BlockTalks x Persistence One AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Persistence, on March 24th at 03.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Abhitej Singh, Strategy & Community Lead at Persistence, so here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks
Q1. Could you please introduce Persistence to our community in layman’s term?
Ans —In simplest terms, Persistence is creating ecosystem of financial products which will have debt financing, borrowing/lending, DEXs, Fixed income generators etc.
To dive a little deeper:
Persistence is an interoperable protocol built to facilitate the creation of next-gen financial products. The Persistence tech stack provides the infrastructure to effectively bridge the realms of DeFi and traditional finance in a variety of areas, whilst also enabling the creation of innovative crypto-facing solutions to expand the DeFi and NFT sectors.
Persistence is operating at the confluence of NFTs + DeFi + PoS Staking. We have already developed a full suite of financial products:
♦️Comdex: Institutional-facing commodities trading and trade financing platform. Handled over $55M in transaction volume.
♦️AUDIT.one: Staking-as-a-service infrastructure. Currently over $200M in assets under management.
♦️pStake: Liquid staking product unlocking liquidity of staked assets.
♦️pLend: Stablecoin lending platform backed by real-world assets.
♦️Asset Mantle: Interoperable NFT marketplace framework, enabling the creation of ‘Shopify-style’ NFT marketplaces.
Learn more about our mission and product ecosystem here:
Q2. What are the advantages of Persistence to other alternatives in the Blockchain field?
Ans — TL;DR
- Traction
- Strong project collaborations and ecosystem partners
- Pipeline of upcoming projects
- Wide distribution
- Self-sustaining technological infrastructure
Q3. What are the major milestones Persistence achieved so far & what are in the future pipeline?
Ans — Some of the key achievements will be:
1. Strong partnerships with leading protocols, networks and walets (listed below)
2. Expanded team to 20+ members
3. ICF awarded grant to Persistence to develop inter-chain NFT standards and we are leading the global working group which includes Polkadot, Kusama, Secret Network, Keep Network, Cosmos etc
4. Launched AUDIT.one [$300 Million in total assets under delegation] and Comdex [$55 Million in total transaction volume]
5. Launched StakeDrop with 7 networks — Cosmos, Polkadot, Tezos, Terra, Kava, Iris and Polygon and already have 3000+ participating who have staked more than $1 Billion worth of assets to earn $XPRT tokens.
6. Onboarded world’s best validators securing $5B+ assets collectively including but not limited to stakefish, Dokia Capital, P2P Network, Figment, Sikka
Read about our journey so far [Till January 2021]: https://buff.ly/395mpp2
Questions Asked on Twitter For Persistence Team!
Q1. What are the main advantages of the token $XPRT to remain on the decentralized financial market and how can the Persistence ecosystem continue to attract more users this year 2021?
Ans — The token plays 3 keys roles:
1. Staking token (similar to other Tendermint based chains like Band, Kava, Terra, Iris)
2. Governance of the chain (not app)
3. Work token (stakers and delegators receive cashflows from the pStake and Comdex dApp as well as other dApps in the future)
The biggest advantage is as the Persistence ecosystem grows (we are already working on shipping multiple projects) the value of $XPRT will grow. Hence providing immense ROI for the XPRT holders.
To answer the question how we plan to keep attracting more users?
Build more and more products meanwhile growing value accrual for $XPRT. Currently we are working with some of the leading institutions (details will be disclosed in coming months) and leading crypto-native projects. pStake, pLend, Comdex, Asset Mantle, AUDIT.one are products of clear vision and strong presence across the industry.
Q2. You have done several StakeDropp campaigns to distribute your XPRT tokens. So, I would like to know why you have decided to make this distribution through some Staking campaigns. How does Persistence relate to these projects?
