Community Newsletter #22 — July 2022

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Your monthly digest for July on everything surrounding the Persistence and pSTAKE ecosystems.

Throughout July the Persistence team continued to push forward with building, blazing through several key initiatives and developments.

Plenty of updates and developments have taken place, most notably for pSTAKE. Tremendous progress has been made on pSTAKE’s BNB liquid staking implementation, which is expected to go live on mainnet in August. In addition, the team has been charging forward with enabling stkATOM on the Persistence Chain to bring IBC connectivity to liquid-staked assets across Cosmos.

Q3 2022 has only just begun and is already off to an exciting start. To learn more about the recent updates from the Persistence ecosystem, check out the highlights below from July.

Major Highlights 🚀

  • A proposal was passed to migrate XPRT from coin-type to 750 to 118 for the Persistence Core-1 chain, meaning XPRT will now follow the same coin type as Cosmos Hub, similar to other chains within Cosmos.
  • A proposal put forth by Frens Validator was passed to increase the Persistence Core-1 active validator set from 75 to 100. This initiative is set to help further decentralize the network through a more widely distributed set of validators providing security.
  • A governance proposal was passed to initiate a large feature V3 upgrade to the Persistence Chain testnet, bringing in a CosmWasm module, Interchain Account host capabilities, and more.
  • pSTAKE announced an update on its upcoming stkBNB liquid staking implementation, with the testnet implementation currently in progress and the mainnet launch expected in August. Users will be able to stake their BNB via pSTAKE to mint stkBNB to use across the BNB Chain DeFi ecosystem. The stkBNB contract has undergone multiple security audits from reputable blockchain security firms PeckShield, Halborn, and Certora.

Key Releases 📢

  • Why Liquid Staking is a Game-Changer for BNB: To provide a deeper understanding of the potential liquid staking can bring to BNB Chain and its BNB token, we uncovered some of the top dApps (decentralized applications) and protocols within the ecosystem, demonstrating the potential utility for stkBNB.
  • The State of ATOM Staking: The first iteration of this monthly report was launched in July. The report aims to provide an all-inclusive overview of ATOM staking, including analysis, statistics, and metrics on staked ATOM and Cosmos Hub. Moving forward, this report will be released towards the middle of each month to give users the latest scoop on ATOM staking research. 
  • Coin-type Migration from 750 to 118 for Persistence Core-1 Chain (XPRT): We covered the advantages of initiating the XPRT coin-type migration from 750 to 118, including details around BIP44 coin types, their place in the interchain space, and more about the impact this will have.
  • BNB Chain: Ecosystem & Staking Overview: In order to give the pSTAKE community a flavor and overview of the rich BNB Chain network, this article covered its vast dApp ecosystem, key statistics, BNB token, and staking mechanics.

Persistence Monthly Stats 📊

Ecosystem 🦾

  • Abhitej Singh and Mikhil Pandey from Persistence discussed liquid staking on Cosmos, news and progress surrounding pSTAKE, and the stkATOM integration on the Persistence Chain in an exclusive interview with Cryptocito.
  • Nasdaq hosted a TradeTalks interview featuring Tushar Aggarwal discussing liquid staking’s role in DeFi and how Persistence is delivering value to the ecosystem.
  • External incentives for the XPRT/OSMO and XPRT/USDC pools on Osmosis were extended for 45 days. The pools received distributions of 150K and 250K XPRT, respectively. 
  • Persistence will be partnering with Cosmoverse at this year’s event, taking place from September 26-28 in Medellin, Colombia. Tushar Aggarwal, our CEO, is joining as an official speaker on behalf of Persistence to discuss our project and what we’re bringing to the table with liquid staking.
  • We released a comprehensive Twitter thread detailing the promise of liquid staking and what Persistence is aiming to build over the long-term, enabling liquid staking to become a major disruptor in the DeFi and PoS realms.
  • An in-depth Twitter thread was released diving deeper into the BNB Chain’s key analytics, including its DeFi ecosystem, wallet address metrics, network performance, BNB staking data, and more.
  • BNB Chain featured pSTAKE under the spotlight for an exclusive interview, where important details and information were shared regarding our upcoming BNB liquid staking solution.
  • pSTAKE was featured in Smart Liquidity Research’s forum with a post detailing the launch of liquid staking for BNB, highlighting its functionality, rewards, and more.

With major developments such as pSTAKE’s stkBNB liquid staking solution and important Persistence governance proposals stealing the spotlight this month, it’s an excellent segway into the other highly anticipated milestones in the pipeline for 2H 2022.

The Persistence team will continue to keep our heads down and build to deliver an ecosystem of products set to redefine the liquid staking industry. 

Ride the wave and follow us on our social media channels to get the latest scoop.

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