Persistence has been working tirelessly to get its Liquid Staking application pSTAKE not just to debut with its uncapped Atom launch, but also to get it into the sights of DeFi holders so that they are aware and interested in what’s going on and can truly add value to the service.
So today I’m just going to go through what’s happened with pSTAKE so far, what’s going on in the Persistence ecosystem, and what’s ahead for pSTAKE, the pSTAKE token ($PSTAKE), and the airdrop. That being said, let’s talk about it…….
Because Persistence is a DeFi application ecosystem, it focuses on not just DeFi but also NFTs and liquid Staking. Persistence is also exploring synthetic assets. As we already know, Persistence is not only an ecosystem, but also a software and blockchain based on proof-of-stake, making it eco-friendly inside the Cosmos ecosystem of interoperable blockchains. Persistence is bringing a number of new apps to market in the near future, the first of which is the pSTAKE application.
This is an application that is used to unlock the liquidity of staked assets, and many staked assets are susceptible to an unbounding period, which means they’re actually locked into Staking to create those extra returns on your tokens. The difficulty is that you won’t be able to use the tokens elsewhere if you do this. You can’t sell them on exchanges to gain some quick cash, and you can’t use them in other DeFi applications either. Liquid Staking is one example of this type of application.
Users can deposit their ATOM token, continue to earn Staking incentives for ATOM, and then obtain liquid atom, which they can sell, trade, or deposit into DeFi applications using pSTAKE. Persistence still has a lot of work ahead of them in order to bring this product to market. However, the ATOM token has now had an uncapped launch, which implies that an infinite amount of atoms can be deposited, raising the total value locked (TVL), which is now slightly under $5 million.
Another thing which has already happened is that Alpha Finance is currently developing the pSTAKE application, and this will be a means for ALPHA token holders to have exposure to pSTAKE, the token that will be issued by the pSTAKE application. What occurs here is that Alpha stakeholders will be given the pSTAKE token as an airdrop, which will provide them exposure to the system and how successful it is.
The launch of $XPRT deposits into pSTAKE to obtain $XPRT representation tokens on Ethereum is the next step. Then, on top of that, there will be liquidity pools formed on Ethereum applications. This is what will give pSTAKE its ultimate use case. As a result, once we have Liquidity Pools on Ethereum applications, such as Sushi Swap (for instance), holders of SDK Atom or SDK XPRT will be able to construct pools and supply liquidity on Sushi Swap.
This is all that will be covered for now, there are tons of prospects all lined up in the pipeline and the Persistence team can’t wait to let these prospects become a reality. It has been an exciting month so far and I have no doubt that the rest of the year is going to more exciting.
Kindly click the link below to learn more about the Persistence ecosystem.