A Guide to Persistence: The Liquid Staking Hub for Multiple PoS Chains

Cryptocurrencies are revolutionizing the way we exchange value, store wealth, and access financial services. However, they also pose some challenges and trade-offs, especially for those who want to participate in the security and governance of decentralized networks, while also enjoying the benefits of decentralized applications (dApps).

One of these trade-offs is the dilemma of staking versus liquidity. Staking is the process of locking up your tokens in a network to support its consensus mechanism, earn rewards, and influence its direction. Liquidity is the ability to use your tokens in various dApps, such as lending, borrowing, trading, and investing, to generate more income and utility.

How can you have the best of both worlds? How can you stake your tokens and use them in DeFi at the same time? This is where Persistence comes in.

What is Persistence?

Source: Persistence website

Persistence is an app chain for liquid staking DeFi (LSTfi), powered by the Cosmos tech stack. Persistence enables users to stake their tokens on various proof-of-stake (PoS) networks, and receive liquid staked tokens (LSTs) in return, which can be used across a range of DeFi applications on Persistence and beyond. Persistence aims to bridge the gap between traditional and crypto assets, by unlocking the liquidity and utility of staked assets and enabling cross-chain transfers and composability.

The vision and Mission of Persistence

The vision of Persistence is to create a decentralized liquid staking economy, where LSTs of multiple leading PoS chains, such as Cosmos Hub, dYdX, Osmosis, and Celestia, are not only issued on Persistence but also have widespread adoption on DeFi applications, such as decentralized exchanges, money markets, perpetual, options, and more.

The mission of Persistence is to solve the PoS dilemma, by allowing users to stake their tokens and use them in DeFi simultaneously, without compromising on security, decentralization, or scalability. Persistence also aims to foster innovation and diversity in the crypto space, by supporting various types of assets, such as crypto coins, utility tokens, stablecoins, DeFi tokens, and real-world assets.

Problems Persistence Aims to Solve in the Crypto Space

Persistence addresses some of the key problems and challenges that exist in the current crypto landscape, such as:

• The opportunity cost of staking: Staking your tokens means locking them up for a period of time, which prevents you from using them in other ways, such as trading, lending, borrowing, or investing. This creates an opportunity cost, as you miss out on the potential income and utility that you could have gained from using your tokens in DeFi.
• The lack of liquidity and utility of staked assets: Staked assets are often illiquid and have limited utility, as they cannot be easily transferred, exchanged, or used in other applications. This reduces the attractiveness and efficiency of staking, as users have to choose between earning passive income or accessing DeFi services.
• The fragmentation and complexity of the crypto ecosystem: The crypto ecosystem is composed of various networks, protocols, and applications, each with its own standards, rules, and features. This creates fragmentation and complexity, as users have to deal with multiple wallets, interfaces, fees, and risks, to access different crypto assets and services. Moreover, interoperability and composability between different networks and applications are often limited or non-existent, which hinders the growth and innovation of the crypto space.

Persistence Ecosystem

Source: Persistence Whitepaper

Persistence is more than just a liquid staking platform. It is a comprehensive ecosystem that consists of various components and products that work together to enable a seamless and powerful LSTfi experience. Here are the main components of the Persistence ecosystem:

Persistence SDK

The software development kit that allows developers to build and deploy LSTfi applications on Persistence, using the Cosmos SDK and Tendermint Core. The Persistence SDK provides various modules and tools, such as:

• pStake module: The module that enables the issuance and management of LSTs on Persistence, by interacting with the staking modules of other PoS chains
• pAsset module: The module that enables the issuance and management of synthetic assets on Persistence, by interacting with the oracle modules of other chains
• pBridge module: The module that enables the cross-chain transfer and interoperability of LSTs and pAssets, by interacting with the IBC modules of other chain
• pWallet module: The module that provides a unified and user-friendly interface for accessing and managing LSTs and pAssets on Persistence and other chains
• pDEX module: The module that provides a decentralized exchange for trading LSTs and pAssets on Persistence and other chains

Persistence Hub

The main blockchain of the Persistence ecosystem, where the Persistence SDK and its modules are deployed and run. The Persistence Hub is secured by the $XPRT token, which is used for staking, governance, and fees. The Persistence Hub also connects to other chains via the Inter-Blockchain Communication (IBC) protocol, which enables the transfer and interoperability of LSTs and pAssets.

