The Persistence startup behind the pSTAKE liquidity-staking solution attracted an undisclosed sum from Binance’s venture arm as part of a strategic funding round.
Welcome to the family @binance 🥂 https://t.co/GAVh6Jf7Is
— Persistence | $XPRT 🦾 (@PersistenceOne) May 10, 2022
Launched in August 2021, pSTAKE enables “unlocking” liquidity of tokens that are staked. The service issues stk- tokens that can be used in the DeFi ecosystem to earn staking rewards and in other yield-farming use cases yield farming.
pSTAKE was initially designed to operate in Cosmos and other Tendermint BFT-based blockchains. Subsequently, the team added ETH 2.0 testnet. In the coming months, expansion to Avalanche, Solana and BNB Chain is expected. The service has been integrated with leading DeFi protocols such as Anchor Protocol and Sushi.
Persistence aims to build an ecosystem of cross-chain Web3-products designed to stimulate global liquidity and enable seamless value transfer.
As of writing, the amount of assets locked in pSTAKE stood at $32.1 million, according to DeFi Llama.
Leading the space is Lido Finance with a TVL of $12.67 billion. The service supports Ethereum, Solana, Terra and Kusama.
Read more about liquid staking in материале.
In November 2021, Persistence привлек $10 млн from Galaxy Digital and others.
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