Another great project in the Cosmos ecosystem that I am watching out for is Persistence.
Today, Persistence announced that pSTAKE will be released on mainnet on July 12. So let's delve into the reasons why pSTAKE is unique and how it will contribute to Cosmos' DeFi ecosystem.
pSTAKE will enable liquid staking for Cosmos Network. ATOM holders will be able to deposit their native tokens and mint representative tokens on the Ethereum mainnet.
This means that ATOM holders could earn from staking their ATOM with pSTAKE and they will be given tokens to represent their holdings which could in turn be used for liquidity mining or yield farming.
This means that ATOM holders could earn twice from ATOM holdings while still contributing to the security of the network. Best of both worlds, I believe that is the best words to describe pSTAKE.
And it does not end there, pSTAKE also plans to support other Cosmos projects such as Persistence's own native coin XPRT, Terra's LUNA, and projects outside of Cosmos such as Solana, Polkadot and Ethereum. Aside from pSTAKE, Persistence also has other projects such as pLEND which is a debt financing application and COMDEX, a decentralized commodities trading solution.
Do you want to learn more about Persistence and pSTAKE? Check out this link, https://medium.com/@pstakefinance/pstake-mainnet-launch-beta-releasing-with-cosmos-atom-support-on-july-12th-d9a69d9fb6e5.
(Image owned by Persistence.)
