March 2023 has been monumental for Persistence, with several vital developments contributing toward the future of the Persistence Ecosystem. DeFi pieces for Liquid Staking in the Interchain are coming together on the Persistence Core-1 chain, making it the first and only (to date) Cosmos chain to have both–native LST issuance layer and niche DeFi primitives for LSTs built on it.
Buckle up because the Liquid Staking Hub era is now. 🦾
Let’s deep dive into significant highlights and statistics of the month. 👇🏼
Major Highlights 🚀
- DeFi on Persistence kickstarted with the launch of Dexter: The Interchain DEX for Yield-Generating Assets.
- On-chain governance showed a positive trend—two important proposals passed with record-breaking participation by $XPRT stakers.
- Applications for the Foundation Delegation Program second round went live this month to decentralize the network further and improve validators’ efficiency and governance participation.
- The Persistence Core-1 chain celebrated two years since its genesis.
- On-chain TVL has grown steadily and stands at $3.6M+ with increasing interest and adoption of liquid staking.
Persistence Monthly Stats 📊
Ecosystem 🦾
- Dexter went live on 27th March as the first CosmWasm-based DeFi primitive on the Persistence Core-1 chain with two pools: $XPRT – $ATOM (weighted pool) and $ATOM – $stkATOM (Metastable pool).
- $XPRT incentives (from Proposal #13) went live for both the launch pools on Dexter for the first month to bootstrap initial liquidity. The pSTAKE team also added $ATOM and $stkATOM rewards for the ATOM-stkATOM Metastable pool.
- The $PSTAKE community passed a proposal to allocate 500K PSTAKE tokens from the pSTAKE Incentivization and Community Development Fund to incentivize liquidity bootstrapping of stkATOM on Dexter for 3-5 months.
- pSTAKE launched the Migration Utility for users to migrate their stkATOM(ERC-20) & pATOM to stkATOM and stkXPRT(ERC-20) & pXPRT to XPRT on Persistence Core-1 chain in one single click.
- A proposal to list stkATOM as collateral was posted on Umee’s Commonwealth space for discussion.
- Bamboo: The Lending Protocol for Yield-Generating Assets teased its UI and posted a blog explaining its Interest Rate model.
Tech Updates ⚒️
- Proposal #20 to Update Instantiate Config of LP Token and Pool Codes on the Persistence Core-1 chain passed with a whopping 97.85% voting Yes, completing the final step for Dexter’s launch on the Persistence Core-1 chain.
- Proposal #21 to allocate XPRT Incentives to bootstrap deeper XPRT liquidity on Cosmos DEXs like Osmosis and Dexter also passed with a 97.11% favored vote.
- A discussion to decide on Proposal 21 allocation and distribution went live on the Persistence forum.
- The Persistence Core-1 chain testnet had a significant increase in activity earlier this month, with the successful conclusion of Dexter’s testnet campaign, Rave. It saw a high level of engagement from the Dexter community, with 400+ users performing 38,000+ transactions.
- The Persistence Core-1 chain was integrated with https://tfm.com/bridge, enabling a smooth single-click transfer of assets to and from the Persistence chain across other IBC-enabled integrated chains.
- Three new validators – Stake&Relax, GenesisLab, and Kitkat joined the Persistence Core-1 chain on Mainnet this month.
- Persistence Foundation Delegation Program round 2 is live, where validators can fill in their applications based on specific on-chain and off-chain criteria to receive further delegations.
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.
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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