On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance (DeFi) platform Persistence, announced in a statement provided to Cointelegraph that it had closed a $10 million strategic funding round from venture capital firms. Tendermint, the core developer behind the Cosmos network, powers Persistence blockchain with its consensus engine.
Liquid staking is the practice of users “double-dipping” with their crypto assets — i.e., allowing them to stake their crypto in one pool and use their staked assets to farm yields in a liquidity provider pool, or vice versa. The process enables higher compounded yields, as assets generate returns in two pools instead of one, but it is also riskier, as investors hold multi-layer derivatives of their original token.
We’re rewarding the best article on #استخراج مایعات.
Topic: Is Liquid Staking the Future of PoS?
Winner will be published on the pSTAKE blog & will receive:
♦️$250 in $ ATOM
♦️Shout-out from pSTAKEDeadline: 19th Nov
Details & submissions: https://t.co/JcH0LyUfC5 pic.twitter.com/YVzaQFVs6Z
— pSTAKE Finance (،) (@pStakeFinance) نوامبر 12، 2021
The funding was backed by various venture capital groups, such as Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, سرمایه گذاری Coinbase, Tendermint Ventures, Kraken Ventures, تحقیقات آلامدا, Sino Global Capital and Spartan Group. In addition, angel investors such as Ajit Tripathi, head of institutional business development at دیوانه; Do Kwon, founder of زمین; and Tascha Punyaneramitdee, co-founder of Alpha Finance, also joined in.
Tushar Aggarwal, CEO and Founder of Persistence, said:
“PSTAKE has experienced significant organic growth since its uncapped launch in September, and we are thrilled to continue building on this upward trajectory.”
Shailesh Lakhani, managing director of Sequoia India, gave the following comment regarding the development:
“The Sequoia India team is excited to support them as they build out a roadmap that will bring new utility and further composability to staked assets.”
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