Throughout the Proof of Stake (PoS) industry, a huge number of users and protocols have long enjoyed the benefits of the PoS consensus mechanism. Not only is this an easy and practical way to protect your blockchain network, but it’s also an absolute surefire way for users to earn high APY in exchange for participation through staking. However, the fact that the bet assets remain locked for long periods of time limits their ease of use and discourages many users from betting altogether.
That’s exactly why liquidity staking as a means of unleashing the liquidity of bet assets is being considered within DeFi, and it is the Tendermint / Cosmos-based persistence network that is taking the lead in this area. am. Persistence allows you to create an ecosystem of products that will help make liquid staking the default staking format. And with the tokens $ XPRT and $ PSTAKE steering to capture the value of this growing ecosystem, the Persistence network is ready to become the epicenter of liquid staking at DeFi. ..
Symbiosis like never before
As mentioned earlier, Persistence is a layer 1 blockchain network aimed at building an ecosystem of products that facilitate liquid staking in the industry. For inexperienced people, liquidity staking issues a tokenized version or a derivative of the bet asset to unleash liquidity and store, transfer, deFi use, or use like any other token. Is a way to enable. In this respect, pSTAKE, a representative product and foundation of the persistence ecosystem, is the epitome of liquid staking.
This allows token holders to bet PoS assets via the pSTAKE protocol and receive a 1: 1 pegged stkASSET as a representative token that can be used or used to generate additional yields on the DeFi protocol. increase. PoS assets bet via pSTAKE are bet on top validators on the underlying network. This means that users also have the opportunity to reuse those assets with the DEX and DeFi lending protocols while they have earned a full stake on the assets on the underlying network. Therefore, $ PSTAKE is a native governance token of the pSTAKE protocol, which gives owners the right to participate in platform governance by staking the token.
In addition to this, $ PSTAKE is also used to encourage the use of products and protocols built by persistent networks to create innovative use cases for unlocked stkASSET. Such protocols are ready to contribute to the growth of DeFi as a whole by unleashing the liquidity of billions of dollars worth of assets bet on DeFi and incorporating it into other protocols in the industry.
Although pSTAKE is its signature protocol, the Persistence network has plans for the entire DeFi protocol ecosystem to embed stkASSET in the core of its operations and create those utilities. Also, as a native token of the persistence chain, $ XPRT is in a unique position to accelerate the development of these new protocols and gain the value of the ecosystem. Users of pSTAKE and these new protocols will pay user and gas charges for $ XPRT. These are partially sent to the $ XPRT stacker, which helps protect the persistence chain.
Therefore, $ PSTAKE and $ XPRT have their own symbiotic relationship with each other. One of these will drive the growth of new utilities for liquid betting assets, while the other encourages their use and ultimately positions Persistence as a reliable liquid staking platform. increase.
Next Generation DeFi
With the ongoing adoption of mainstream DeFi, the industry is moving forward to close gaps that could impede adoption. In this regard, the lack of usefulness of bet assets has long been overlooked and has only recently become fully visible. Now that networks like Persistence are taking steps to fill this gap with liquid staking, the next iteration of DeFi will move from mere speculation to creating true value, entirely new for users. Create a financial infrastructure.
