Persistence

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Discover Persistence's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Persistence?

Persistence (XPRT) is a multi-asset protocol focused on Liquid Staking (pSTAKE), NFTs (Asset Mantle), and Commodities (Comdex). It aims to stimulate global liquidity and enable seamless value exchange through its ecosystem products, including a decentralized exchange, NFT marketplaces, and lending/borrowing platforms. The project operates on a Proof-of-Stake (PoS) core mainnet chain powered by the Tendermint BFT consensus engine and supports multiple chains, including Cosmos, Ethereum, and other Tendermint-based chains.

How is Persistence used?

The Persistence (XPRT) token is the native cryptocurrency of the Persistence ecosystem, which is designed to bridge the gap between traditional institutional finance and decentralized finance (DeFi). XPRT plays a multi-faceted role in the Persistence universe, serving several key purposes:

  1. Security and Governance: XPRT is used to incentivize validators through staking rewards, ensuring the integrity and security of the network. This process creates a trusted environment where transactions are secure and contribute to the overall robustness of the blockchain. XPRT holders also have a direct say in pivotal decisions, such as protocol upgrades and feature implementations, shaping the ecosystem's trajectory.

  2. Transaction Fees: XPRT acts as the medium for transaction fees, facilitating smooth access to various services and functionalities within the ecosystem. This role is crucial in maintaining an efficient and user-friendly environment, where each XPRT transaction furthers seamless interaction and access across the Persistence chain.

  3. Liquid Staking and Interoperability: XPRT is used for liquid staking, allowing users to stake their assets while maintaining liquidity. It also serves as a unifying force, transforming the Core-1 chain into the Inter-Blockchain Communication (IBC) hub of the Persistence Ecosystem, enabling interoperability and utility across different assets and applications.

  1. Incentivization and Traction: XPRT is used as an incentivization tool, encouraging participation and contribution across various decentralized applications (dApps) within the ecosystem. This incentivization fosters a vibrant community where each contribution is valued and propelled forward, driving growth and sustained engagement within the ecosystem.

In summary, XPRT is the linchpin of the Persistence Ecosystem, interlacing governance, incentivization, security, and accessibility. Its utility is amplified through its integration with modular apps like pSTAKE and dApps built using smart contracts, such as Dexter, creating a harmonious symphony of interoperability and utility.

How do I store Persistence?

To store Persistence (XPRT) tokens, you have several wallet options:

  1. Persistence Native Wallet: You can use the Persistence native wallet to store and stake your XPRT tokens. This wallet is available for desktop use and provides a user-friendly interface for managing your tokens.

  2. Cosmostation Wallet: For mobile users, Cosmostation is a secure option to store and stake XPRT tokens. You can set up a Cosmostation wallet and use it to manage your tokens.

  3. Keplr Wallet: Another option is the Keplr wallet, which can be used in conjunction with the Persistence web wallet. To use Keplr, you need to import your existing wallet and select "Use Keplr" to manage your XPRT tokens.

  1. Hardware Wallets: For added security, you can use hardware wallets like Trezor or Ledger. These wallets provide offline storage and can be integrated with the Persistence ecosystem for staking and managing your XPRT tokens.

Regardless of the wallet you choose, make sure to follow the specific setup and migration guides to ensure a smooth experience, especially considering the recent changes in XPRT token types.

How to buy Persistence?

To buy Persistence (XPRT) tokens, follow these steps:

  1. Choose an Exchange: Select a reputable cryptocurrency exchange that offers Persistence (XPRT) trading. Some popular options include:

    • AscendEX: Known for its fast, simple, and secure trading experience with a 1-Click Convert function.
    • KuCoin: Offers competitive fees and trading costs, with a wide range of cryptocurrencies available.
    • HTX: A large digital asset exchange with an accumulated trading volume of $1 trillion, but note that it does not accept USA or Canadian residents.
    • Kriptomat: Trusted by over 400,000 users across Europe, offering easy and secure purchases with credit/debit cards or bank deposits.
    • Pionex: Provides multiple ways to buy XPRT, including credit/debit cards, bank wire, and ACH transfer, with competitive rates and trading fees.
  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves:

    • Verification: Verify your email address and identity.
    • KYC (Know Your Customer): Complete the required KYC process to ensure compliance with regulatory policies.
  3. Make a Deposit: Add funds to your account using the available payment methods:

  • Credit/Debit Card: Instant deposits.
  • Bank Transfer: Wire transfer or ACH transfer (for US citizens on Pionex).
  • Cryptocurrency: Deposit other cryptocurrencies to exchange for XPRT.
  1. Buy Persistence (XPRT): Use your deposited funds to purchase XPRT tokens. This can be done through the exchange's trading interface or, in some cases, with a 1-Click Convert function.

