Persistence launched $Atom Liquid staking solution

Persistence is a Tendermint-based specialized Layer-1 platform powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets. Persistence’s global aim is to bridge the gap between the regular economy and the crypto industry by providing investors with access to tokenized products and services. On the one hand, companies will obtain affordable loans in digital assets, while investors will be able to lend funds to businesses at higher interest rates.

Furthermore, this will simplify and expedite the financial and asset exchange processes between the parties. The Persistence development team leverages blockchain to fulfill their goals, which has aided in the implementation of various critical platform functions, including:

• Liquid staking for PoS Assets.
• Instant cross-chain transfers utilizing IBC for the Cosmos Ecosystem and various cross-chain platforms for other Blockchain ecosystems.
• Tokenization of traditional assets into non-tokens (fungible NFTs), such as invoices, letters of credit, bills of lading, gold, silver, oil, and other commodities.
• Decentralized trading for asset and stablecoin exchange.
• Tokenized assets are used as collateral in autonomous debt markets.

Persistence also created the Persistence Software Development Kit (SDK) for developers, which specifies and standardizes methodologies for developing platform-based applications. Furthermore, these modules enable not only the creation of new blockchain applications based on them, but also their integration into current systems.

XPRT is the work token for the Persistence ecosystem, bootstrapping ecosystem applications to propel network adoption, and securing the core infrastructure through staking. XPRT stakers can participate in governance to contribute to the long-term success of the ecosystem.

Value Accrual

XPRT accrues value from the ecosystem’s financial activity through multiple avenues including gas fees, fee-sharing with ecosystem application, hub-routing, etc.

Economics

XPRT is a deflationary token with a genesis supply of 100,000,000 XPRT and a maximum supply of 403,308,352 XPRT. Initial inflation will range from 25–45%, with the target of 35% achieved at a 66.7% bonding ratio. Inflation halving happens every two years, and the maximum supply cap is expected to be reached by the year 2035.

pSTAKE

pSTAKE, developed by Persistence, is a liquid staking protocol that unlocks the liquidity of staked assets. Stakers of PoS tokens can now stake their assets while maintaining the liquidity of these assets.

pStake offers liquid staking for the following networks: BNB, Ethereum, Persistence, and now Cosmos.

Liquid staking with pStake provides the following benefits:

• Zero illiquidity – Receive stkAssets to maintain liquidity of otherwise locked PoS Asset when you stake
• Maximise your capital efficiency – Generate the highest yields with staking rewards & various stkAsset DeFi opportunities, all while securing the underlying PoS chain
• Redemption time? – Skip unstaking and unbonding process of your Pos Asset by directly swapping stkAsset from a liquidity pool

What does migration mean?

The transfer of underlying staked ATOM from the Cosmos MPC bridge wallet address of the current implementation to the new staking wallet address within Cosmos.

Why is migration necessary?

In the absence of migration, there will be two existing stkATOMs that won’t be fungible, as the underlying implementations, validator delegations, custody mechanisms, etc., would be different. The migration will overcome the previously mentioned drawbacks of stkATOM (ERC-20) and empower our users with an IBC-native stkATOM that leverages the Cosmos tech stack and the vibrant ecosystem.