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Persistence One — Telegram AMA — April 03

On Saturday, April 03, we had the pleasure to welcome to our Telegram chat:

Abhitej Singh, Head of Strategy & Community.

We asked him questions about the development of Persistence One.

Some sentences have been slightly edited for readability but the meaning has been conserved.


Persistence One is an asset-based lending/borrowing and debt issuance/management hybrid protocol, bringing the power of real-world assets to DeFi.

It does so by facilitating crypto-assets borrowing, using real-world assets as invoiced NFTs, and then using them as wrapped financial products.

Persistence aims to enable and create a suite of bleeding-edge financial products in niches ranging from staking-as-a-service and tokenized ‘real-world’ debt to digital art.


Q — Ayeley Commodore-Mensah from GAINS: Abhitej, let’s start by hearing a bit about you. What did you do before crypto and did you have any other previous venture in crypto?

A — Abhitej from Persistence: I am Abhitej Singh and I take care of Strategy and Community at @Persistenceone. My introduction to Crypto was in 2016–2017 while I was traveling across different parts of India and the US. I was very fascinated by the core characteristics of Crypto and Blockchain in general — ownership and transparency. So, after the initial introduction, I jumped into Crypto completely in late 2018.

Before joining Persistence, I was helping a couple of early-stage startups (now backed by Ola and Livspace — unicorns in India). I was also actively involved in building communities for Google, Facebook and co-founded a national hackathon in India called Code2Create.

I met Tushar and Deepanshu (Co-founders) in 2019 at a Blockchain Conference and really liked the vision they had and joined them back in November 2019. Here we are building PersistenceOne.

I also co-founded Cosmos India with Tushar and Deepanshu (now one of the largest local communities for Cosmos Network).

Learn about our journey at Persistence so far (Till January 2021).

About Persistence

Q — Ayeley Commodore-Mensah from GAINS: Let’s learn some more about the project. What is Persistence about in a few simple sentences?

A — Abhitej from Persistence: In simplest terms, Persistence is creating an ecosystem of financial products which will have debt financing, borrowing/lending, DEXs, Fixed income-generating products, etc.

Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in a variety of areas, whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.

Persistence is operating at the confluence of NFTs + DeFi + PoS Staking. We have already developed a full suite of financial products:

♦️ Comdex: Institutional-facing commodities trading and trade financing platform. Handled over $55M in transaction volume.
♦️ Staking-as-a-service infrastructure. Currently over $250M in assets under management.
♦️pStake: Liquid staking product unlocking liquidity of staked assets.
♦️pLend: Stablecoin lending platform backed by real-world assets.
♦️Asset Mantle: Interoperable NFT marketplace framework, enabling the creation of ‘Shopify-style’ NFT marketplaces.

You can learn more about the Persistence ecosystem here.

Q — Twitter user @Pinlube: Common staking vs pStake. What noticeable change is there between them and what stands out to make it different from common Staking?

A — Abhitej from Persistence: pStake is undoubtedly one of the most sophisticated Liquid Staking DApp which not only provides liquidity but also replicates the underlying network’s governance. To emphasize more on why pStake will positively impact the (common) staking ecosystem:

Decreasing the barriers to Staking: Most of the PoS assets are not staked today due to issues such as liquidity but pStake’s redemption model provides instant liquidity without impacting the network security

Enabling cross-chain ecosystem: Through pStake token holders of different PoS assets will be able to bring their assets to Ethereum, this will significantly grow the adoption of PoS ecosystem.

Additional rewards: The users will be able to earn LP Rewards or other DeFi incentives in addition to their staking rewards.

Q — Ayeley Commodore-Mensah from GAINS: For how long have you been working on the project?

A — Abhitej from Persistence: We have been working on Persistence since 2019 and building Persistence Chain, Persistence SDK, and DApps.

Some of the key achievements will be:

1. Strong partnerships with leading protocols, networks, and wallets (listed below)
2. Expanded team to 20+ members
3. ICF awarded a grant to Persistence to develop inter-chain NFT standards and we are leading the global working group which includes Polkadot, Kusama, Secret Network, Keep Network, Cosmos, etc.
4. Launched [$300 Million in total assets under delegation] and Comdex [$55 Million in total transaction volume]
5. Launched StakeDrop with 7 networks — Cosmos, Polkadot, Tezos, Terra, Kava, Iris, and Polygon and already have 3000+ participating who have staked more than $1 Billion worth of assets to earn $XPRT tokens.
6. Onboarded world’s best validators securing $5B+ assets collectively including but not limited to Stakefish, Dokia Capital, P2P Network, Figment, Sikka

Read about our journey so far [Till January 2021]

Q — Ayeley Commodore-Mensah from GAINS: How many people are on the team?