  2. Store Your XPRT: Once purchased, store your XPRT tokens securely in your exchange wallet or transfer them to a personal wallet for long-term holding.

Remember to always follow the specific instructions and guidelines provided by the chosen exchange, and ensure you understand the fees and risks associated with buying and holding cryptocurrencies.

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History of Persistence

Persistence (XPRT) is a cryptocurrency that has been building a Liquid Staking economy since 2019. Initially, the project focused on Real World Assets (RWAs) use cases and participated in early Cosmos community activities like Game of Zones and Game of Stakes in 2019.

In 2020, Persistence pivoted to building a Liquid Staking economy after the successful StakeDrop launch, which saw millions of dollars in staked tokens for the XPRT token. This pivot marked a significant shift in the project's direction, focusing on creating a technically advanced, secure, and robust infrastructure for modular and smart-contract dApps.

In Q2 2021, Persistence launched stkXPRT as an ERC-20 token, serving as a liquid-staked representation of the XPRT token. This allowed XPRT holders to stake their assets and receive stkXPRT in return, providing a liquid asset equivalent to their staked amount. Despite some trade-offs, stkXPRT achieved significant traction, reaching an all-time high Total Value Locked (TVL) of approximately $30 million.

In 2023, Persistence began phasing out stkXPRT (ERC-20) and introduced an ERC-20 Liquid Staking Migration utility. This tool facilitated the transfer of stkXPRT (ERC-20) holdings back to the XPRT on the Persistence Core-1 chain, simplifying the user experience and enhancing network efficiency.

More recently, Persistence announced the launch of stkXPRT on the Persistence Core-1 chain, which will allow users to stake their XPRT and use it in DeFi on Dexter, a decentralized exchange on Persistence One. This launch also introduces 0% fees for XPRT liquid staking and no-click auto-compounding of staking rewards.

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How Persistence works

Persistence (XPRT) is a cryptocurrency project that operates on a specialized Layer-1 network, focusing on unlocking the liquidity of staked assets. Here's an overview of how it works:

Core Components
  1. Tendermint-based Consensus Engine: Persistence uses the Tendermint BFT (Byzantine Fault Tolerant) consensus engine, which ensures high performance and security. This consensus mechanism allows for efficient scaling and robust network security.

  2. Delegated Proof-of-Stake (dPOS): The network operates on a delegated Proof-of-Stake (dPOS) system, where validators are chosen to create new blocks based on the amount of XPRT tokens they hold and have staked. This incentivizes validators to maintain the integrity of the network.

  3. Inter-Blockchain Communication (IBC): Persistence is an IBC-enabled chain, allowing it to directly communicate and trade assets between different independent blockchains. This facilitates interoperability across various blockchain ecosystems.

Key Roles of XPRT
  1. Governance: XPRT holders participate in protocol governance by issuing proposals and voting on various factors that impact the broader Persistence ecosystem.

  2. Staking: XPRT holders can stake their tokens to contribute to network security and receive rewards in the form of XPRT. This staking process involves a 21-day lockup period.

  3. Transaction Fees: XPRT is used to facilitate transactions within the Persistence ecosystem, ensuring smooth access to various services and functionalities.

Ecosystem Applications
  1. Liquid Staking: Persistence enables the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives like lending, borrowing, and liquidity provisioning on DEXs.

  2. Decentralized Exchanges (DEXs): Persistence supports decentralized exchanges, which provide users with greater security and control over their funds.

  3. Grants for Innovation: The project offers grants to developers with innovative ideas that can contribute to the growth of the Persistence ecosystem.

