Persistence One is experiencing a major transition as it focuses on delivering the V2 of Persistence DEX, which will introduce a unique BTC interoperability solution powered by Intents.
With the development of V2 already underway, we wanted to dive into the role of XPRT in both V1 and V2 of Persistence DEX and highlight the potential utility for XPRT that BTC interoperability will bring.
XPRT is the native token of the Persistence Core-1 Chain, which was one of the very first Cosmos chains, launched in April 2021. The token was initially launched as a staking, governance and fee token, giving holders a say on the platform’s future direction. However, its role has since increased with Persistence DEX, a powerful decentralized exchange that allows users to generate yield from assets across chains.
As V2’s launch approaches, XPRT’s utility is expected to expand further. Let’s examine the role of XPRT in V1 and V2 in depth.
V1: Persistence DEX and Persistence Core-1 Chain
The XPRT token has multiple roles in V1, including the following:
- Decentralized Governance
- Transaction Fees
- Chain Security
The token is used as the native governance token, allowing holders to cast their votes on protocol proposals and allowing them to shape the platform’s future direction.
In addition, XPRT is also used to pay transaction fees for the more than ~5,000 daily on-chain transactions related to trading LPing on DEX, XPRT staking, liquid staking, IBC transfers, and more.
XPRT is also vital in securing the Persistence One chain through PoS. Token holders stake XPRT to validate the blockchain and earn staking rewards to secure the chain. As of December 2024, around 62.7% of $XPRT is staked, demonstrating holders’ confidence in the token’s future direction and willingness to secure the chain.
Finally, it’s important to mention that the XPRT token is integral to Persistence DEX and is used as a pairing token for many of the active pools on the platform. Persistence One aims to build multi-asset liquidity and has done over $31 million volume on around ten assets integrated into its platform since 2023.
V2: BTC Cross-Chain Swaps
The upcoming V2 for Persistence DEX will see the project doubling down on building in the BTC world. In particular, it aims to solve the fragmentation issue in the BTCfi world, through a BTC interoperability platform powered by intents.
There are currently 75+ Bitcoin L2s with over $3 billion in TVL. The majority of these BTC L2s introduce their own BTC variants, creating silos of individual pools of liquidity. Currently, it’s challenging to move liquidity from one BTC variant to another. As these tokens are derivatives of BTC, they should be closely aligned and entirely interoperable. This is the problem that Persistence One will address with its interoperability platform.
With V2 on the horizon, XPRT stakers can look forward towards increased utility for XPRT, subject to governance:
- Fee rebates for users staking XPRT
- Solver onboarding through whitelisting
- Launch new community pool proposals to boost the adoption of V2, such as grants or incentives.
In addition, the utility gained from the BTC Interoperability system will be transformative for the BTCfi world, helping to unlock a total addressable market that equates to a $250B+ industry over the next decade.
The introduction of BTC interoperability through Persistence One will help BTCfi in the following ways:
- Onboard more users
- Boost DeFi activity on BTC
- Provide a better user experience
- Allow users to chase more opportunities
- Create efficient markets
Overall, Persistence One is about to launch Persistence DEX V2, which will set a new foundation for an interoperable BTC among L2s. This will elevate the utility of XPRT, which should spur further growth for the ecosystem.
About Persistence One
Persistence One is building the BTCFi Liquidity Hub, enabling fast, near zero-slippage swaps for XPRT, BTC-variants, and BTCfi tokens on Persistence DEX.
BTCFi’s rapid growth has created multiple BTC-related assets, making fragmentation a big challenge. Persistence One will provide a single liquidity hub, simplifying value transfer across the Bitcoin ecosystem.
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