As we’ve continued to grow and build across our entire ecosystem, Persistence has always strived to be at the forefront of innovation and work with the best to not only enhance the user experience but also improve processes and cross-chain capabilities.
To that end, we’re excited to announce that we’ve formed a partnership with Axelar, a secure cross-chain communication network designed for Web3 that allows dApp (decentralized application) users to seamlessly interact with any digital asset or protocol.
Keep reading to learn more about what we’re looking to achieve through this partnership to help boost both ecosystems.
Enabling New Cross-Chain Possibilities
Working with Axelar will allow us to implement and enable the following features:
- Cross-chain messaging between Persistence and EVM-based chains: Axelar’s platform allows dApps on EVM chains to utilize Persistence’s smart contract functionality, calling functions on Persistence and composing them into one-click experiences for users. This will create greater interoperability between networks and expanding the scope of innovative use cases in DeFi (decentralized finance). By nature of design, this will help connect these EVM chains to the Persistence Chain and all other interconnected IBC networks, helping achieve our long-term vision of greater synergy across the Cosmos ecosystem.
- ERC-20 stablecoin bridging: Using Axelar’s infrastructure will allow us to enable popular stablecoins (i.e. USDC, DAI) to be bridged to the Persistence ecosystem, opening up an entirely new realm of possibilities when it comes to their utilization with dApps and tokens across our network.
In addition, we’re currently exploring the potential to implement cross-chain bridging for liquid staked assets to the Persistence Core-1 chain via Axelar, vastly broadening the utility and value of stkASSETs.
We look forward to our continued work with the Axelar team and are excited for what lies ahead – stay tuned for more.
Axelar delivers secure cross-chain communication for Web3. Our infrastructure enables dApp users to interact with any asset or application, on any chain, with one click. Axelar is a blockchain that connects blockchains, enabling universal Web3 interoperability. The network is secured using proof-of-stake consensus, and messages are routed and translated using permissionless protocols. Axelar is like Stripe for Web3.
Axelar has raised capital from top-tier investors, including Dragonfly Capital, Polychain Capital, Coinbase, and Binance. Partners include major proof-of-stake blockchains, such as Avalanche, Cosmos, Ethereum, Polkadot and others. Axelar’s team includes experts in distributed systems/cryptography and MIT/Google/Consensys alumni; the co-founders, Sergey Gorbunov and Georgios Vlachos, were founding team members at Algorand.
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.