A — Abhitej from Persistence: Persistence is a 25 member strong team as of today and has 16 Software/Blockchain, DevOps, and security engineers.

Some of the key members behind Persistence are:

♦️ Tushar Aggarwal — CEO and Co-founder: ️Tushar helped set up LuneX Ventures first regulated Crypto VC fund in Southeast Asia (Crypto arm of a ’Traditional’ Singapore VC called Golden Gate Ventures).
♦ ️Deepanshu Tripathi — CTO and Co-founder: Deepanshu performed the world’s first-ever Inter Blockchain NFT transfer. Prior to Persistence, even ran an Ethereum mining node from 2016.
♦️ Puneet Mahajan — Core Blockchain Developer: Previously associated with Comdex development for 1.5 years and for the past one year handling the position of Core BlockChain Developer in the Persistence Group.
♦️ Abhinav Kumar — Core Blockchain Developer: One of the most active contributors to Cosmos Hub and has been a huge force behind Persistence’s wins in Game of Stakes and Game of Zones (Cosmos adversarial testnets)
♦️ Abhitej Singh — Strategy and Community: 5 years of experience in community development and marketing growth. In past has worked with Google Developers, Facebook Developers, and multiple startups. The leading force for Cosmos India.
♦️ Mikhil Pandey — Strategy and BD: Working with Product research and business development in the Crypto space for the past 2 years. A known face in the validators’ space and has taken from $1 to $250 Million in Assets Under Delegation in the past 10 months.

Q — Ayeley Commodore-Mensah from GAINS: Persistence is built on Cosmos, right? Are there plans to support other blockchains in the future?

A — Abhitej from Persistence: Yes. Please note: Persistence as a protocol is multi-chain with current capabilities on Cosmos-based chains (Kava, Terra, Injective, Cosmos) and Ethereum.

Q — Telegram user 💐💗 NDee 💗💐: Hello🙋: Is there any reason to build Persistence on the COSMOS ecosystem?

A — Abhitej from Persistence: The Cosmos SDK not only allows Persistence the ability to take advantage of the ‘Inter-blockchain Communication Module’ (IBC) launched by Cosmos but also allows for Persistence to create its own ecosystem of application-specific chains which leads to an exponentially higher level of scalability.

Through the use of the Cosmos IBC module, stablecoins from various networks integrated with the Cosmos IBC can be interoperably transacted on the Persistence App where these assets can be deployed to finance real-world commodity trades.

In addition, the Cosmos Hub/Zone structure allows for applications built on Persistence to have their own chain (zone) for application-specific transactions while transactions pertaining to the native Persistence token occur on the hub.

Please note: Persistence as a protocol is multi-chain with current capabilities on Cosmos-based chains (Kava, Terra, Injective, Cosmos) and Ethereum.

Soon we will be integrating with BSC, Polkadot, and Solana.

And for those who don’t know Binance Chain (BNB) is also a Tendermint-based chain.

Q — Twitter user @Johana_CCV: The Persistence Software Development Kit (SDK) is a set of standardized tools or “modules” that can be used to model Marketplaces to facilitate the exchange of value. Can it be used in different permutations and combinations to turn completely new markets?

A — Abhitej from Persistence: Before we start with it is important to know that Persistence is building all three layers:

- Network Layer — Tendermint-based Persistence Chain
- Persistence SDK
- Application Layer — Comdex, pStake, pLend, Asset Mantle

Our choice of Tendermint-BFT as the consensus mechanism allows us to create app-specific applications which are very customizable based on the business and use-case requirements.

On top of that, we have developed Persistence SDK which is the set of standardized tools or ‘modules’ as you mentioned. The module includes but is not limited to reputation management, identity management, document provenance, inter-chain NFT, Access Rights Management, DEX, settlements.

Theoretically, this set of modules can be used to create any sort of marketplace or DEX and Comdex is an example of a marketplace. Persistence SDK is also designed in a way to support both institutional and crypto-native use-cases on top of the same infrastructure. Essentials, this enables us to create a bridge between traditional finance (institutions) and DeFi (crypto-users).

For example: Comdex + pLend; Asset Mantle + pLend; + pStake

With our SDK we are solving majorly the following problems:

On Institutional Side
On DeFi Side

Q — Twitter user @AugustK95: Could you really give us more detail on NFT Asset Mantle? Will it be totally innovative or will it be very similar to the NFT Marketplace frameworks of many other platforms?

A — Abhitej from Persistence: Currently Persistence has a two-pronged approach for NFTs in Asset Tokenization:

Real-world: Comdex [and some more to be released in Q3 2021]
Crypto-native: Art, Collectible, Domains, etc

The real-world assets that we are tokenizing currently are invoices, business documents, and ownership documents. These assets are brought on-chain by extracting the most relevant and critical information (such as invoice number, amount, dates, etc) and digitally represented using NFTs.

