How to Delegate XPRT in Persistence Wallet
Persistence is a young, promising and rapidly developing crypto project, the goal of which is to help finance businesses and increase income for private investors. On April 1, the Persistence team successfully held a token sale. Now any user can purchase XPRT on CEX exchange (Ascendex, Gate.io) and stake it in Persistence native wallet with expected profit up to 35% APR. This guide will show you how to stake XPRT coins in Persistence Wallet.
About the project
Persistence is an open blockchain platform created to finance private business and bring together three sectors of the modern economy: Decentralized Finance (DeFi), Open Finance (OpFi), and Centralized Finance (CeFi).
One of the tasks the platform was designed for is to simplify the process of lending to companies that find it difficult to obtain financing during times of crisis, which puts their business under the threat of bankruptcy, as well as to provide tools for tokenizing traditional assets. To solve these and other problems, the developers are working on four products:
- Comdex — decentralized commodity exchange, soon will also functioning as a syntetics DEX on Cosmos;
- pSTAKE — a blockchain application designed to increase staking profitability, freeing up liquidity of staked assets;
Following products are expected to launch in upcoming months:
- Plend — stablecoin lending platform backed by real-world assets;
- Asset Mantle — a platform for creating and exchanging NFTs.
Investors, utilizing Plend, will be able to lend at higher interest rates because low and even negative rates have reduced the profitability of traditional loans. Asset Mantle will allow investors to convert their real assets into tokens, and with the help of the pLend product, investors will be able to issue loans to companies. And pStake will open additional liquidity to staked assets in PoS blockchains, wrapping them into representatives on ETH and other chains with further broad use.
XPRT token holders will vote for future platform improvements. They can also stake tokens, becoming validators of the network, or delegate them to other validators, receiving about 35% per annum. The staking mechanism is based on the Tendermint PBFT consensus algorithm.
DApps developers will be able to use tokens for transactions, lending, or as payment for their services. As the number of Persistence users grows, so will the value of the XPRT token.
Creating a Persistence Wallet
Persistence Wallet is a simple and convenient web wallet for XPRT holders.
To create a wallet, go to the Persistence Wallet website and click the Create Wallet button. On the same page, you can import another or restore a previously created Persistence crypto wallet.
The wallet reminds users to safely store mnemonics; if that is lost, users can permanently lose access to funds. Read the text and then click Next.
We wrote more about how to safely store the seed phrase in a separate article:
We recommend reading it. 👆
Write down the 24 words of the seed phrase presented on the screen, on paper, or other medium, in the same order in which they are shown. Then click Next.
Enter the missing words in the fields to make sure you wrote down the mnemonic phrase correctly, and then click Submit again.
Generate a keystore file by clicking Generate Keystore File to quickly create a wallet.
If you click the Advanced button, you can independently set the parameters such as Account, Account ID, and an additional passphrase for improved protection of your crypto assets. This is optional.
Attention! The option Advanced is for advanced users. If you don’t want to waste time and figuring out what it is, just skip this step and click Next.
Enter the password to encrypt the wallet. The more complex the password, the better. Use various combinations of numbers, letters, and special characters. Don’t use simple sequences like 12345 or qwerty. Then click Submit.
Keystore File of a .json format will be downloaded to your device. Save it in a safe place and don’t lose it. Then click Done.
Now click Next.
The screen will display the wallet directory and address. Copy this address to fund your wallet with XPRT coins. Tokens can be bought on the AscendEX exchange (formerly BitMax) and Gate.io exchange. After that, you can move on to staking. Click Done.
Import Persistence Wallet
On the main page, click the button Import an Existing Wallet.
Click Use Private Key if you want to use a Keystore File to access your wallet, or enter a seed phrase.
Note. If you are using a mnemonic phrase, you do not need a keystore file.
Enter your wallet password, select Keystore File, and then click Next.
The wallet has been imported.
Before you can delegate tokens, you need to log in to the Persistence wallet. Click Sign In in the upper right corner and then the Continue With Address button.
Enter your wallet address and click Submit.
The wallet is open and has already been replenished. To deposit coins, go to the Staking section.
Select a validator from the list, for example, Everstake, and click Actions. Everstake is a reliable validator that carefully selects promising blockchain projects for staking and helps them grow. The Everstake team consists of blockchain and fintech professionals who develop advanced services for staking, monitoring, and analytics using only secure server hardware.
Now click on Delegate.
Specify the amount of tokens you are going to delegate. The Memo is optional. This is an additional parameter that will then be required to withdraw funds. Then click Next.
Download Keystore File or enter your seed to continue.
Now click on Delegate.
Done! You have successfully delegated XPRT; you will receive about 35% APR in the long run. Rewards are awarded approximately every 5 to 7 seconds.
You can collect rewards on the Staking page as soon as they become available. You can undelegate 21 days after you unstake the coins. If you want to change your validator, you don’t need to undelegate: just use the redelegation option and continue getting rewards.
When you delegate your digital assets, it is important that the validator node is working stably and its uptime is close to 100%. This means that there is a strong team of blockchain experts behind the validator that constantly monitors the state of the nodes. The unstable work of validators creates threats like decreases in profitability and, in some cases, even fines.
Everstake is a reliable staking provider with sustainable uptime about 100% and supported by a large community of more than 230 000 customers. The Everstake team provides its delegates with convenient staking monitoring services, staking learning center and supports leading PoS platforms such as Cosmos (ATOM), Tezos (XTZ), Polkadot (DOT), Elrond (EGLD) and others.
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