The mainnet went live on March 30, the auction of the token XPRT was completed on the 31st, and the trading on the AscendEX (formerly BitMax) exchange was launched on April 1, marking the development of Persistence, a Cosmos ecological project that has been developed for nearly 2 years, towards the goal of using NFT bridges. The vision of traditional finance and DeFi and the start of Persistence ecology have taken a crucial first step.
Although the total lock-up volume of DeFi reached US$79.12 billion (data from DeBank on April 6), and the total sales of the NFT market reached US$210 million in the past 30 days (data from Nonfungible on April 6), setting a new high, it is compared with the number of traditional financial markets. The trillion-dollar volume is just a drop in the ocean. Moreover, nearly 90% of the current DeFi and NFT assets are concentrated on the Ethereum platform that still uses the proof-of-work (PoW) mechanism. It is difficult for holders of the original tokens of the proof-of-stake (PoS) mechanism to access and share The benefits of DeFi.
Persistence, an interoperability protocol developed on top of the Cosmos cross-chain protocol, aims to create a decentralized financial ecosystem including debt financing, lending, DEX, fixed income, etc. On the one hand, it uses NFT technology and protocols to transfer bills of exchange and credit The tokenization of traditional commercial papers such as certificates and bills of lading has become the common collateral and transaction targets in the encrypted world. In the process of solving the financing difficulties of the majority of small and medium-sized enterprises, traditional finance has been introduced into the star sea of DeFi. On the other hand, through Cosmos Cross-chain technology allows PoS native token holders to enter and share Ethereum's rich DeFi products and benefits.
Persistence's technology stack consists of the following three layers:
- Persistence main chain: It is a Byzantine Fault Tolerance (BFT) based on Delegated Proof of Stake (dPoS). The permission chain of the Tendermint consensus engine. Based on this, a customized commercial "application chain" network guarded by the main chain and a collection of validators is established.
- Persistence SDK: A comprehensive plug-and-play module suite for launching new or integrating existing exchanges and markets.
- Persistence DApps: Focus on matching the financial applications of borrowers (capital demanders) and borrowers/investors (capital suppliers), operating on specific application chains in the Persistence ecosystem.
In the past two years, neither DeFi nor NFT has exploded. Persistence has been exploring the integration of NFT, DeFi and PoS, and has developed and launched the following two products:
- Comdex: The first institution-oriented commodity trading and trade financing platform to be launched on the product side in 2019. Comdex uses NFT to tokenize invoices. Companies can use tokenized invoices as pledges to obtain loans. This solves the pain points of difficulty in obtaining funds and long settlement times in traditional commodity transactions. So far, Comdex's transaction volume has exceeded 55 million U.S. dollars. .
- AUDIT.one: Staking-as-a-Service (Staking-as-a-Service) white label service provided to institutions. The first partner, Tavis Digital, is a subsidiary of Swiss billion-dollar asset management company Tavis Capital. Currently managing assets of more than 250 million U.S. dollars, Tavis Digital uses AUDIT.one to help institutional participants earn pledge income, which will encourage a new round of institutional funds to flow into the crypto field.
There are also three strategic products scheduled to be launched this year in full swing to further complete the puzzle of NFT + DeFi + PoS:
- pStake: This liquid pledge product is scheduled to be released in the second quarter to help unlock the liquidity of PoS pledge assets; pStake will allow its representative tokens (stkTokens) to be issued on Ethereum, which will be pledged on the PoS blockchain Of native assets are supported at a ratio of 1:1. In this way, token holders can convert immobile pledged native tokens into liquid ERC20 tokens, which can be used in the huge DeFi ecosystem on Ethereum, while ensuring the security of the original network. Affected.
- ️Asset Mantle: This interoperable NFT market framework is planned to be launched in the third quarter. Unlike general NFT markets such as OpenSea and SuperRare, Asset Mantle will be able to create exclusive markets and select products from specific sellers or seller groups, which can be regarded as "Shopify designed for NFT". Asset Mantle can support various forms of NFT, from digital art, collectibles to tokenized tickets.
- ️PLend: This stable currency lending platform, which was launched in the fourth quarter of this year and backed by real assets, allows stable currency holders to also access the US$65 billion global trading and financing market. In addition, stablecoins can be borrowed to provide capital for transaction financing on the Comdex platform, so that currency holders can use stablecoins to earn income from real-world assets.
From a technical and ecological perspective, an important prerequisite for the smooth launch and operation of the above products is the launch of the Persistence mainnet. On March 30, the Persistence mainnet was successfully launched, Cosmostation, Dokia Capital, StakeWith.Us, Tavis Digital, Figment, HuobiPool, Stake.fish, HashQuark, P2P Validator, SG-1, Band Protocol, AscendEX, DSRV, AUDIT.one 15 investment institutions, exchanges, mining pools, partners, and application teams from all over the world, including Kalpatech, who are deeply involved in the Cosmos ecosystem, have become Persistence mainnet creation verification nodes, and 30 million XPRT generations from Persistence’s ecosystem and market funds Coins will be entrusted to them and provide an excellent staking experience. Coin holders are encouraged to pledge their tokens to these verification nodes from April 1st to obtain 35% of the first year's annual income, which is far exceeding other PoS networks.
XPRT, with a total amount of 100 million and 1% of the total amount in circulation on April 1, is the native token of the Persistence ecosystem. It plays the following three roles:
- Governance: XPRT holders participate in protocol governance by initiating proposals and voting for various participations, which will allow Persistence to have a broader ecological impact.
- Pledge reward: similar to other Tendermint-based chains, such as Band, Kava, Terra, Iris.
- Functional tokens: Participants and delegators receive cash flow and income from pStake and Comdex DApps and other DApps in the future.
100 million XPRT will be gradually released within 42 months according to the following proportions: marketing 25.6%, ecological development 19.4%, team 16%, seed round financing and private placement 14%, verification node reward 10%, verification node and strategic sales 10% , 4% for consultants and 1% for public sale (released on April 1st).
Like other Tendermint-based chains, the supply of XPRT tokens is inflationary to incentivize token holders to pledge, thereby improving network security. The inflation rate for the first year will be 35%, and then this rate will be halved every two years, with a target pledge percentage of 67% to ensure network security. Assuming 67%, the maximum supply of XPRT will reach approximately 403 million by 2035. Since the inflation rate is halved every two years, early pledgers will get the highest returns. Moreover, the more pledgers, the more exposure to many DApps in the Persistence ecosystem.