pSTAKE has been one of the major platforms that have been intrinsically focused on pushing liquid staking options for token holders. It would allow these token holders to tap into the value that has been held in their staked tokens whilst still earning a yield for locking their assets into the network.
This does fall perfectly into one of the most significant transitions that have occurred for the cryptocurrency system since Bitcoin was launched- the increasing dominance of a proof-of-stake protocol over the proof-of-work model- especially due to the energy requirements of the POW model.
pSTAKE Has Been An Outlier For Liquid Staking Protocols
The pSTAKE project forms a core part of the Persistence protocol, which is simply a multi-chain tech stack that supports Ethereum, Cosmos, and other Tendermint- based chains. The main mission of Persistence is the creation of an ecosystem of multi-chain Web3 products that have been designed to stimulate global liquidity and enable the simplified exchange of values.
The project seemingly got a boost in the November of 2021 after it successfully completed a $10 million seed funding round from investors that include Galaxy Digital, Three Arrows Capital, Alameda Research, and Coinbase Ventures.
The fund that was raised during the round of seed has been further used to ensure that there are reserves necessary to bootstrap the staking of liquidity on the protocol of pSTAKE. Also, it would be ensuring that there was enough liquidity for most of the users to start engaging with the platform.
Ever since it was launched, pSTAKE has already offered major liquid staking for Cosmos and XPRT, which have gone through annual yields of 12% and 32% respectively. Users who have previously deposited ATOM or XPRT on the protocol have received stkATOM in return.