Persistence One is excited to share an important initiative aimed at building deeper XPRT liquidity and expanding its presence to new ecosystems, starting with Base chain.
Building liquidity is essential to the growth of any project, and building that liquidity on multiple chains helps to provide enhanced exposure for new users.
In this blog, we will dive into the introduction of XPRT to the Base ecosystem, the rationale behind this initiative, and why we’ve decided to start with a XPRT/USDC pool on Aerodrome Finance.
Rationale behind this Initiative
As we embark on the journey to make XPRT a multi-chain token, we are strategically starting with Base. This move is a testament to our commitment to expanding XPRT’s reach and creating more opportunities for our community. Base is a quickly rising chain that’s highly active, has a strong community, and is establishing a deep liquidity pool across multiple assets.
So far, most of XPRT’s liquidity has resided on Cosmos, with the ~$625K liquidity distributed in pools across Dexter, Osmosis, and ShadeSwap. Despite some growth in XPRT liquidity over the last few months (especially on Dexter), achieving diversified and efficient XPRT liquidity remains a key challenge.
Maintaining strong liquidity for any token is crucial for community growth, distribution, trading, arbitrage opportunities, and the ease of moving in and out of a particular asset. High liquidity attracts new users to the platform, creating a virtuous cycle of increasing liquidity and user growth.
Arbitrage → More Volume → More Fees → More Liquidity → More user growth → Repeat.
Pushing XPRT onto new ecosystems will help build deeper XPRT liquidity reserves for holders, laying the foundation required to continue expanding the use cases for XPRT.
In addition, moving onto new chains like Base is not just about building strong liquidity and supporting community growth but also about enhancing token distribution.
Thus, exposing XPRT to a larger global market through high-activity chains like Base will improve accessibility and awareness. Following the Base integration, we intend to expand further onto other high-activity chains, such as TON and Blast.
A topic surrounding taking XPRT multi-chain was discussed on the Persistence community forum last week, with most interest favouring the initiative.
Pushing Further Into Base: Introducing XPRT Into Coinbase’s Rapidly Rising Chain
So why Base?
Base stands apart from its newly launched competitors because it was created by the largest crypto exchange in the world, Coinbase.
The exchange launched its chain to provide developers with a low-cost method for building on-chain applications complete with on/off ramps, helping onboard millions of new users into the DeFi world.
The growth of Base has been truly outstanding, and we’re still at the very start of its journey. Base chain went live in August 2023 and has attracted a $1.75 billion TVL level, with the pace of its growth constantly accelerating;
With over 300,000 daily active users and such a strong entity backing it, Base is the perfect place to start building XPRT liquidity to turn it into a multi-chain asset.
Persistence One to Launch XPRT/USDC Liquidity Pool On Aerodrome
We’ve chosen Aerodrome as the starting point to push XPRT onto Base as it’s a secure and reliable platform for our users.
Furthermore, Aerodrome is the largest DEX on Base, with $722 million in locked liquidity, demonstrating its credibility and trust built with its community. As of today, XPRT is now officially live on Aerodrome with a brand new XPRT/USDC pool.
You can now bridge XPRT from Cosmos chain to Base using the Squid Router Protocol (powered by Axelar bridge) or IBC.fun and add liquidity to the XPRT/USDC pool on Aerodrome. We’ve released detailed guides to help guide you through this entire process – take a look at this to bridge to Base and this to add liquidity.
We’re fully committed to this initiative to help XPRT become multi-chain. To help push it forward, we’re incentivizing liquidity providers to deposit into the XPRT/USDC pool on Aerodrome. For example, we will provide 25,000 XPRT in incentives from the Persistence Incentivization Multisig in June 2024, and we’re committed to continuing with liquidity bootstrapping incentives for the foreseeable future.
On the Aerodrome protocol, these incentives will be distributed as weekly epoch-based AERO incentives into the pool, following the v(3,3) model.
We are confident this initiative will bolster and diversify XPRT liquidity, attract new users to the Persistence One ecosystem, and extend its influence beyond the Cosmos Ecosystem.
About Persistence One
Secured by Bitcoin, Persistence One is a hub for trading Bitcoin and Liquid Staked Tokens (LSTs).
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