Bringing Bitcoin security and Babylon’s innovative security architecture to liquid staked assets
The world of DeFi has presented users with countless financial opportunities, offering accessible and attractive yield-generating tools through blockchain technology.
Before the rise of DeFi, staking emerged as a prominent method for users to obtain high yields from their digital assets. Staking not only allowed users to leverage their assets for gains but also contributed to the security of the network they utilized. However, as DeFi started to gain traction, it highlighted the restricted utility of assets engaged in staking. This is where liquid staking and Persistence come in.
Liquid staking allows PoS token holders to stake and participate in DeFi at the same time. Liquid stakers receive liquid-staked representative tokens that can be used across DeFi, while also earning rewards from their underlying staked tokens and providing security to the underlying networks. Persistence is an app chain for liquid staking DeFi (LSDeFi) that aims to make this user journey as seamless as possible.
Babylon is excited to announce its testnet integration with Persistence, bringing enhanced transaction security and the option of lower bonding periods to the Persistence blockchain.
The Liquid Staking Revolution
Persistence is on a mission to unlock the liquidity of staked assets and fostering an ecosystem of DeFi applications. Persistence enables developers to create groundbreaking applications centered around liquid staked assets, known as stkASSETs.
The Persistence chain hosts pSTAKE Finance–a multi-chain liquid staking protocol (live for $ATOM, $BNB, & $ETH) for issuing LSTs that allows users to earn staking rewards while participating in DeFi primitives, Dexter–the Interchain DEX for yield-generating assets like LSTs. Bamboo, a borrowing/lending protocol for LSTs & a vault product for LSTs, are expected to launch soon. Persistence aims to offer a one-stop shop for liquid staking for PoS (Proof-of-Stake) users and enable developers to build innovative applications around LSTs.
More Secure and Interoperable Liquid Staking
Through this partnership, Babylon lends its innovative security architecture to Persistence, strengthening its infrastructure and safeguarding users' assets and transactions. Babylon leverages the security of Bitcoin as a source of trust and a reliable timestamping service, providing an additional layer of security to Persistence.
A Liquid Staking Future Empowered by Community
Both Babylon and Persistence have a shared goal of enabling individuals to partake in community ownership and governance. As Persistence persists in its mission to become the liquid staking hub of Cosmos, Babylon's innovative security architecture offers enhanced scalability, interoperability, and extensibility to its users.
