stkDYDX is NOW LIVE on Persistence One, issued by pSTAKE Finance.
After Cosmos Hub (stkATOM) and Osmosis (stkOSMO), Persistence One now supports liquid staking support for the dYdX chain (stkDYDX) in Cosmos.
stkDYDX is a liquid staked token (LST) of dYdX’s native token, DYDX issued by pSTAKE Finance. stkDYDX gives users the best of both worlds–DYDX staking rewards (from trading fees and other sources) and DeFi opportunities while maintaining liquidity.
Custom-built DYDX liquid staking
With stkDYDX, Persistence One is DYDX-aligned. stkDYDX differentiates itself from the current DYDX liquid staking landscape by offering higher yield, UX improvements, and more decentralization and security.
- 0% liquid staking Fees: Liquid staking fees are charged on staking rewards generated. Users will pay 0% fees for DYDX liquid staking for the first two months after launch with pSTAKE on Persistence One. With stkDYDX, users receive full staking rewards, offering higher yields.
- No-click auto-compounding: Persistence One offers Chain Abstraction for automatic compounding DYDX’s USDC staking rewards. All USDC rewards will be swapped into DYDX tokens on Dexter and then restaked. All without any intervention from users.
- 300,000 PSTAKE Launch LP Incentives on Dexter: Dexter, the liquidity hub on Persistence One, has launched a stkDYDX Metastable pool. Users can provide stkDYDX liquidity to earn trading fees and ~$13,500 PSTAKE incentives in the first month.
- Custom-built for dYdX chain Decentralization: stkDYDX is optimized to decentralize the dYdX chain further. When DYDX is liquid staked, it is automatically distributed to ~35 validators (more than 50% of all dYdX chain validators). This feat is achieved with a transparent, on-chain, data-driven algorithm focused on DYDX decentralization.
- Get DYDX liquidity in a flash: stkDYDX can be swapped on DEXs like Dexter or Flash Unstaked on pSTAKE Finance. This innovative mechanism matches daily DYDX deposits with unstaking requests to give users access to liquidity when needed.
- Safe, Secure. Solid: Liquid Staking on Persistence One has been audited by leading security firms like Halborn Security, Notional, Hexens, and more. Persistence One is also one of the only ecosystems in Cosmos to have an active Immunefi Bug Bounty program. To double down on security, stkDYDX is also audited separately by Oak Security.
What’s Next?
The initial priority for stkDYDX will be to bootstrap deep liquidity on Dexter and other relevant DEXs in the future.
Post that, stkDYDX could find its way and get deep-rooted into the Cosmos DeFi Ecosystem with leading protocols and ecosystems like Astroport, Mars Protocol, Kujira, Shade Protocol, UX Protocol, Nolus, Inter Protocol, and more. It will also be interesting to see how stkDYDX can empower the Ethereum LSTfi ecosystem.
We are very excited to bring DYDX Liquid Staking on the Persistence One Chain. stkDYDX is a significant milestone in our journey to create a Liquid Staking economy.
stkDYDX is uniquely positioned to assist further decentralizing the dYdX Chain, create DeFi utility for liquid staked DYDX, and benefit the community.
stkDYDX also brings innovations such as a 0% liquid staking fee, UX improvements like no-click auto-compounding of DYDX and USDC staking rewards and Flash Unstake, and extra security measures
About Persistence
Persistence is a cosmos app chain for Liquid Staking and Restaking.
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!
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