pSTAKE Raises $10M to Bootstrap Liquid Staking Protocol

Persistence ecosystem project pSTAKE has raised $10M in a strategic funding round led by Three Arrows Capital, Sequoia India, Galaxy Digital, and Defiance Capital to bootstrap its burgeoning liquid staking protocol.

Persistence ecosystem project pSTAKE has raised $10M in a strategic funding round led by Three Arrows Capital, Sequoia India, Galaxy Digital, and Defiance Capital to bootstrap its burgeoning liquid staking protocol.

pSTAKE has been meticulously designed to address the challenges of PoS staking and improve the end-user experience to drive mass adoption. With pSTAKE’s TVL surpassing $30M, our vision has resonated with many of the industry’s biggest names, and we’re now thrilled to announce the successful closure of our $10M funding round.

In the process of securing funds to bootstrap our liquid staking protocol, we have forged invaluable relationships with many industry-leading funds, major PoS validators and influential DeFi-focused angels.

Meet Our Backers

Funds:

  1. Three Arrows Capital
  2. Sequoia India
  3. Galaxy Digital
  4. Defiance Capital
  5. Coinbase Ventures
  6. Kraken Ventures
  7. The Spartan Group
  8. Alameda Research 
  9. Sino Global Capital
  10. Tendermint Ventures
  11. Lattice capital

Validators:

  1. Stake.fish
  2. Figment Fund
  3. Everstake
  4. Chorus One
  5. Cosmostation

Angels:

  1. Ajit Tripathi (Head of Institutional BD at Aave)
  2. Do Kwon (Founder of Terra)
  3. Tascha Punyaneramitdee (Co-founder of Alpha Finance)
  4. Darren Lau (The Daily Ape)

The calibre and expertise of our multi-faceted investor cohort will be invaluable for the long-term success of pSTAKE and its various stakeholders.

In order to align incentives for the long-term benefit of the broader Persistence ecosystem, pSTAKE investors have also acquired direct exposure to XPRT – Persistence’s native token.

Onward

Now that uncapped support for both Cosmos’ $ATOM and Persistence’s $XPRT is live and gaining traction, will be continually expanding pSTAKE support to other major PoS chains as we progress, including Ethereum 2.0, Terra, Polkadot, Solana and more.

With further DeFi integrations for stkTOKENS incoming and the $PSTAKE token TGE also quickly approaching, Q4 is poised to be monumental for pSTAKE.

pSTAKE is unlocking over $300B of staked assets, creating a more flexible environment, and developing more opportunities and utility for PoS assets. DeFi will never be the same again.

Stay tuned to our Twitter page and join our Telegram community so you don’t miss a beat.

Get Involved

Now is the time to begin participating in the pSTAKE ecosystem, if you aren’t already.

Stake with pSTAKE

More than $30M worth of ATOM and XPRT has been staked using pSTAKE since launch. 

🔗 Stake your assets here: https://app.pstake.finance

ℹ️ Tutorial (using Keplr): https://youtu.be/lFkLL2Fjag4
ℹ️ Tutorial (using Ledger): https://youtu.be/a6uxQkN4ljs

Provide stkTOKEN SushiSwap pool liquidity for retroactive LP rewards

The stkATOM-ETH pool on SushiSwap currently has more than $20M worth of liquidity while the stkXPRT-ETH pool has more than $10M worth of liquidity, and is rising consistently.

Bootstrapping liquidity for stkATOM and stkXPRT is a current priority of pSTAKE. In order to accelerate progress, we recently announced a retroactive liquidity mining campaign for liquidity providers of stkTOKEN pools on SushiSwap. 6M $PSTAKE tokens will be distributed to LPs.

ℹ️ Read the full details and participate: https://bit.ly/pSTAKErewardsLP

🔗 stkATOM-ETH pool: https://app.sushi.com/add/ETH/0x44017598f2AF1bD733F9D87b5017b4E7c1B28DDE

🔗 stkXPRT-ETH pool: https://app.sushi.com/add/ETH/0x45e007750Cc74B1D2b4DD7072230278d9602C499

$PSTAKE token rewards will be distributed to eligible participants after TGE (details upcoming).

How to acquire XPRT

To begin using pSTAKE to start earning 32.99% APR in addition to retroactive LP rewards & 0.25% SushiSwap swap fees, users must first acquire XPRT. XPRT can be purchased on a variety of centralised and decentralised exchanges including Osmosis, Huobi, Kucoin and AscendEX.

Once acquired, see the tutorials here (Keplr) or here (Ledger) for more info on how to start using pSTAKE.

$PSTAKE Airdrop

With the launch of pSTAKE’s governance token, $PSTAKE, we recently announced a retroactive token airdrop to the critical stakeholders within the protocol’s ecosystem to ensure alignment of incentives and foster long-term growth of the protocol.

pSTAKE will allocate 6% of the token’s total genesis supply for various airdrops to be distributed based on the snapshots taken on 1200 HRS UTC, 2nd September 2021.

The $PSTAKE will be distributed via a retroactive airdrop to the following stakeholders:

  1. pSTAKE early users
  2. XPRT holders and stakers
  3. Persistence’s Cosmos Hub StakeDrop campaign participants
  4. ATOM holders and stakers
  5. Certain blue-chip DeFi token holders

Read the full airdrop details in our dedicated article, $PSTAKE Airdrop Explained. You can also listen to our recent airdrop AMA for more details.

About pSTAKE

pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can deposit their tokens on the pSTAKE application to mint 1:1 pegged ERC-20 wrapped unstaked tokens, which are represented as pTOKENs (e.g. pATOM) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.

Currently, pSTAKE issues 1:1 pegged ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term aim of building a multi-chain protocol issuing liquid staked representatives on multiple networks including the Persistence Core-1 chain.

We have a bag full of new features and an exciting roadmap for the coming months, so be sure to follow pSTAKE on Twitter and hop onto our Telegram group and Discord channel to stay up-to-date with the latest developments.

Developed by Persistence

Persistence is enabling exposure to multiple asset classes such as Liquid Staking (pSTAKE), NFTs (Asset Mantle), and Synthetics (Comdex). Persistence ecosystem products are designed to stimulate global liquidity and enable seamless value exchange.

Persistence’s Core mainnet is a Proof-of-Stake chain powered by Tendermint BFT consensus engine. Persistence’s multi-chain tech stack (currently supporting Cosmos, Ethereum, and other Tendermint-based chains) abstracts away the complexities for developers and enables them to create DEXs, marketplaces, lending/borrowing platforms, etc.

Total
1
Shares
Leave a Reply

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