Persistence Partners with Injective Protocol to unlock new DeFi opportunities
Injective and Persistence have partnered up to expand the potential of DeFi.
If you’ve been following the development of our powerful genesis validator network, you’ll know that Persistence’s validator arm, AUDIT.one, was one of the first to join Equinox Staking.
In terms of the relationship with Persistence, though, this is just the tip of the iceberg. In addition to enabling Persistence-native assets on our platform for perpetual futures trading, we’re working together to launch liquid staked assets (facilitated by Persistence’s pStake application) as a derivative product on Injective.
Holders of Persistence tokens (and any other tokens supported by Persistence’s pStake platform) will be able to freely trade their staked assets for the first time.
Injective’s Cross-Chain Trading Universe Gets Persistence-Based Assets
injective was one of the first cross-chain derivatives trading platforms that implement the DeFi protocol. To enable cross-chain derivatives trading across Ethereum, Cosmos, and other networks, our layer-2 decentralized exchange employs Tendermint-based Proof-of-Stake (PoS). The Persistence chain will be the next to join our cross-chain trading community.
As a result, Persistence chain assets will be able to be transferred to Injective for long-term futures trading. The first Persistence-based asset to be supported will be the native XPRT currency, with more to follow. As a result, we’ll be able to provide consumers a high-performance infrastructure on which to trade perpetual futures contracts of Persistence-based assets.
Liquid Staked Assets is a new derivatives class on Injective.
Injective provides traders with unrestricted access to new decentralized derivatives marketplaces. We now support two types of derivatives: perpetual markets and expiry futures. Our marketplaces include forex markets and synthetic stock futures for assets such as Tesla, Amazon, Google, GameStop, and others.
One of the newest derivatives offers is Liquid Staked Assets, which was developed in collaboration with Persistence’s pStake programme.
pStake is a liquid staking product that allows stakers to unlock the liquidity of their staked assets while preserving the security of the native PoS network.
A token holder’s assets often become illiquid once they’ve been staked (locked in staking). pStake, on the other hand, can allow for the issuance of Ethereum representation tokens that are backed 1:1 by the staked assets. As a result, illiquid staked PoS tokens are transformed to liquid representative ERC20 tokens.
These representative tokens will have their own derivatives class on Injective. Users will be able to trade these representational tokens via Injective’s front-running resistant layer-2 exchange system. This will give staked assets with never-before-seen capabilities in the business.
Through our DeFi collaboration, we’re able to open up new doors.
Persistence, like Injective, is dedicated to decentralization and pushing the boundaries in order to provide new revenue prospects for the DeFi community around the world. As a result of our collaboration, we will not only boost trading possibilities for holders of Persistence-native assets, but we will also allow additional DeFi capabilities for stakers on significant PoS networks.
injective is ecstatic to be working with Persistence to realise the full potential of decentralized derivatives, borderless DeFi, and permissionless trading!
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