Persistence dApps

The decentralized applications are built on top of the Persistence SDK and Hub and provide various LSTfi services and features to users. Some of the dApps that are already live or in development are:

• pSTAKE: The flagship dApp of Persistence, which allows users to stake their PoS tokens on various networks, such as Cosmos Hub, dYdX, Osmosis, and Celestia, and receive LSTs in return, which can be used across a range of DeFi applications on Persistence and beyond. pSTAKE also allows users to swap, stake, and unstake their LSTs, and earn rewards and fees.
• Dexter: The first DeFi application that integrates with pSTAKE, which allows users to trade their LSTs and pAssets on a decentralized exchange, powered by the pDEX module. Dexter also allows users to provide liquidity to LST and pAsset pools, and earn rewards and fees.
• pWallet: The official wallet of Persistence, which allows users to access and manage their LSTs and pAssets on Persistence and other chains, using the pWallet module. pWallet also allows users to interact with other Persistence dApps, such as pSTAKE and Dexter, and view their portfolio and performance.
• Persistence Bridge: The bridge that connects Persistence to other chains, such as Ethereum, Binance Smart Chain, and Polygon, using the pBridge module. Persistence Bridge allows users to transfer their LSTs and pAssets between Persistence and other chains, and access more DeFi opportunities and markets.

The Persistence ecosystem is designed to be modular, scalable, and interoperable, which means that it can support more LSTfi applications and features in the future, and integrate with more PoS chains and DeFi platforms.

What is Liquid Staking?

Liquid staking is a novel concept that aims to solve the PoS dilemma, by allowing users to stake their tokens and use them in DeFi simultaneously, without compromising on security, decentralization, or scalability.

Liquid staking works by issuing liquid staked tokens (LSTs) that represent the staked tokens on a PoS network. LSTs are fungible, transferable, and composable tokens that can be used across various DeFi applications, such as decentralized exchanges, lending platforms, derivatives markets, and more. LSTs also allow users to claim their staking rewards and participate in the governance of the PoS network, by redeeming their LSTs for the original staked tokens at any time. LSTs also have a dynamic exchange rate with the staked tokens, which reflects the staking rewards and fees accrued over time.

Liquid staking has several benefits for users, such as:

• Enhancing the liquidity and utility of staked assets, by enabling users to access more DeFi opportunities and markets with their staked tokens
• Reducing the opportunity cost and trade-off of staking, by allowing users to earn passive income from staking and active income from DeFi simultaneously
• Increasing the security and decentralization of PoS networks, by incentivizing more users to stake their tokens and support the network’s consensus mechanism
• Fostering innovation and diversity in the crypto space, by creating new types of assets and services that leverage the potential of LSTs

How Persistence Enables Liquid Staking

Persistence is the first platform that enables liquid staking for multiple leading PoS chains, such as Cosmos Hub, dYdX, Osmosis, and Celestia, using its flagship dApp, pSTAKE.

pSTAKE allows users to stake their PoS tokens on various networks, and receive LSTs in return, which can be used across a range of DeFi applications on Persistence and beyond. pSTAKE also allows users to swap, stake, and unstake their LSTs, and earn rewards and fees.

pSTAKE leverages the Persistence SDK and Hub to issue and manage LSTs on Persistence, and to enable cross-chain transfers and interoperability of LSTs, using the IBC protocol. pSTAKE also integrates with other Persistence dApps, such as Dexter, which allows users to trade their LSTs on a decentralized exchange

Persistence Tokenomics ($XPRT)

$XPRT is the native token of Persistence, which powers the Persistence ecosystem and its products. $XPRT has various roles and utilities within the ecosystem, such as:

• Governance: $XPRT holders can participate in the governance of the Persistence main chain, by proposing and voting on various factors that affect the ecosystem, such as fees, parameters, upgrades, and more.
• Staking: $XPRT holders can stake their tokens on the Persistence main-chain, to contribute to the security and stability of the network, and earn rewards and fees in return.
• Asset token: $XPRT holders can benefit from the economic activity generated by the Persistence products, such as pSTAKE, Dexter, pLend, and more, as a portion of the fees and rewards generated by these products are distributed to $XPRT stakers.
• Access token: $XPRT holders can access various features and services offered by the Persistence products, such as creating and trading LSTs and pAssets, lending and borrowing LSTs and pAssets, and more.

