On Tuesday, pSTAKE, a liquidity stakeout protocol from the decentralized financial platform (DeFi) Persistence, announced in a statement to Cointelegraph that it had completed a $ 10 million strategic round of funding from venture capital firms. Tendermint, the core developer behind the Cosmos network, powers the persistence blockchain with its consensus engine.
Liquid staking is the practice that users do “double dipping” with their crypto assets – i. This process allows for a higher overall return because the asset will generate returns in two pools instead of one, but is also riskier because investors hold multi-class derivatives of the original token.
We award the best article about #LiquidSlusive.
Topic: Is Liquid the future of the PoS?
The winners will be announced on the pSTAKE weblog and will receive:
️ $ 250 in $ ATOM
♦ ️Exclamation of pSTAKE
Deadline: November 19th
Details and submissions: https://t.co/JcH0LyUfC5 pic.twitter.com/YVzaQFVs6Z
– pSTAKE Finance (,) (@pStakeFinance) November 12, 2021
Funding is backed by various venture capital groups such as 3 Arrows Cash, Sequoia Funds India, Galaxy Electronic, DeFiance Money, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Analysis, Sino Global Cash and Spartan Group. Angel investors such as Ajit Tripathi, Head of Institutional Business Development at Aave Do Kwon, founder of Terra, and Tascha Punyaneramidee, co-founder of Alpha Finance, also took part.
Tushar Aggarwal, CEO and Founder of Persistence, said:
“PSTAKE has seen significant organic growth since its unexpected launch in September and we look forward to continuing this upward trend.”
Shailesh Lakhani, Managing Director of Sequoia India, commented on the development as follows:
“The Sequoia India team is excited to assist you in creating a roadmap that will add new utility and further aggregation for asset staking.”