Persistence, the ecosystem of multi-chain DeFi products designed to stimulate global liquidity and enable seamless value exchange, has opened its testnet to the public. This launch will enable anyone to test pSTAKE’s liquid staking services, with test tokens initially available to users in the public alpha.
To support the development of pSTAKE, Persistence is also starting its bug bounty program, an incentivized program of testing where participants will be rewarded for debugging and bootstrapping the network. A pool of tokens will be benchmarked for participants in the program, with a value of $25,000 USD.
pSTAKE is a liquid staking solution that unlocks the true potential of PoS tokens by unlocking liquidity of staked assets. Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20 staked representative tokens for their native PoS assets, which can then be utilized within the existing Ethereum DeFi ecosystem to generate additional yield. Support for a range of PoS networks will be launched over the coming months including Cosmos, Solana Polkadot and Ethereum 2.0.
Tushar Aggarwal, CEO and Founder of Persistence commented, “Currently over $100B worth of crypto assets are staked on PoS networks, with that figure expected to rise significantly. As interest in liquid staking accelerates, its potential growth is drawing parallels to DeFi, which exploded from a nascent industry to having over $60B in value locked across networks. pSTAKE provides a comprehensive solution for unlocking the liquidity of staked assets, and bridging the gap between staking and decentralized finance. Opening the pSTAKE testnet to the public is a significant step towards our vision of a seamlessly integrated staking and DeFi economy, and build a strong and resilient foundation for the mainnet launch of pSTAKE due to take place later this quarter.”
