Ethereum 2.0: Fueling the Proof-of-Stake Ecosystem
Originally posted April 13, 2022.
By virtue of its massive user base and network, Ethereum has long been a dominant player in the crypto space, particularly in DeFi (Decentralized Finance). It currently sits as the second-largest blockchain network behind Bitcoin with a market capitalization of over $370 billion and 472,000+ active users at the time of writing.
A recent announcement from the Ethereum Foundation revealed that the current Ethereum mainnet is set to merge with the beacon chain, which uses a PoS (Proof of Stake) consensus mechanism, as soon as Q3 2022. This has been long-awaited by many and would signify a major upgrade to the entire network, initiating the beginning phases of this transition.
Today, we’ll be providing an overview of what Ethereum 2.0 is, the key mechanics behind this upgrade, and the ultimate impact it’s expected to have on the PoS ecosystem moving forward.
Read the full article on our official blog here: https://bit.ly/Ethereum2_pSTAKE
About pSTAKE
pSTAKE is a liquid staking solution that unlocks the potential of staked PoS assets (e.g. ATOM). PoS token holders can stake their tokens via the pSTAKE application to receive stkASSETs (ERC-20 representative assets of the respective underlying tokens) that can then be transferred to other wallets or smart contracts on the Ethereum network to generate additional yield.
Currently, pSTAKE issues ERC-20 liquid staking representative tokens on the Ethereum network, with a long-term aim of building a multi-chain protocol issuing liquid staked representatives on multiple networks including the Persistence Core-1 chain.
We have a bag full of new features and an exciting roadmap for the coming months, so follow our socials below to stay up-to-date with the latest developments.
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Developed by Persistence
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.
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