[Singapore] Persistence, the ecosystem of multi-chain DeFi products designed to stimulate global liquidity and enable seamless value exchange, has launched the mainnet for its liquid staking solution: pSTAKE.
pSTAKE unlocks the true potential of Proof-of-Stake (PoS) tokens by unlocking the liquidity of staked assets. Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20 staked representative tokens for their native PoS assets. Subsequently, these assets can be utilized within the existing Ethereum DeFi ecosystem to generate additional yield. The initial phase of the launch will provide support for Cosmos, with support added for a range of PoS networks, including Solana, Polkadot, and Ethereum 2.0, over the coming months.
With over 17,000 participants registering to take part in the public alpha for pSTAKE, the network has gone through a successful period of debugging and testing that will bootstrap the network on launch. In total, over 77,000 actions were performed on the public alpha, including the wrapping and staking of test tokens, ensuring that users will be familiar with the full suite of pSTAKE services on launch.
Tushar Aggarwal, CEO and Founder of Persistence commented, “I’m thrilled with the extraordinary levels of engagement that we have seen on our public alpha over the past few weeks, which has helped tremendously in testing our network and building a strong, resilient foundation for mainnet launch. With over $100B worth of crypto assets currently staked on PoS networks, and that value expected to rise significantly, solutions are needed to stimulate locked liquidity on PoS networks. The launch of pSTAKE provides the crypto community with a comprehensive solution for unlocking the liquidity of staked assets and bridging the gap between staking and decentralized finance.”
Deposit contracts on pSTAKE will initially be capped at 50,000 ATOM on launch, with caps gradually expanded over the coming weeks and lifted in late August. A number of liquidity pools will be whitelisted by pSTAKE, where users can stake ATOM to earn staking rewards. Liquid staking provides opportunities far beyond that of solely staking, enabling significant growth in DeFi in the respective PoS ecosystems in which they operate. pSTAKE is one of a range of DeFi products that form the Persistence ecosystem, including AUDIT.One, a staking-as-a-service solution for institutions, and Comdex, an agri commodities decentralized exchange (DEX).
