Injective and Persistence are joining forces to unlock new opportunities in DeFi.
If you’ve been following the rollout of our robust genesis validator network, you may be aware that the validator arm of Persistence, AUDIT.one, was among one of the top-tier staking providers that joined Equinox Staking.
However, this only scratches the surface of our collaborative efforts with Persistence. We plan to not only support Persistence-native assets on our platform for perpetual futures trading, but we’re also working together to launch liquid staked assets (facilitated by Persistence’s pStake application) as a derivative product on Injective. This will enable stakers to unlock the ability to trade their staked assets on our high-performance layer-2 exchange.
Therefore, Persistence token holders (and holders of other tokens supported by Persistence’s pStake application) will be able to freely trade their staked assets for the first time.
Bringing Persistence-Based Assets to Injective’s Cross-Chain Trading Universe
We are proud to be one of the first universal DeFi protocols powering cross-chain derivatives trading. Our layer-2 decentralized exchange enables users to trade across Ethereum, Cosmos, and other networks, using Tendermint-based Proof-of-Stake (PoS) to facilitate cross-chain derivatives trading. The Persistence chain is next in line to join our cross-chain trading universe.
Assets native to the Persistence chain will therefore be transferrable to Injective to be used for perpetual futures trading. The first Persistence-based asset to be supported will be their native XPRT token, with more to come. We will therefore provide a high-performance platform for users to be able to trade perpetual futures contracts of Persistence-based assets.
Introducing a New Derivatives Class on Injective: Liquid Staked Assets
At Injective we provide traders with unparalleled access to new decentralized derivatives markets without any restrictions. We currently support two classes of derivatives products: Perpetual Markets and Expiry Futures. Some examples of our markets include forex markets and synthetic stock futures for assets such as Tesla, Amazon, Google, GameStop, and more.
One of our latest derivatives products will be Liquid Staked Assets which is created in collaboration with Persistence’s pStake application!
pStake is a liquid staking product designed to allow stakers to unlock the liquidity of their staked assets, all while preserving the security of the native PoS networks.
Traditionally, once a token holder stakes their assets, those assets become illiquid (locked in staking). However pStake can allow for the issuance of representative tokens on Ethereum which are backed 1:1 by those staked assets. By doing so, illiquid staked PoS tokens are converted to liquid representative ERC20 tokens. These can not only be utilized within the vast DeFi ecosystem on Ethereum, but even further beyond — for example on Injective.
These representative tokens will be listed on Injective in a new derivatives class of their own. Users will therefore be able to trade these representative tokens using Injective’s front-running resistant layer-2 exchange protocol. This will unlock functionality for staked assets as never before seen in the industry.
Unlocking New Opportunities Through Our DeFi Collaboration
Similar to Injective, Persistence upholds the ethos of decentralization and the goal of pushing the boundaries to provide new financial opportunities for the global DeFi community. Through our collaboration we will not only be expanding trading opportunities for holders of Persistence-native assets, but we will also be unlocking new DeFi functionality for stakers on major PoS chains.
We look forward to working alongside Persistence to unlock the full potential of decentralized derivatives, borderless DeFi, and permissionless trading!
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in a variety of areas, whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.
About Injective Protocol
Injective Protocol is the first layer-2 decentralized exchange protocol that unlocks the full potential of decentralized derivatives and borderless DeFi. Injective Protocol enables fully decentralized trading without any restrictions, allowing individuals to trade on any derivative market of their choosing. Injective Protocol is backed by a prominent group of stakeholders including Pantera Capital, one of the most renowned venture capital firms in the world, and the leading cryptocurrency exchange, Binance.