKE for the stkATOM-$ETH pool on SushiSwap, and 500k $PSTAKE for the $PSTAKE-OSMO pool on Osmosis.
- pSTAKE completed the last of a series of security audits of its protocol and integrations, executed by some of the most reputable blockchain security firms: Oak Security, PeckShield, Solidified, ConsenSys Diligence, and Trail of Bits.
- stkATOM to bATOM conversions were disabled on the pSTAKE app due to the Terra ecosystem events in mid-May — we developed a tutorial to help guide users on how to complete the conversion through the Wormhole bridge.
- A pSTAKE dashboard was created on Dune Analytics, giving users a birds-eye view of all key data pertaining to the platform, such as TVL metrics, wallet information, and more.
Regardless of market conditions, the Persistence team is continuing to innovate and build to grow our platform and bring liquid staking to the forefront.
As we move further into 2022, implementations of stkBNB and stkAVAX are already on the way, in addition to several other upgrades and news that we’ll be announcing in the near future.
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.
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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