What purpose does it solve?

- Accessibility: The assets that have been accessible to only limited audience/lobbies now can be created for global access (based on use case)
- Rase of Exchange: Currently exchanging assets in the real world is very complicated and tedious. NFTs make it much easier as the ownership transfer is logged on-chain and is immutable
- Creating Liquidity: These real-world assets can be used as collateral to tap into the abundant liquidity in Crypto for gaining liquidity to operate (providing high returns for crypto holders)

On the other hand:

Asset Mantle use case can be understood with reference to Shopify. And comparing it to Opensea. Opensea is an aggregator for NFTs while Asset Mantle is a framework that enables the following:

- Create Market-specific chains: Asset Mantle allows anyone to build their own NFT marketplace on a dedicated chain with integration to Asset Mantle native marketplace
- Interoperability: Have interoperability with multiple chains (unlike ERC-721 where assets can only reside in Ethereum)
- Highly composable NFT and Metadata

In simplest terms, it’s Shopify of NFTs while Opensea is eBay.

So yes, NFTs in Persistence are much more than art, collectible, and domain names.

For the growth of the interNFT module (the foundation of Asset Mantle), we are working with some of the leading projects in the Crypto space.

interNFT working group

Q — Telegram user Sylvia vee: What benefits does the interNFT working union offer investors for the digital economy?

A — Abhitej from Persistence: interNFT is a union of the leading projects to develop inter-chain NFT and Metadata standards. Current problems with the NFT ecosystem:

— Limited to mainly one chain: The NFT are not interoperable and can only reside on the chain of origination. This limits the use-cases that can be addressed using NFTs and remains a highly speculative market. For example, NFTs on Ethereum can not go to Cosmos and from Cosmos to Ethereum. From investors' perspective, this is not the best outcome in the long term. Also, the investors cannot have one single point to collate all their NFT assets.

interNFT addresses this problem by creating a standard that is back traceable to native chains standards such as ERC-721, ERC 1155, Persistence NFT standards, etc.

— No Metadata standard: Currently there are comprehensive standards around Metadata in Web3.0 and that creates a huge problem to integrate with not only Web2.0 Metadata standards but also NFT from different applications.

interNFT establishes cross-chain comprehensive Metadata standards. This will create a huge market for new asset classes such as real-world assets (such as invoices, business documents), digital credits, etc.


Q — Ayeley Commodore-Mensah from GAINS: What is the token use case and how does it capture the value of the ecosystem you’re building?

A — Abhitej from Persistence: The token plays 3 keys roles:

1. Staking token (similar to other Tendermint based chains like Band, Kava, Terra, Iris)
2. Governance of the chain (not the app)
3. Work token (stakers and delegators receive cash flows from the pStake and Comdex dApp as well as other dApps in the future)

The biggest advantage is as the Persistence ecosystem grows (we are already working on shipping multiple projects) the value of $XPRT will grow. Hence providing immense ROI for the XPRT holders.

If the community members are aware of Terra (Luna), Persistence’s token utility and ecosystem are very similar to Terra where the XPRT holders will gain incentives from the financial activity in the ecosystem.

Talking about Token economics:

Token Release Schedule and as you may see the lock-ups for all the long-term stakeholders such as seed investors, Validators, team, and advisors are significantly high.

Anyone can read more about token economics and utility here. Trade here. Remember, XPRT holders can stake their tokens for 35% APR via the Persistence wallet! Here is a guide on how to set up your wallet if you haven’t already, and see here for a guide on how to stake your XPRT.

Q — Telegram user Rosemary Bianco: 🏦🎁 You have run several StakeDropp campaigns to distribute your XPRT tokens. Could you explain to me, why you have decided to do this distribution through Staking campaigns and what are the benefits that both projects gain through these campaigns? Do you plan to integrate more projects in the future?

A — Abhitej from Persistence: All the 7 networks selected for the StakeDrop campaign align with the long-term vision and objectives of Persistence. Some of those are:

♦️Tendermint-based chains: Cosmos, Kava, Iris, Terra
♦️Interoperability: Polkadot, Cosmos
♦️DeFi: Kava, Terra, Iris
♦️NFTs: Matic
♦️Bridging traditional finance and DeFi: Tezos

The other key factors with these networks that ensured the success of StakeDrop:

♦️Geographically distributed: Cosmos, Polkadot, Tezos (Global), Kava (the US), Iris (China), Terra (South Korea), Matic (India)
♦️Significant market capitalization
♦️Strong staking community with high staking ratio on the network
♦️Synergies to work with these projects for Persistence ecosystem products such as pLend, pStake, Asset Mantle

The key objectives of the StakeDrop campaigns are:

- As wide as possible distribution of $XPRT token
- Building a strong brand and community with long-term stakeholders
- Educating the community about the value accrual model of $XPRT

Anyone from these networks can start staking their assets and earn $XPRT. Currently, we are running a StakeDrop campaign to distribute 1% of our entire token supply. We have already completed the campaigns for Cosmos, Kava, Terra. The campaign for Matic is ongoing. You can find the details to participate in Matic StakeDrop here. Yet to come campaigns for Iris, Tezos, and Polkadot.

