Persistence Protocol Powering Next-Gen Financial Product — pStake
pSTAKE is the first liquid staking application on the Cosmos Hub to improve asset staking potential. In the alpha version of pSTAKE, customers have a chance to experience the customer journey converting test ATOM into ERC-20 wATOM and pATOM tokens at a 1:1 ratio. At the moment, all pSTAKE processes take place in the Ethereum and Atom testnets in order to identify possible bugs and improve the UX.
On June 15, Persistence developers launched an alpha version of a new product called pSTAKE, in which users can convert cryptocurrency into tokens, stake them and widely use them within the DeFi industry, thanks to the IBC functionality of transferring between different networks, receiving rewards for both stakings and participating in DeFi activities. This version of the product supports ATOM staking in test mode.
To see the whole picture of pSTAKE we highly recommend reading related articles from the Persistence team:
•Understanding proof of stake and liquid staking: The evolution of PoS.
•Introducing pStake: unlocking liquidity of stake Assets
•pStake Alpha Release and bug bounty program: Full details.
It is worth mentioning that when pSTAKE goes live on mainnet networks, customers should stake their crypto assets directly after purchasing or they could unstake their existing stake to stake again through pSTAKE to benefit its wide functionality. In the latter customers will face an unstaking period (21 days for Cosmos ATOM), however, in the next version of pSTAKE staking rewards will be compensated for this period from a specially designed redemption pool.
All Persistence products will additionally benefit XPRT token stakers, who will be rewarded by the part of generated commissions from products, including pSTAKE, Comdex, and other upcoming solutions. You may learn how to stake XPRT token from our guides:
•How to Delegate XPRT in Persistence Wallet
•How to Delegate Persistence (XPRT) in Cosmostation Crypto Wallet.
On the website, you can find detailed documentation on staking in pSTAKE, but we decided to prepare our own step-by-step guide that will help everyone who wants to quickly master pSTAKE and help the Persistence team to improve the application by identifying bugs and inconsistencies.
What is Peculiar About pStake?
Most people who are interested in PoS-based tokens believe in the long-term vision of these projects. It has been determined that gambling is more beneficial than just owning tokens; HODLers is constantly being diluted because new tokens are introduced into supply through block rewards allocated to mortgagers, essentially rewarding them for protecting the network. However, this long-term belief comes at the expense of liquidity. Betting positions are inherently illiquid. Although stakeholders earn block rewards (usually called mortgage rewards) by participating in chain consensus and governance to provide network security, stakeholders cannot use their mortgaged assets for any other purpose because they are locked into the net. This is where the need for pSTAKE comes in. pSTAKE creates liquid pledged positions by issuing 1:1 tied proxies with pledged assets of its users. These committed representative tokens can then be used in various DeFi applications to generate additional revenue.
Access pSTAKE Finance here: https://app.pstake.finance/
About Persistence
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in various areas whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.
For More Information about Persistence:
Website: https://persistence.one/
Telegram Group: https://t.me/PersistenceOne
Twitter: https://twitter.com/PersistenceOne
