Dear Persisters,
As we come to the end of 2025, I want to take a moment to speak directly to you â the people who build with us, engage with us, test with us, challenge us, and continue to support this project through every phase of its evolution.
Back in July 2024, we set a clear new direction for Persistence One. We committed to refocusing the project and building toward a mission centred on Bitcoin interoperability. Over the past year, weâve delivered on that promise: we built the intent-based cross-chain swap product we set out to create, and it is now live on mainnet. Alongside this, we modernised the DEX experience, expanded into Bitcoin-aligned networks, and ran our largest testnet campaign to date. These foundations took time to get right, but they now put us in a stronger position heading into 2026.
Weâre also realistic. Some parts of the 2024 plan are still in progress, and a few developments took longer than expected. And while testnet activity has been strong, we havenât yet reached the level of organic, day-to-day usage that defines real productâmarket fit. That honesty extends across everything we build: not every product will play the same role going forward, and our focus in 2026 will be on the areas where users see the clearest value. In the end, fundamentals matterâa sustainable ecosystem is built on users who choose a product because it solves a real problem and delivers clear utility. Thatâs the standard weâre building toward, and the mission we set in 2024 remains the right oneâif anything, itâs even clearer today.
Bitcoin adoption continues to grow. BTC L2s and scaling solutions are emerging. Interoperability across these systems is still earlyâand the opportunity is still wide open. This is where Persistence One fits.
In 2025, we strengthened our foundations, aligned the team around this mission, and prepared our product for broader adoption. In 2026, our focus is straightforward: turning this foundation into sustained, measurable user growth.
Acknowledging the Shifts Around Us
Weâre also realistic about how the landscape has shifted. Earlier this year, many expected shared-security models to accelerate quickly across ecosystems. Babylon has made meaningful progress with Bitcoin Staking, andâas is typical in a fast-moving industryâpriorities evolve as teams uncover where demand is strongest. Cosmos has continued to innovate around interoperability and sovereignty, even if adoption of shared-security chains has been slower and the long-term path is still taking shape. Ethereum is seeing similar dynamics, with L2 consolidation happening alongside new L1 experiments. And with recent discussions around quantum threats to Bitcoin, itâs clear that long-term security assumptions across the industry are being re-examined. None of this changes our directionâit simply reinforces that timing, fundamentals, and real user value matter more than ever.
Source: Defillama
At the same time, weâve seen user behaviour shift across the broader ecosystemânot only in Cosmos, but across DEXs more generally. Trading volumes and TVL have declined on multiple chains, including Osmosis, and the demand for standalone DEX surfaces has softened. These signals matter as we consider how our Cosmos-based chain and token fit into the long-term direction we set in 2024. Our commitment to the community doesnât change, but how we prioritise our resources must reflect where users actually are. Weâll make changes when they clearly improve the project and reflect real user demand. The goal is to focus our energy where it creates the most impact.
Source: Defillama
Zooming out to the Bitcoin ecosystem, the picture is similar: sidechains, L2s, and Bitcoin-centric DeFi have grown, but not at the pace many anticipated. Developer interest remains strong and new networks continue to launch, but activity and TVL across several Bitcoin L2s have been steady or uneven. Through all of this, our conviction has remained consistentâweâre bullish on Bitcoin, and weâre bullish on intents. The shift toward outcome-focused, intent-based execution continues to gain traction, and users increasingly expect cross-chain actions to âjust workâ without having to understand the underlying complexity. The market is early, still forming, and still waiting for products that offer simple, reliable cross-chain flows.
Source: Defillama
Thatâs the gap we are building forâand it reinforces why our focus for 2026 is practical, measurable user growth and sustainable product revenue driven by real usage.
2025 was a year of tightening our focus and steadily executing on the direction we set in 2024. We refined the product, simplified the experience, and built the foundations for a more unified, Bitcoin-aligned ecosystem.
We refreshed our brand with a cleaner, Bitcoin-aligned interface for Persistence DEX V1.
Brand update
https://x.com/PersistenceOne/status/1874773003059478738?s=20
We also launched several community initiatives and ran a multi-chain incentivised testnet for Persistence DEX V2âour intent-powered Bitcoin cross-chain swapping solutionâwhile stepping up co-marketing with leading BTCfi projects.
Campaign recap
https://x.com/PersistenceOne/status/1887784551247659311?s=20
Across the year, the Interop testnet saw strong engagement: more than 18,000 users placed roughly 418,000 cross-chain swap orders across Bitlayer, Base Sepolia, and BEVM.
https://x.com/PersistenceOne/status/1904536147235365023?s=20
We also deployed Persistence DEX on the Bitcoin-secured Babylon Genesis networkâa valuable step toward closer alignment with Bitcoin ecosystems, even as we now focus our long-term efforts on cross-chain interoperability rather than maintaining full DEX footprints across multiple networks.