Tokenomics
  1. Token Supply: The token supply is inflationary, with a target bonding rate of 67% of XPRT to secure the network. Inflation will occur at 35% for the initial year, followed by a halving every two years.

  2. Staking Rewards: Lucrative staking rewards incentivize XPRT holders to stake their tokens, increasing network security and contributing to the overall robustness of the blockchain.

Availability

XPRT is currently listed on several popular cryptocurrency exchanges, including Huobi Global, KuCoin, Gate.io, and Osmosis, and is supported by various wallets such as Keplr, Cosmostation, Ledger, Coin98, and Persistence Wallet.

Overall, Persistence aims to bridge DeFi and crypto staking, creating a seamless experience for Proof-of-Stake (PoS) users and enabling developers to build innovative applications around liquid-staked assets.

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Persistence's strengths

The token Persistence (XPRT) has several strengths that contribute to its value and utility within the Persistence ecosystem:

  1. Governance: XPRT holders have the power to participate in protocol governance, issuing proposals, and voting on various factors that impact the broader Persistence ecosystem. This level of governance ensures that XPRT holders are active participants in the ecosystem's evolution.

  2. Staking and Security: XPRT staking is integral to ensuring a secure and robust network. Validators are incentivized through staking rewards, which currently comprise XPRT inflation and XPRT from transaction fees. This process creates a trusted environment where transactions are not only secure but also contribute to the overall robustness of the blockchain.

  3. Decentralized LSTfi Governance: XPRT plays a critical role in governing Dexter and other ecosystem applications, allowing holders to shape the ecosystem's trajectory and make pivotal decisions on protocol upgrades and feature implementations.

  1. Incentivization and Traction: XPRT is used as an incentivization tool, encouraging participation and contribution across various dApps within the ecosystem. This incentivization fosters a vibrant community where each contribution is valued and propelled forward.

  2. Transaction Fees and Accessibility: XPRT facilitates transactions within the LSTfi ecosystem, ensuring smooth access to various services and functionalities. This role is crucial in maintaining an efficient and user-friendly environment.

  3. Interoperability and Utility: XPRT is the unifying force that transforms the Core-1 chain into the Inter-Blockchain Communication (IBC) hub of the Persistence Ecosystem. It integrates with modular apps like pSTAKE and dApps built using smart contracts, such as Dexter, to build groundbreaking use cases around staked assets.

  1. DeFi Opportunities: The Persistence ecosystem provides DeFi opportunities for Liquid Staking, allowing users to engage in lending and borrowing, and interact with decentralized exchanges (DEXes) within the Persistence ecosystem.

  2. Grants for Innovation: The project offers grants to individuals with innovative ideas that can contribute to the ecosystem's growth, fostering further development and innovation in the crypto and blockchain industry.

These strengths collectively make XPRT a robust and versatile token that drives the Persistence ecosystem toward a future where DeFi and liquid staking coalesce into a realm of boundless potential.

Persistence's risks

Persistence (XPRT) carries several financial risks that investors should be aware of:

  1. Risk of Losing Money Rapidly: As with any cryptocurrency, there is a high risk of losing money rapidly due to market volatility and the decentralized nature of the industry.

  2. Slashing Penalties: Validators can be penalized for violating network rules, which can result in penalties such as 0.01% for continuous downtime and 5% for double signing.

  3. Price Volatility: The value of XPRT can fluctuate significantly, leading to potential losses if the market moves unfavorably.

  1. Liquidity Risk: During the lock-up period, staked tokens cannot be sold, which can lead to liquidity issues if the market changes unfavorably.

  2. High Risk Score: Persistence has a high risk score based on market analysis, indicating that it is a relatively high-risk investment.

These risks highlight the importance of thorough research and caution when investing in Persistence (XPRT).

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Did Persistence raise funds?

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Persistence’s team

  • Tushar Aggarwal: Co-founder and CEO of Persistence, with a background in business administration and experience in the financial industry and blockchain media.
  • Deepanshu Tripathi: Co-founder of Persistence, with a background in computer science and experience as an engineer and Principal Software Architect.
  • Other Team Members: The Persistence team consists of over 25 members from diverse professional backgrounds.

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