Anyone watching DeFi can’t fail to have noticed that the movement is now near-universal in blockchain terms. Whereas Ethereum-based DeFi has dominated the space for most of its history, 2021 marks a watershed moment when DeFi ecosystems are mushrooming all over the blockchain landscape. From Cosmos to Tezos, Binance Smart Chain to Polkadot – every platform now supports a burgeoning DeFi ecosystem.
In some cases, the new generation of DeFi applications is seeking to offer more than their single-trick predecessors. Similar to how the exchange landscape has evolved to many platforms offering a range of services, DeFi protocols are following the same pattern.
Persistence, based on Cosmos, is one case in point. The project operates a proof-of-stake tech stack that aims to bridge DeFi and traditional finance while expanding the NFT and crypto-native DeFi markets.
In terms of staking alone, Persistence is already making some impressive headway. It has a staking ratio of over 90% of its token supply, one of the highest rates in the industry, with over 4,500 wallets participating.
The network is now over 950,000 blocks in and has attracted 75 validators, with the top 20 securing over $15 billion worth of assets. Persistence has onboarded validators including Huobi Pool in China, Cosmostation in South Korea, Tavis Digital in Switzerland, Figment Networks in Canada, and many others.
However, the project is far more than just a staking network. Persistence offers a decentralized commodities exchange and staking-as-a-service solution, with a liquid staking protocol set to land imminently. There will also be a white label NFT marketplace and a lending platform arriving in the coming months.
Comdex is the institutional flagship of the Persistence ecosystem, a decentralized commodities exchange that recently surpassed $100 million in total trading volume. The platform is used for trading crops and metals between 18 trading organizations that have been onboarded so far.
Comdex recently announced the launch of “ShipFi,” a DeFi platform that allows traders to digitize and trade real-world debts and assets for major stablecoins such as USDC.
Audit.One is Persistence’s staking-as-a-service solution, offering access to proof-of-stake networks for those who want to stake their funds without the technical burden. Audit.One supports ten networks, including Cosmos and some of its ecosystem networks, such as Terra and Kava. It also supports staking on Matic Network and Near, with support for Tezos, Polkadot, and Ethereum’s eth2 proof-of-stake coming soon.
Tavis Digital, the digital arm of Swiss asset manager Tavis Capital with over $1 billion in assets under management, uses a white-label version of the Audit.One infrastructure.
A Busy Roadmap
The next product in the Persistence suite to go live is pStake. Anyone who participates in staking knows that it means tying up assets so that they can’t be used for anything. PStake is a liquid staking protocol, allowing users to receive a token representing their staked funds, which they can then use as collateral for loans or earn interest in DeFi protocols. So far, the project has announced that pStake will go live in June, although an exact date is still to be confirmed. We also know that it will focus on the leading PoS networks, including Cosmos, Polkadot, Eth2, Terra, and more.
Still to come later this year are two additional products, Asset Mantle and pLend. Asset Mantle is a white label NFT marketplace that’s aiming to become the “Shopify” of NFTs, allowing anyone to build their own online digital collectible store in just a few hours. Persistence has confirmed it’s already working with a well-established art auction house to build an NFT marketplace.
Persistence was founded by blockchain and crypto investor Tushar Aggarwal, who has worked with various VC firms, including LuneX Ventures (the blockchain arm of traditional VC, Golden Gate Ventures.) He has been selected as one of Forbes Asia’s “30 Under 30” in the Finance and Venture Capital Category.
With an ambitious roadmap and several of its services live or very nearly so, Persistence is off to a stellar start. The project is yet another example of how in 2021, DeFi is thriving beyond its Ethereum roots.