Launch announcement
https://x.com/PersistenceOne/status/1914968628757254308?s=20
https://blog.persistence.one/2025/04/02/introducing-persistence-dex-on-babylon-genesis/
On Persistence DEX V1, usage continued to grow steadily, approaching US$50M in cumulative volume and surpassing 5,700 users by November.
Source: Defillama
On the network side, the Persistence Core-1 Chain crossed 6 million transactions and is nearing 25 million blocksâreflecting long-term stability and reliable network performance.
Source: Mintscan
Source: Mintscan
Community participation remained strong. Across trading contests, quests, and partner campaigns with Cede Hub, KuCoin, Intract, and QuestN, more than 10,000 participants joined in a single month.
Monthly update
https://blog.persistence.one/2025/10/07/persistence-september-2025-update
Together, these steps strengthened Persistence Oneâs position as a project building toward simple, intent-driven liquidity flows across the Bitcoin ecosystem.
Roadmap for 2026: The Year of User Acquisition
Our priority for 2026 is straightforward: user acquisition. Every integration, incentive, and product improvement supports that goal.
1. Large-Scale User Acquisition Initiatives
We will launch a full-scale incentive program around our interoperability product. The aim is simple: bring users in, get them to try intent-based swaps, and build recurring activity across supported networks. The program is ready and will go live on the mainnet shortly.
2. Expansion to More Networks & Introducing Stablecoins
With beta already live on BNB Chain and Base, we will integrate additional Bitcoin L2s and other high-priority networks. Each integration is a new distribution channel that exposes new users to our product.
We are also assessing the addition of stablecoins. Stablecoins have a clear productâmarket fit across the industry, and integrating them would make our swap experience more complete and more relevant for everyday flows.
3. B2B Integrations via the Interop Widget
Our Interop Widget allows partners to accept BTC assets directly within their own applications. This brings our technology into environments where users already transact, creating distribution without requiring us to own every interface. The development is almost done and will roll this out throughout 2026.
4. A Streamlined Swap Experience Across Networks
We have two live DEX surfaces todayâon Core-1 and Babylon. While we will streamline parts of their footprint, the core swap functionality remains important. Our long-term goal is a consistent swap experience across Core-1, Babylon, and especially Bitcoin L2s, with intent-based routing underneath.
5. Ensuring the Chain Evolves With the Product
As the interoperability product grows, we are reviewing how the underlying chain should evolveâtechnically, operationally, and economically. This includes assessing security costs, validator configuration, and incentive structures to ensure they reflect real usage and remain sustainable.
6. Testing a Sustainable Incentive Loop
Today, we are introducing an incentive model that rewards users for engaging with the interoperability product and staking XPRT. The purpose is practical: attract users, encourage activity, and grow on-chain usage. As volume increases, protocol fees become a more meaningful contribution to long-term sustainability. This model is iterative, and the upcoming mainnet launch will provide real data to refine it further.
https://x.com/PersistenceOne/status/1996103911019872449?s=20
A Unified Goal
Across integrations, incentives, a streamlined DEX footprint, and responsible chain alignment, the objective is the same: grow meaningful, recurring usage across the Persistence ecosystem.
Summary
2025 was a year of building the foundations that matter. We shipped major upgrades, expanded to new networks, ran our largest community initiatives to date, and kept Core-1 and both DEX platforms stable and active. We focused on the groundwork that makes real adoption possible.
Thereâs still work aheadâimproving UX, strengthening liquidity, deepening partnerships, and widening our reach. But we now have a clear mission, a realistic view of the ecosystem around us, and a product direction that aligns with how users actually behave.
As we head into 2026, the objective is straightforward: turn everything weâve built into sustained, meaningful adoption at scale.
Leadership Update
As a final point, I wanted to share an update on leadership. After six years at the helm of Persistence One, Tushar has stepped down as CEO, and I will be taking over. We are grateful for the work he put into shaping the early chapters of the project and the foundation he leaves behind.
Over the past few years, Iâve already been closely involved across all sides of the ecosystemâsupporting the team, driving product direction, and working directly with partners and the community. Stepping into the CEO role is a continuation of that work, and the transition has been smooth and natural.
The focus remains the same: stay disciplined, build with intent, and drive Persistence One toward long-term relevance and meaningful adoption. We have a clear path forward, and we will keep executing against it.
Thank you for being here with us. We move ahead with clarity and purpose.
Jeroen (Follow on X)
About Persistence One
Persistence One is building intent-based Bitcoin interoperabilityâsimple, reliable cross-chain swaps across Bitcoin L2s, sidechains, and BTC-aligned networks.
Our mission is to reduce fragmentation across the Bitcoin ecosystem and make cross-chain value transfer intuitive for users, developers, and partners.
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