PSTAKE is now an interchain token on Axelar, allowing it to seamlessly move between numerous ecosystems within the crypto industry.
While pSTAKE has pushed its native token onto more ecosystems in recent months, such as Base and Blast, the new integration marks a milestone moment as it allows PSTAKE to be easily moved between 60+ blockchains.
In addition, PSTAKE’s integration into Squid Router makes it even easier to initiate the cross-chain swaps with its user-friendly interface.
pSTAKE Finance’s journey to becoming an interchain token is a testament to the power of collaboration as it aims to push PSTAKE in front of as many users as possible. This significant milestone could not have been achieved without the groundbreaking solutions from Axelar and Squid Router!
Turning PSTAKE Into an Interchain Token: Swapping Between Chains Now Live on Squid.
PSTAKE is now live and available for swapping between multiple chains on Squid Router, making it an Interchain Token on Axelar.
The transformation of turning PSTAKE into an Interchain Token is a revolutionary step for pSTAKE. It’s not just about opening new bridges; it’s about enabling cross-chain swaps while maintaining fungibility across all chains. It’s about transcending the limitations of individual chains and entering a new realm of chain abstraction. With Axelar’s Interchain Token solution, PSTAKE can be accessed and utilized without the need to consider the blockchain from which it originates. This means PSTAKE remains functional, regardless of the blockchain it’s bridged over to.
Axelar and Squid Pushing the Interchain Token Economy to New Heights
At the heart of this new Interchain Token economy lies Axelar, one of the crypto world’s bridging chains that’s pushing interoperability to new heights.
Backed by Binance, Coinbase, Dragonfly, and Galaxy, Axelar is a Web3 interoperability platform with over $8 billion transferred across 60+ blockchains through 1 million transactions.
The solution from Axelar is truly groundbreaking as it allows tokens to maintain fungibility when bridged across chains. Before Axelar, cross-chain bridges led to fragmentation in the market as the process would cause tokens to lose fungibility.
Axelar has created an open stack that can connect all blockchains and scale tokens with one-click programmable interoperability. In a nutshell, the programmable interoperability establishes a network for Web3 blockchains to talk to each other, allowing developers to build everywhere (on multiple chains) with just one click.
While Axelar creates the infrastructure for bridging assets across chains, Squid Router has built the interface on top of Axelar to make it as easy as possible for users to swap tokens with just a few clicks.
Squid is a cross-chain liquidity router that allows users to connect their crypto wallets to the dashboard, swap assets between blockchains, and seamlessly access cross-chain applications.
Squid aids users by automatically identifying the best route for a particular swap and finding the most liquid route, streamlining the entire process in just one click. The cross-chain liquidity route has already facilitated over $1.5 billion safely across 70+ chains in 900,000 transactions, demonstrating its building momentum in the space.
Its overall goal is to make swapping tokens across chains as convenient and user-friendly as possible, and it excels at this goal.
An Important Move: Why is pSTAKE Excited About Becoming an Interchain Token?
So, why is pSTAKE focusing on becoming an Interchain token rather than launching directly on multiple ecosystems?
Well, pSTAKE is actively building its user base by integrating the native token through various avenues in the crypto space, such as introducing the token into multiple new ecosystems. For example, in the past few weeks, we introduced PSTAKE to the Base chain and created a liquidity pool on Aerodrome. We also recently pushed PSTAKE onto the Blast chain and opened a pool on Thruster to build liquidity there.
The entire idea behind building liquidity on multiple chains and collaborating with the leading aggregators is to help solve the fragmentation within the market.
Partnering with Axelar and liquidity routers like Squid helps solve this problem of fragmentation. It allows us to launch on multiple blockchain ecosystems, and our users will have no issues utilizing our features regardless of what chain they’re coming from.
We genuinely believe that platforms like Axelar and Squid are building for a future blockchain world where chain abstraction will be every project’s primary goal. Although crypto aficionados might enjoy utilizing multiple blockchains, the average user doesn’t care if they’re connected to the Ethereum Network, Binance Chain, or Base – they just want cheap fees and fast transactions. Cross-chain interoperability solutions like Axelar and liquidity routing protocols like Squid provide the building blocks that lay the foundations for the future of chain abstraction.
Overall, pSTAKE is excited for its future prospects after going Interchain with Axelar and Squid. The increased liquidity and new user base to tap into is set to lay the foundations to help continue pushing pSTAKE’s incoming Bitcoin liquid staking solution to more users.
About pSTAKE Finance:
pSTAKE Finance is a Bitcoin Yield and Liquid Staking protocol, backed by Binance Labs.
With pSTAKE Finance, users can liquid stake BTC to get rewards from Babylon’s Trustless BTC staking for securing other app chains while maintaining their liquidity, powered by institutional custody providers like Cobo.
Accessing Bitcoin yields should not be complex, risky, or unsafe. With four years of liquid staking expertise and expert-curated yield strategies, pSTAKE Finance helps individuals and institutions put their BTC to work in BTCfi.
pSTAKE Finance has partnered with leading blockchain security firms, such as Halborn, Hexens, Oak Security, Immunefi, Forta, and more, to offer a secure liquid staking product suite.
PSTAKE is the governance and incentivization token of the pSTAKE Finance protocol. It has some of the most prominent investors, including Binance Labs, DeFiance Capital, Spartan Group, Coinbase Ventures, and Kraken Ventures.
