Staky Spotlight: Persistence ($XPRT)
Founded by Tushar Aggarwal in 2019 and headquartered in Singapore, the Persistence protocol facilitates the emergence of next-generation financial products. It helps build an ecosystem of financial products for institutional and crypto-native users by exploring and leveraging a few vital aspects of the blockchain ecosystem, including asset tokenization, decentralized exchange, and debt marketplace.
Persistence has multiple products including the Comdex, Audit.One, PSTake, AssetMantle, and Plend. We will discuss how these products have been helping Persistence to achieve its aim of facilitating seamless asset exchanges in the next segment. But, before delving deeper into the intricacies, we must keep in mind that Persistence declaredly focuses on three aspects: decentralized finance, non-fungible tokens, and the proof-of-stake consensus mechanism.
A solid set of venture funds and validators is backing the growth of Persistence. In its latest ICO session, Persistence managed to raise 3.7 million US dollars from the lead investor Arrington XRP Capital, accompanied by AU21 Capital, Alameda Research, and Terra. Another crucial component of the Persistence ecosystem is the XRPT token. At present, XRPT serves the purposes of governance as well as staking.
Persistence Products: Addressing Institutional and Crypto-Native Use Cases
- Comdex: It is a trade technology platform that offers a suite of solutions aimed at solving some of the crypto industry’s major challenges. Equipping the user with automated real-time verification of crucial trade documents, Comdex prevents delays in trade settlements. It makes the trade cycle shorter and helps improve the resulting topline for trade organizations. It allows small and medium-scale firms to generate verified trade and reputation data. Resultantly, these firms get better access to financing and business outreach avenues. By ensuring a secure and streamlined platform for the storage of trade collaterals, Comdex helps to organize trade workflows and enhances the audibility of trade data. Immutable trade records stored on-chain also help to reduce the scope of forgery and, in turn, reduces the legal expenses. Apart from Persistence, Comdex also receives technological backing from companies like WesternUnion WU and Member Check.
- Audit.one: It offers an enterprise-grade infrastructure for delegated proof-of-stake networks. Properties that make Audit.one efficient are its highly redundant data centers spread across multiple geographical locations, state-of-the-art security with multiple sentry nodes distributed across various cloud providers, and a team of security experts working 24/7 to keep the validator services running.
- Asset Mantle: With Asset Mantle, Persistence is aiming to build a service where creators and collectors will be able to create NFT marketplaces without coding. Through the Asset Mantle app, persistence aims at providing infrastructure to create niche-specific marketplaces for interoperable NFTs with use cases ranging from digital art to tokenized tickets & much more.
Persistence also has interNFT as a part of its ecosystem — a working group consisting of the leading interoperable projects and protocols building inter-chain standards for Non-Fungible Tokens and Metadata.
XRPT: The Persistence Tokenomics
The native coin of Persistence is known as XRPT. It has a total supply of 100,257,155 tokens and a circulating supply of 9,287,107 tokens. The role of Persistence is spread across three categories: utility, staking, and governance.
Since it is a work token, the stakers of XRPT benefit from the economic activity taking place within the Persistence ecosystem. The protocol follows a revenue sharing or transaction volume-based fee agreement model with all the dApps within its ecosystem. Increased activity on these apps implies more staking rewards for stakers and additional incentives for validators.
In its role as a staking token on the persistence main-chain, XRPT allows its holders the ability to delegate their tokens to some of the top validators in the PoS ecosystem and, in return, earn up to 35% annual staking rewards.
The XRPT tokens also help define the weightage of the vote for governance proposals to take critical decisions regarding the evolution of the Persistence chain.
The Latest Updates
- On March 30, 2021, Persistence launched its Core-1 Mainnet with 100,00,000 XPRT genesis tokens. The protocol capped its supply to a maximum of 403,308,352 XPRT tokens that will come into supply over the next 15 years. As indicated earlier, to bootstrap the system, XPRT stakers will receive approximately 35% staking rewards in the first two years (Inflation halves every 2 years).
The protocol already has Stakedrop, a community-focused initiative designed to facilitate the wide distribution of XPRT tokens among PoS token holders familiar with staking. Now that the Persistence mainnet is live, this community will help to accelerate the decentralization.
- For users willing to buy XRPT, it was listed on AscendEX on 1st April 2021. Currently, it is available on AscendEX through the USDT/XRPT trading pair. So far, XRPT has managed to register its highest price at $4.89.
The Future of Persistence
Persistence has two important additions scheduled for its near future. It is bringing a solution named pStake Finance to bring a new asset class to DeFi. In collaboration with the Injective Labs, this solution will support Persistence-native assets for perpetual futures trading & will launch liquid staked assets — facilitated by its pStake app — as a derivative product. Additionally, Persistence will also launch a debt financing solution named pLend in the days to come.