We’re excited to announce that PSTAKE is coming to the Base Chain following the recent deployment of a liquidity pool on the Aerodrome Finance Automated Market Maker (AMM) DEX.
The move to bring PSTAKE to the Base Chain is an exciting opportunity for pSTAKE Finance and the broader Persistence One ecosystem. It provides another avenue to build liquidity and onboard new users to pSTAKE from a newly emerging chain with rapidly rising traction.
PSTAKE holders can now bridge their assets to Base Chain using Superbridge and add liquidity to the PSTAKE/USDC liquidity pools on Aerodrome Finance.
Let’s look into the Base Chain and overview why we’ve chosen to bring PSTAKE tokens to the Base Chain via Aerodrome.
The following user guides are available to help you navigate more effectively.
- How to Bridge pSTAKE to Base Chain – Read here
- How to add pSTAKE Liquidity on Aerodrome on Base – Read here
Introducing Base Chain: The Layer-2 by Coinbase That’s Gaining Impressive Traction
Base Chain is an Ethereum Layer-2 scaling solution deployed by Coinbase, one of the largest cryptocurrency exchanges in the world. The exchange introduced the new blockchain to offer a low-cost method for developers to build on-chain and reduce the overall network’s workload.
Coinbase released its Layer-2 blockchain network in August 2023 to improve Ethereum’s scalability, performance, and interoperability. Furthermore, it intends to reduce transaction costs for Ethereum users while reducing settlement time on the main Ethereum network, with the blockchain stating that it’s 10x cheaper than Ethereum.
It achieves these remarkable feats by leveraging optimistic rollups to process transactions in batches off-chain utilizing the Optimism OP Stack. The procedure occurs on the Base Chain, with transaction finality settled on the Ethereum network, allowing it to utilize the same level of security that Ethereum provides.
In addition, Base Chain is integrated within the entire Ethereum ecosystem, allowing it to deploy and connect to the thousands of dApps and DeFi products on the network. As a result, developers can use Base Chain to build anything from games, bridges, lending platforms, DEXs, NFTs, and stablecoins.
The Coinbase Connection: Why Is Base Chain Gaining So Much Traction?
Base Chain is backed by Coinbase and is one of the flagship products that it incubates.
The connection to Coinbase allows developers to create DeFi dApps that can easily integrate with Coinbase’s products, tools, and users. The best part is that the exchange connection makes it easy for developers to implement fiat onramps into the DeFi world, which has been missing from the sector since its inception.
Considering Coinbase’s dominance in the crypto exchange market, it’s unsurprising to learn that Base Chain is quickly gaining traction.
In under 300 days from its inception, Base Chain has managed to attract a staggering $1.53 billion in Total Value Locked (TVL), with the pace of TVL increasing during Q1 2024:
Source: defillama.com
During that time, Base Chain completed an outstanding 219 million transactions, with over 800 contracts deployed on the network – 200 of which are verified.
Notably, the Base Chain community is experiencing rapid growth, with over 9 million accounts – wallets that have initiated at least one transaction – already created. The network is witnessing an estimated steady 350,000 active daily accounts, a clear indication of the platform’s increasing popularity and potential for further expansion.
The network has also demonstrated impressive activity, with an average daily trading volume of $400 million in the last month.
Leveraging Base Chain’s Rise: Why Liquidity is Important?
We’re excited to bring PSTAKE to the Base Chain to help build liquidity on the rapidly rising network. Building pSTAKE’s liquidity is a high priority for the team, as it allows us to capture and onboard new users where the traction is building.
Liquidity is an essential component of any ecosystem because it allows users to move easily in and out of a particular asset.
High liquidity also attracts new users to the platform, resulting in more liquidity, which attracts more new users – creating a dynamic flywheel effect.
With pSTAKE Finance continuing to expand into new territories, bringing our native token to Base Chain was a no-brainer.
We’re very early adopters of this newly emerging blockchain and are happy to plant our roots on the network through Aerodrome Finance. This will allow us to grow alongside Base Chain over the coming years.
pSTAKE Deploys Liquidity Pools on Aerodrome
Why Aerodrome?
Aerodrome Finance is a next-generation AMM designed to serve as Base’s central liquidity hub, combining a powerful liquidity incentive engine, vote-lock governance model, and friendly user experience.
With over $650 million in Total Value Locked (TVL) and approximately $5 billion in cumulative trading volume, Aerodrome stands as the leading decentralized exchange (DEX) on the Base Chain. This makes Aerodrome the optimal choice for bootstrapping PSTAKE liquidity on the Base Chain.
pSTAKE is thrilled to announce that our native token is live to trade and LP on Base Chain through Aerodrome Finance.
To build liquidity on Aerodrome on the Base Chain, we’ve opened two PSTAKE/USDC pools:
– A “Concentrated liquidity pool” CL200-PSTAKE/USDC pool
– A “Basic Pool” vAMM-PSTAKE/USDC pool
These pools allow you to deposit and add liquidity of the Base Chain PSTAKE alongside Base Chain USDC.
Before depositing your liquidity, you must bridge your PSTAKE to the Base Chain using the Superbridge dApp. To help you through this process, we’ve released a complete tutorial.
Once bridged, you can head back to the PSTAKE Aerodrome Finance liquidity pool and deposit your assets into it.
Best of all, we will be incentivizing liquidity in the CL200-PSTAKE/USDC pool on Aerodrome over the coming days with PSTAKE rewards, so be sure to follow us up closely to be alerted on these details.
Overall, introducing PSTAKE on Base Chain isn’t just a new trading opportunity—it’s another step forward for pSTAKE Finance as we dip our toes into a new, thriving blockchain with exceptional growth potential ahead.
About pSTAKE Finance
pSTAKE Finance is a multichain liquid staking protocol backed by Binance Labs that lets users securely stake the biggest crypto assets and receive liquid staked tokens (LSTs) called stkTokens. These LSTs can then be used in DeFi to generate additional yield.
stkTokens by pSTAKE Finance offers one of the highest DeFi yields, thanks to low fees and partnerships with the biggest DeFi ecosystems. pSTAKE Finance helps decentralize networks with its unique stake delegation strategy, powered by an intelligent algorithm based on on-chain decentralization parameters.