Ans — All the 7 networks selected for the StakeDrop campaign align with the long-term vision and objectives of Persistence. Some of the those are:
♦️Tendermint-based chains: Cosmos, Kava, Iris, Terra
♦️Interoperability: Polkadot, Cosmos
♦️DeFi: Kava, Terra, Iris
♦️NFTs: Matic
♦️Bridging traditional finance and DeFi: Tezos
The other key factors with these networks that ensured the success of StakeDrop:
♦️Geographically distributed: Cosmos, Polkadot, Tezos (Global), Kava (the US), Iris (China), Terra (South Korea), Matic (India)
♦️Significant market capitalisation
♦️Strong staking community with high staking ratio on the network
♦️Synergies to work with these projects for Persistence ecosystem products such as pLend, pStake, Asset Mantle
The key objectives of the StakeDrop campaigns are:
- As wide as possible distribution of $XPRT token
- Building a strong brand and community with long-term stakeholders
- Educating the community about the value accrual model of $XPRT
In case someone wants more details:
Currently we are running StakeDrop campaign to distribute 1% of our entire token supply.
We have already completed the campaigns for Cosmos, Kava, Terra
Ongoin: Matic
Upcoming: Iris, Tezos, Polkadot
You can find the details to participate in Matic StakeDrop here:
Q3. The development of NFT has recently become popular How does Persistence support the development of NFT products between chains in the hackathon? Then how do we participate in Hackathon RU? What benefits will you get?
Ans — Persistence has been working on the NFTs since 2019 (with the inception of Comdex) and we have been developing multiple modules which enable cross-chain transfer of NFTs.
In fact, Persistence executed the first cross-chain NFT transaction. Here is the article covered by Cosmos:
Based on our work, Interchain Foundation (Foundation behind Cosmos) awarded us with a grant to develop inter-chain NFT and metadata standards.
Currently we are leading the working group of 20+ projects to develop these standards that include Polkadot, Cosmos, Kusama, Akash Network, Secret Network etc.
This lead to development of Asset Mantle which is a framework to build NFT marketplace (even without coding) and allowing interoperability with multiple chain.
As for HackAtom Russia, we are granting the award to developers that build best implementation on Asset Mantle/interNFT.
Here the workshop by Deepanshu:
Q4. I understand that pStake will unlock the liquidity of staked assets, in terms of profits for investors this is wonderful but in the medium to long term will it not negatively affect the platform ? I would like to know how much is the minimum amount to start staking In pstake?
Ans —
- pStake is undoubtedly one of the most sophisticated Liquid Staking dapp which not only provides liquidity but also replicates the underlying network’s governance. To emphasise more on why pStake will positively impact the staking ecosystem:
- Decreasing the barriers to Staking: Most of the PoS assets are not staked today due to issues such as liquidity but pStake’s redemption model provides instant liquidity without impacting the network security
- Enabling cross-chain ecosystem: Through pStake token holders of different PoS assets will be able to bring their assets to Ethereum, this will significantly grow the adoption of PoS ecosystem.
- Additional rewards: The users will be able to earn LP Rewards or other DeFi incentives in addition to their staking rewards.
To answer the second part, there is no minimum amount to start staking on pStake.
Q5. Collaboration and partnerships are one of the to making DeFi more widespread, Can #XPRT share some of the partnerships you have formed with existing blockchain foundations recently?
Ans — Partnerships:
Ecosystem:
2. Interchain Foundation: https://medium.com/persistence-blog/persistence-one-first-to-implement-interchain-native-nft-transfer-bags-icf-grant-cdb6c3856c25
3. Razor Network: https://medium.com/persistence-blog/persistence-partners-with-razor-network-to-strengthen-both-parties-e92e538ad4b4
4. Kava: https://twitter.com/kava_labs/status/1357630049906794496?s=20
AUDIT.one:
1. Tendermint: https://medium.com/persistence-blog/tendermint-to-delegate-595-000-atoms-to-persistences-audit-one-97ddb47e01db
2. Polygon (Previously Matic Network): https://blog.matic.network/matic-network-validator-advisory-board-overseeing-the-advancement-of-a-secure-and-healthy-network/
3. Skale: https://skale.network/blog/validator-list-for-skale/
4. Injective: https://buff.ly/2ZtasW4
5. Marlin: https://twitter.com/PersistenceOne/status/1339917327194857473
StakeDrop:
1. Trust Wallet: https://community.trustwallet.com/t/persistence-one-1000-in-xrpt-giveaway/85990
2. Cosmostation: https://medium.com/persistence-blog/cosmostation-wallet-adds-3-step-registration-for-persistence-stakedrop-a1223703c490
3. StakingReawrds: https://medium.com/persistence-blog/additional-20-000-xprt-is-up-for-grabs-as-persistence-partners-with-the-staking-rewards-team-d1b21aa092ac
I believe these sum up some of the top collaborations and partnership so far but we have huge number of partnerships to be announced which we will be doing in coming weeks.
