On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance (DeFi) platform Persistence, introduced in a press release supplied to Cointelegraph that it had closed a $10 million strategic funding spherical from enterprise capital corporations. Tendermint, the core developer behind the Cosmos network, powers Persistence blockchain with its consensus engine.
Liquid staking is the practice of users “double-dipping” with their crypto assets — i.e., allowing them to stake their crypto in one pool and use their staked assets to farm yields in a liquidity provider pool, or vice versa. The process enables higher compounded yields, as assets generate returns in two pools instead of one, but it is also riskier, as investors hold multi-layer derivatives of their original token.
We’re rewarding the best article on #LiquidStaking.
Matter: Is Liquid Staking the Way forward for PoS?
Winner might be printed on the pSTAKE weblog & will obtain:
♦️$250 in $ATOM
♦️Shout-out from pSTAKEDeadline: nineteenth Nov
Particulars & submissions: https://t.co/JcH0LyUfC5 pic.twitter.com/YVzaQFVs6Z
— pSTAKE Finance (,) (@pStakeFinance) November 12, 2021
The funding was backed by numerous enterprise capital teams, comparable to Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Analysis, Sino International Capital and Spartan Group. As well as, angel buyers comparable to Ajit Tripathi, head of institutional enterprise improvement at Aave;Do Kwon, founding father of Terra;and Tascha Punyaneramitdee, co-founder of Alpha Finance, additionally joined in.
Tushar Aggarwal, CEO and Founding father of Persistence, stated:
“PSTAKE has skilled vital natural development since its uncapped launch in September, and we’re thrilled to proceed constructing on this upward trajectory.”
Shailesh Lakhani, managing director of Sequoia India, gave the next remark concerning the event:
“The Sequoia India crew is worked up to assist them as they construct out a roadmap that may carry new utility and additional composability to staked property.”
