Persistence January 2024 Update

In January, the Core-1 chain’s Total Value Locked (TVL) closed at $10.5 million. Ecosystem dApps, pSTAKE & Dexter have both seen steady activity.

Persistence chain saw a 12% increase in avg. daily transactions, ~20% increase in avg. daily active users and crossed 51,750 Persistence accounts in the New Year. Here’s a holistic traction update on the Persistence Ecosystem.

XPRT Governance

• A proposal for a joint deployment of $500k on the XPRT/OSMO pool has been initiated for discussion on the Persistence and Osmosis Forums. The XPRT/OSMO pool (#110) is currently incentivized with 15,000 XPRT tokens monthly. The Persistence Community, through XPRT governance, can substantially increase this amount to support the POL with more liquidity providers to amplify its benefits further.
• Improved the user experience of transferring staked $XPRT between wallets without a need for unbonding using pWallet.
• A $300k Protocol Liquidity Match ShadeSwap forum discussion was initiated by the Shade team. Persistence would bring $150k worth of XPRT to ShadeSwap and Shade would match the incentives in terms of $150k worth of SHD to ShadeSwap.
• A proposal for the incentivization of Dexter pools with XPRT from Dexter Grant for February 2024 was initiated. 
• A proposal to allocate 1M XPRT for XPRT liquidity and Dexter incentives for 6 months was initiated. 
• A proposal to Upgrade PersistenceCore v10.4.0 was initiated. The new upgrade will help to launch stkDYDX with SecurityOak audit fixes and no-click auto-compounding of $DYDX and $USDC staking rewards. Also added extra security measures for protocol redemption rate of LSTs. Enabling rebalancing on pSTAKE Finance for more decentralization of supported chains and upgrading ibc-go version.

Highlights

1. Integrated with KAVA CHAIN to bring 1-click $USDT transfers to Persistence  One.
2. stkATOM by Persistence One got integrated with Mars Protocol on Neutron.
3. Performed the fastest core-1 chain v10.3 upgrade ever to date.
4. Launched stkDYDX on Persistence chain testnet. 
5. Posted an updated $XPRT staking guide.
6. Launched stkXPRT and Superfluid LP (Staked $XPRT → stkXPRT LP position on Dexter in a single click) on testnet.
7. Hosted an internal security hackathon to audit every single line of our code.
8. Announced a partnership with Cryptocito. 

Ecosystem dApp Updates

Dexter

1. Dexter believes that the entire Cosmos should benefit from its capital-efficient trading. So far, tradooors have actively traded $7.8M+ on Dexter. 
2. Next on the radar is opening the door to passive traders by integrating Dexter into leading aggregators like Skip Protocol’s ibc. Fun, TFM, and Squid Router.
3. The first week of 2024 saw ~$520k traded across the XPRT, ATOM, stkATOM, DYDX, PSTAKE, USDC, and USDT pools.
4. Surpassed $7M+ cumulative volume on Dexter. 

pSTAKE on Cosmos

1. pSTAKE continued with its incentive program, allocating 515K pSTAKE in January 2024. 
2. A proposal to add stkATOM as collateral for Inter Protocol’s $IST, a leading decentralized stablecoin in Cosmos, was initiated and passed. 
3. Launched DYDX liquid staking on pSTAKE testnet for using stkDYDX in DeFi on Dexter in the Persistence LSTfi Ecosystem.
4. A discussion to Decentralize Cosmos Hub with pSTAKE’s new validator delegation strategy for stkATOM was initiated on the pSTAKE Finance forum. It proposes an updated automated validator delegation and rebalancing strategy for stkATOM to decentralize the Cosmos Hub. This is poised to increase decentralization and adoption of LSTs in Cosmos. 
5. stkDYDX will be live on pSTAKE soon. It will help to expand pSTAKE’s liquid staking support in Cosmos by onboarding dYdX with the launch of stkDYDX. As an added incentive, no protocol fee will be charged for the first two months.  
6. stkATOM is now LIVE ON MARS (NEUTRON). Users will be able to deposit stkATOM for yield and may also use stkATOM as collateral for borrowing through this new integration. 
7. Proposal to integrate stkATOM to Kujira to allow stkATOM to be used as collateral on Ghost Money Market got passed. 

What’s next for Persistence?

Many new updates are on the horizon for Persistence and here’s a preview of some of the plans we have in store for our users this year. 

Restaking and BTC Security: Persistence will actively explore restaking, and in terms of Bitcoin Security with Babylon, the team will look closely into adopting BTC security by Babylon, along with keeping close tabs on Mesh and Opt-in Interchain security. A new bug bounty on Hexens (Immunefi already exists) and more security audits for each new product/feature will also be looked at. 

LSTfi UX: Persistence will also actively work on a seamless and effortless 1-click LSTfi UX to bring the idea of the Super app to life soon. It will ensure LST yield in Cosmos in one place, and v1 will bring a unified front end to access liquid stake (pSTAKE), trade or provide liquidity (Dexter), stake (XPRT) on Persistence. Users will be able to enjoy the chain abstraction feature with the Super app, and v2 will bring LST yields outside Persistence at the fingertips (background IBC transactions abstracted away).

Users might also be able to deposit USDC/USDT to mint any pSTAKE and mint stkTokens by depositing USDC or USDT on pSTAKE. Users may also be able to liquid-stake DYDX that is present on Ethereum in a single click.

New liquidity: Dexter will witness a new custom ILPU and superfluid LP for stkXPRT. New pools such as stkDYDX/DYDX, stXPRT/XPRT will also be deployed soon. 

Airdrops for stkToken Holders: Partnerships with new projects to actively include stkATOM (and other LSTs, too) for airdrops.

Persistence Ecosystem has been advancing towards its goal of becoming the liquidity hub for Cosmos app chains. With more new pools coming to Dexter, Persistence is uniquely positioned to capture significant capital influx and attract more traders and liquidity providers.

Persistence will continue to strengthen marketing efforts and simultaneously work with creators to increase distribution and develop more local communities.

About Persistence

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!

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