Keep a close eye on our official channels to stay updated on the same.
Questions Asked by our BlockTalks Community Members during live Session to Persistence Team!!
Q1. you will make NTFs market asset mantle? will this be an NFT market like Opensea, treasure land? Do you have an idea of what your NFTs market will look like?
Ans — This is a very interesting question. Opensea is an aggregator for NFTs while Asset Mantle is a framework which enable the following:
- Create Market-specific chains: Asset Mantle allows anyone to build their own NFT marketplace on a dedicated chain with integration to Asset Mantle native marketplace
- Interoperability: Have interoperability with multiple chains (unlike ERC-721 where assets can only reside in Ethereum)
- Highly composable NFT and Metadata
In simplest terms it’s Shopify of NFTs while Opensea is ebay.
Q2. Persistence provides the infrastructure to effectively bridge the domains of DeFi and traditional finance, i.e. your approach is not completely decentralized? What are the benefits of having a hybrid ecosystem? As far as I know traditional finance only provides problems
Ans — Very interesting take. While Crypto ecosystem is growing significantly but the mass adoption and high-value will only flow in if their tangible use to Crypto.
Our approach is to bring high-value real-world assets such as business invoices, ownership documents and allow the traditional businesses to put these as collateral to borrow stablecoins.
How does it help Crypto users?
It provides accessibility to the real-world assets and earn sustainable income. In addition to that participate in the asset-classes that have been operating behind the high walls.
How will it help traditional businesses?
Gain liquidity and financing to operate their businesses.
Some of the other problems we are solving:
We believe this is most effective way to drive mass adoption — bridging DeFi and traditional finance.
Q3. Why are Persistence building on top of Tendermint and Cosmos SDK and What determines that Persistence is Scalable and Interoperable?
Ans — The Cosmos SDK not only allows Persistence the ability to take advantage of the ‘Inter-blockchain Communication Module’ (IBC) launched by Cosmos, but also allows for Persistence to create its own ecosystem of application specific chains which leads to an exponentially higher level of scalability.
Through the use of the Cosmos IBC module, stablecoins from various networks integrated with the Cosmos IBC can be interoperably transacted on the Persistence dApps where these assets can be deployed to finance crypto as well as real world use-cases.
In addition, the Cosmos Hub/Zone structure allows for applications built on Persistence to have their own chain (zone) for application specific transactions while transactions pertaining to the native Persistence token ($XPRT) occur on the hub.
Q4. NFT is very hot trend now, do you pretend to catch up with this trend or still follow and focus your original roadmap? create values, not create TREND!
Ans — Very good question, thank you for bringing it up.
Persistence has been working on NFTs since 2019 even before the NFTs became so popular and hot topic.
Our vision since inception has been to operate on the confluence of NFTs + DeFi + PoS Staking.
We are not swayed by the trend but working on creating long-term value by developing utility for NFTs beyond art and collectible, for example tokenising business invoices, ownership documents etc.
More of our in-depth work can be seen with development of interNFT standards.
Q5. Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?
Ans —
We aim to become the largest suite of financial products (Both crypto-native and institutional applications).
We are already on a great start with Comdex, pStake, AUDIT.one, Asset Mantle and pLend. But this is just the start.
You can find all our upcoming updates in our latest roadmap: https://persistence.one/roadmap
But some of the key updates will be:
Token Sale: March 2021
Mainnet Launch: Q1 2021
pStake Launch: April 2021
Asset Mantle launch: Q2 20201
Exchange lisitings and token staking: Q2 2021
Here are some important links of Persistence
🌎 Website: https://persistence.one/
📱Twitter: https://twitter.com/PersistenceOne
📢 Telegram: https://t.me/PersistenceOneChat