Competitive Advantage

Q Telegram user Marian Merheb: Persistence doesn’t have competitors, but it does have competitors for individual products, for example, pStake: Stafi. So, how do you plan to compete with projects that are only focused on one thing while you have multiple products and be better than them?

A — Abhitej from Persistence: This is a very solid question. Thank you for bringing this up.

As I mentioned, the greatest advantage for Persistence over the competition is the unique position of operating at the confluence of PoS + NFTs + PoS staking.

We have already built 4 products, namely:

- Comdex — Decentralised Commodity Trading Marketplace with more than $55 Million in Transaction volume
- — Validator arm of with more than $125 Million worth of assets under delegation
- pSTake — Liquid Staking platform with best returns and user experience for the PoS stakers
- Asset Mantle: NFT Marketplace framework which will allow any user to spin up their own NFT marketplace — Shopify of NFTs

Some of the other advantages are:

- One of the best validator set in the industry
- Strong partnerships with leading crypto foundations, protocols, networks as well as large traditional institutions.
- Persistence is building all layers — network, SDK, and application layer which cut down on any external dependencies
- The token utility rewards all the $XPRT holders from the cash flow from all the applications in the ecosystem

Now, how does this multiple product ecosystem give us an edge?

- Building products with multiple use-cases such as pStake allows staking + exposure for PoS assets to cross-chain DeFi.
- Having cash flows for the XPRT token holders from different applications in the Persistence ecosystem. This further provides two benefits — 1. Bringing in users from different sectors 2. Growing the demand for XPRT
- Since we are building a combination of institutional and Crypto-native DApps which allows us to bridge between traditional finance and Crypto. This brings the institutional capital into Crypto and Crypto liquidity into institutional use-cases.

If you look closely at another project that has recently created an ecosystem of products and has gained exponential growth — Terra. Multiple products grow the utility of the project and protocol token(s) which are very crucial for the growth of the project.


Q — Ayeley Commodore-Mensah from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Abhitej from Persistence: Soon we will be integrating with BSC, Polkadot, and Solana.

Yes, we raised $3.7 Million in our seed and private sale in September 2020.

Some of the leading VCs, projects, and validators in the space.

We utilized the funds in the following ways:

- Grow our team to 20+ members
- Expand our product suite to 4+ products
- Establish communities in the most strategic markets such as China, Korea, Russia
- Expanding on our infrastructure

We recently launched our token publicly on AscendEX and raised an additional $1 Million from IEO.

Business Development

Q — Ayeley Commodore-Mensah from GAINS: What stage is the project at following the public sale and listing on AscendEX? And what should we look forward to in the coming months?

A — Abhitej from Persistence: At the moment, we are focusing on growing the Staking Ratio on our network and expanding the functionalities/capabilities of our mainnet along with our Genesis validators.

We will be soon adding more validators to Persistence mainnet Core-1.

On the product side we have already developed Asset Mantle and pStake MVPs and now are internally testing them. In addition to that working with 3rd-party auditors to ensure the security of the products.

Next goals:

- Launch pStake and have $200M+ in TVL: May 2021
- Launch Asset Mantle and onboard creators and applications: June 2021
- Introduce our Institutional partners and their DeFi/NFT products: July onwards
- Expand Exchange Listings: Q2
- Comdex Mainnet Launch: Q3 2021
- Community Bounties and Grants: Q2 2021
- Bridges with BSC and other chains
- Persistence Ambassador Program: Q2 2021
- Launch of Mainnet-2: Early Q3 2021
- Release of interNFT module for multi-chain integration

It was a pleasure having you in our group today, Abhitej, and taking your time to take us through all we have to know about Persistence. Hope to have you over again soon with updates on the amazing milestones you have achieved. — Ayeley Commodore-Mensah from GAINS

Thank you so much for hosting us @ACommodore @henrybarzin and the GAINS community. | Twitter | Telegram | Medium | YouTube — Abhitej Singh from Persistence

Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!

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GAINS Associates provides you with the latest news and research in blockchain and crypto. It’s a community for everyone to learn and grow together.

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