Injective and Persistence are joining forces to unlock new opportunities in DeFi.
If you’ve been following the rollout of Injective's 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 Injective's collaborative efforts with Persistence. The plan is not only to support Persistence-native assets on the platform for perpetual futures trading, but also work 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 Injective's 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
Injective will be one of the first universal DeFi protocols powering cross-chain derivatives trading. Its 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 Injective's 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. Injective 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 traders have unparalleled access to new decentralized derivatives markets without any restrictions. Two classes of derivatives products are currently supported: Perpetual Markets and Expiry Futures. Some examples of markets include forex markets and synthetic stock futures for assets such as Tesla, Amazon, Google, GameStop, and more.
One of the 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 This 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 this collaboration Injective will not only be expanding trading opportunities for holders of Persistence-native assets, but will also be unlocking new DeFi functionality for stakers on major PoS chains.
The Injective community will continue to delve into new ways of 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.
Injective is the first cross-chain protocol built for decentralized finance applications. On the Injective exchange, anyone can access, create, and trade unlimited DeFi markets such as futures and perpetuals. Developers can also build cross-chain Ethereum-compatible projects that are lightning fast and achieve instant transaction finality. Injective is backed by a prominent group of stakeholders including Binance, Pantera Capital and Mark Cuban.