Our Journey Toward a New Financial Paradigm — Persistence
Within the cryptosphere, DeFi is beginning to blossom. The amount of value locked in DeFi protocols has risen sharply to well over $20B, with the overall stablecoin market capitalization multiplying from $5B in February of 2020 to $32B currently. DeFi, however, will remain a drop in the ocean compared to traditional financial markets whilst it’s confined exclusively to the realm of crypto assets.
The collective market cap of the crypto industry is less than 0.01% of the traditional economy. For the blockchain and crypto industry to reach the multi-trillion dollar mark and truly thrive, we need to move beyond the ‘speculative’ phase into the ‘value creation phase’ by solving real-world problems via asset tokenization. Facilitating this shift is our mission.
The Persistence tech stack provides the infrastructure to effectively bridge the decentralized and traditional financial realms in a variety of areas, and we’re well on the way to helping to usher in the new financial paradigm.
We’ve come a long way but it hasn’t happened overnight; the initial idea behind Persistence dates back to 2018. Like every good idea, it took time to conceptualise and formulate our mission.
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Persistence is a Tendermint-based, specialised Layer-1 network powering an ecosystem of DeFi applications focused on unlocking the liquidity of staked assets.
Persistence facilitates the issuance and deployment of liquid-staked stkASSETs, allowing users to earn staking rewards while participating in DeFi primitives, such as lending/borrowing and liquidity provisioning on DEXs.
Persistence aims to offer a seamless staking and DeFi experience for PoS (Proof-of-Stake) users and enable developers to build innovative applications around stkASSETs.