Persistence, the startup behind liquid staking solution pSTAKE, has raised an undisclosed amount from Binance’s venture arm in a strategic funding round.
pSTAKE, which was launched in August 2021, allows users to “unlock” the liquidity of staked tokens. The service issues the equivalent of assets with the prefix stk-, which can be used in the DeFi ecosystem to receive staking rewards and in other profitable farming use cases.
pSTAKE was initially focused on working in Cosmos and other blockchains based on Tendermint BFT. The team subsequently launched support for ETH 2.0 on the testnet. This list is expected to expand to include Avalanche, Solana, and BNB Chain in the coming months.
The service has been integrated with leading DeFi protocols like Anchor Protocol and Sushi.