Throughout October 2023, Persistence steadily navigated its ecosystem, keeping a consistent flow in dApps and crucial chain stats. In this blog, we’ll explore the essential events in the Persistence Ecosystem. The Total Value Locked (TVL) on the Core-1 chain saw a change, dropping by about ~$1.5 million—a 29.58% decrease, finishing the month around ~$3.38 million. Both ecosystem dApps, pSTAKE, and Dexter, showed consistent activity, following the broader trends of ATOM unbondings in Cosmos and market changes. Despite these ups and downs, the Persistence Core-1 chain remains a growing hub for LSTfi. The number of active wallets continued to rise, hitting an all-time high of 21,100+. As we explore this update on the Persistence Ecosystem, we’ll dive into the traction it’s gaining and its developments
Empowering the Ecosystem: XPRT Governance Highlights.
The month of October brought forth notable governance achievements, with two significant proposals receiving the nod from the Persistence community.
Persisters joined forces in Proposal #48, charting a community-led course for change. The outcome? A 15% reduction in XPRT Liquidity Bootstrapping (XLB) incentives, specifically on the ATOM/XPRT pool on Dexter and XPRT/OSMO pool on Osmosis. This thoughtful adjustment reflects the community’s collaborative spirit, seeking to fine-tune incentives and ensure a balanced ecosystem.
Following a lively forum discussion, Proposal #54 set the stage for a strategic move—onboarding and bootstrapping Stablecoin liquidity on Persistence. This involved the introduction of XPRT/USDT and USDC/USDT pools on Dexter. The rationale behind this move is compelling. By incorporating one of the highest volume-generating token classes (Stablecoins), Persistence aims to deepen XPRT liquidity, reduce entry barriers on Dexter, foster LST liquidity against stablecoins, and ultimately attract a more diverse user base, including liquidity providers and traders.
As we reflect on these governance milestones, it’s evident that the Persisters’ decisions (through $XPRT governance) are shaping the landscape of Persistence for a more robust and inclusive future.
October Highlights on Persistence
In October, Persistence had some key moments with tech advancements, insightful publications, community engagement, and ecosystem integration.
1. The v10 Annapurna Core-1 Chain Upgrade: Elevating Efficiency
Persistence achieved a milestone with the successful completion of the v10 Annapurna core-1 chain upgrade. In under 3 minutes, this upgrade introduced enhanced on-chain monitoring, improved security through reduced block size, and streamlined the on-chain governance process.
2. ‘Persisting in the Interchain’: A Chronicle of 3+ Years
In a reflective blog titled ‘Persisting in the Interchain,’ the extensive journey of building in the Interchain, spanning over 3+ years, was delved into by Persistence. The blog not only chronicled the past but illuminated the synergistic association between Persistence and the Cosmos Hub, showcasing the enduring vision that propels the vision of being a cosmos app chain for LSTfi.
3. Cosmoverse Conference: A Nexus of Insights
Persistence Labs contributors actively participated in the Cosmoverse conference held in Istanbul. Engaging in discussions about the DeFi landscape, liquid staking, and the future trajectory of Persistence’s LSTfi vision, the conference served as a nexus of insights, fostering connections and shaping the narrative of the decentralized future.
4. Leap Wallet Integration: Empowering Persisters
Leap Wallet, a leader in the Cosmos ecosystem, extended its support to the Persistence Core-1 chain in their Leapboard 2.0. This integration provides Persisters with a comprehensive overview of holdings, governance participation, and on-chain activities, further empowering the community within the Cosmos ecosystem.
As we reflect on these highlights, it becomes evident that October was a chapter of advancements, reflections, engagements, and integrations that collectively contribute to Persistence’s journey.
Persistence Ecosystem dApp Highlights: Navigating Growth
Here, we delve into the dynamic developments across Persistence’s ecosystem, exploring within Dexter, pSTAKE on Cosmos, and pSTAKE on EVM. From cumulative volumes in Dexter to the surge in liquid staking on Cosmos and the security fortifications in the EVM domain, each section unfolds a new facet of October’s journey.
- Cumulative volume surpassed $4 million across stkATOM, PSTAKE, ATOM, and XPRT pools.
- XPRT governance approved XPRT/USDT and USDC/USDT pools, a significant step in integrating stablecoins.
- Successful audits by Halborn Security and Notional Ventures fortify Dexter’s upcoming features.
pSTAKE on Cosmos:
- 8.5% surge in users engaging in liquid staking, reaching 2914 participants.
- Discussion on Cosmos Hub forum explores allocating 600k ATOM to pSTAKE for potential benefits in on-chain TVL and stkATOM liquidity.
pSTAKE on EVM:
- Shellboxes completes a second audit for stkETH v2, enhancing security.
- Marvel Testnet success with 2,200+ participants engaging in liquid staking on Arbitrum and Optimism.
What Lies Ahead for Persistence? A Glimpse into the Roadmap.
In a single word, Persistence’s next phase is all about “Distribution.” Over the past 3+ years, Persistence has tirelessly pursued its vision of becoming a “cosmos app chain.” The foundation is set with pSTAKE (LST issuance) and Dexter (LST liquidity) driving the liquid staking economy, and now, expansion is on the horizon with additional DeFi primitives.
After a year of concentrating on building a strong product team and launching v1s, Persistence is now geared for growth despite market uncertainties. In the upcoming months, they plan to expand their products, and introduce new pools on Dexter.
However, the spotlight is now on outward expansion. Initiatives include strengthened marketing, partnerships with content creators, collaborations with research firms, community nurturing, and exploration of additional exchange listings.
Persistence is a cosmos app chain for LSTfi (liquid staking finance) with the issuance of & DeFi for LSTs.
The Persistence core-1 chain hosts pSTAKE Finance–a multi-chain liquid staking protocol for issuing LSTs that allows users to earn staking rewards while participating in DeFi primitives, Dexter–the Interchain DEX for yield-generating assets like LSTs.
Persistence aims to offer a one-stop shop for liquid staking for PoS (Proof-of-Stake) users and enable developers to build innovative applications around LSTs.
Become a Persister today!