Bitcoin

Continuous launch of pSTAKE, providing liquidity to billions of accumulated crypto assets


Stacking cryptocurrencies on Proof of Stake blockchain networks has become one of the popular methods of generating consistent returns on cryptocurrencies. While DeFi offers the potential for amazing returns with very high risks, staking offers a much more stable return of around 15% on average, according to current figures in stakingrewards.com. It’s still a lot higher than anything you’d get from the bank, but overall it’s at a much lower risk.

However, the fact that staking requires token locking means that at the moment it is an either/or decision. If a user with some appetite for risk wants to hedge the reliability of his profitable income, he will have to unwind his money so that he can use it. This is a feature, not a bug – it’s designed to enhance blockchain security during black swan events. However, it also ensures that a significant amount of liquidity is withheld from the broader crypto financial ecosystem.

Now, Percystein is about to launch the next product in its range – sthe bet. It aims to overcome the challenge of staking, provide users with a simple and intuitive means to bet, and unlock the liquidity that exists in the over $600 billion proof-of-stake market. And all while enhancing the overall security and decentralization of the staking ecosystem.

What is pStake?

PSTAKE is a liquid staking protocol that allows users to unlock the liquidity of their restricted assets. How it works? Well, instead of putting tokens in the platform directly, users will share them via pSTAKE. In return, the user will get 1:1 ptoKENs. These tokens represent the user’s stake in the Ethereum blockchain and can be used in the Ethereum DeFi ecosystem.

Under the hood, pSTAKE delegates assets to a whitelisted validator on the PoS core network in which the user wishes to participate. In this way, the user receives his staking rewards. However, the pTOKENs they receive from the pSTAKE protocol can be provided as liquidity to DEX pools, earn a share of transaction fees, or made available to decentralized lending pools in exchange for interest. Returns generated from DeFi deposits are on top of accrued bonuses, increasing the potential for profit from the same initial stake.

Cosmos is the first network to be supported on the pSTAKE app, followed by Persistence.

Another tool in the Stability Box

Perseverance emerges as a hot new competitor in DeFi, and it’s also flying the flag on behalf of a multi-chain ecosystem. pSTAKE is based on Ethereum and Cosmos, and Persistence works with many other platforms in its different offerings and operations. The project already runs a decentralized commodity exchange called ComDex, which was recently‚Ķ Passed successfully $100 million in transaction volume.

The launch of pSTAKE builds on Persistence’s Proof of Stake credentials. The project also operates Audit.One, a staking-as-a-service solution that secures more than ten networks, including Polygon, Cosmos, Terra, NEAR, and Persistence.

Persistence has also commissioned a group of professional and well-established validators for its network, including Band Protocol in Thailand, Cosmostation in South Korea, Tavis Digital in Switzerland, and Huobi Pool in China. The first 16 auditors on board by Burstines have collectively secured more than $7 billion in assets. Therefore, the project has a well-established network and reputation among the PoS community, providing a secure way for any user to unlock their cash with pStake.

pSTAKE will launch on June 15th, at 12pm UTC.





Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button