Token Distribution

$XPRT has an inflationary supply, similar to many other Cosmos app chains. This helps to secure the network and validate the blocks. $XPRT holders can stake their tokens for 21 days and earn rewards. At Genesis, $XPRT started with 100 million tokens, which were allocated as follows:

• Marketing & Growth (25.6%): To be used for various marketing activities, partnerships, institutional adoption, exchange listings, and more
• Ecosystem Development (19.4%): To fund the development and adoption of dApps within the Persistence ecosystem
• Team (16%): To reward the Persistence team for their efforts and contributions to the project
• Seed and Private Sale (14%): To raise funds from early investors who will contribute to the success of Persistence
• Validators Incentivization (10%): To incentivize the validators who secure the Persistence network
• Validators & Strategic Sale (10%): To raise funds from strategic partners and validators who will support the Persistence network
• Advisor (4%): To compensate the advisors who provide guidance and expertise to the project
• Public Sale (1): To raise funds from the public and distribute $XPRT to a wider community

The Teams Behind Persistence

Persistence is a project that is driven by a passionate and talented team of developers and entrepreneurs, who have extensive experience and expertise in the fields of blockchain, DeFi, finance, and technology.

The core team of Persistence consists of:

• Tushar Aggarwal: The co-founder and CEO of Persistence, who helped to set up LuneX Ventures’ first regulated crypto VC fund in Southeast Asia (a crypto arm of traditional Singapore VC fund called Golden Gate Ventures). Tushar has written extensively on Blockchain/Crypto in Asia Technology and previously hosted the Decrypt Asia Podcast. He has been actively involved in Crypto since 2016.
• Deepanshu Tripathi: The co-founder and CTO of Persistence, who was part of a three-person team to create a unified payment acceptance platform that was white labeled to Reliance (invested by Facebook), eventually sold to an African Fintech company for $9M. He performed the world’s first Inter-Blockchain NFT transfer. Prior to Persistence, he even ran an Ethereum mining node in 2016.
• Abhitej Singh: The co-founder and head of strategy and community of Persistence, who has 5 years of community development and marketing/growth experience. In the past, he has worked with communities such as Google Developers Group, Facebook Developers Circle, and multiple startups. He co-founded Cosmos India, one of the biggest Cosmos Network local communities, in 2019.

Is $XPRT a Good Investment?

$XPRT, the native token of Persistence has a strong value proposition and growth potential, as it is backed by:

• The demand and adoption of liquid staking, which solves the trade-off between staking and DeFi.
• The quality and diversity of the Persistence ecosystem and products, which offer a range of liquid staking services and features.
• The team and community behind Persistence, which has experience and expertise in blockchain, DeFi, finance, and technology.

$XPRT also has risks and challenges, such as:

• The volatility and unpredictability of the crypto market, which can affect the price and performance of $XPRT and other crypto assets.
• The competition and innovation in the crypto space can create new solutions and features that rival or surpass Persistence.

Therefore, $XPRT is a token that has both pros and cons, and investors should do their own research and due diligence before investing in $XPRT.

How to Buy $XPRT on Gate.io

To buy $XPRT tokens on Gate.io, follow these steps:

• Visit the Gate.io website and create an account with your email and password.
• Deposit some funds to your Gateio account.
• You can trade $XPRT in two markets: XPRT/USDT and XPRT/ETH.

Useful References

For the latest updates about Persistence, you can visit:

• The Official Website
• Twitter
• Discord
• Telegram
• General Whitepaper

Take Action on $XPRT

Check out the $XPRT price today and start trading your favorite currency pairs:

• XPRT/USDT
• XPRT/ETH