Persistence, has opened its testnet to the public. It allows anyone to test pSTAKE’s liquid staking services, with test tokens initially available to users in the public alpha.
They have also started its bug bounty program, an incentivized program of testing where participants will be rewarded for debugging and bootstrapping the network. A pool of tokens will be benchmarked for participants in the program, with a value of $25,000.
pSTAKE is a liquid staking solution unlocking the true potential of PoS tokens by utilizing the liquidity of staked assets. Token holders of pSTAKE supported PoS networks can mint 1:1 pegged ERC-20-staked representative tokens for their native PoS assets, which can then be utilized within the existing Ethereum DeFi ecosystem to generate additional yield. Support for such PoS networks as Cosmos, Solana Polkadot, and Ethereum 2.0 are coming in the next few months..
“Currently over $100 billion worth of crypto assets are staked on PoS networks, with that figure expected to rise significantly,” Persistence founder and CEO Tushar Aggarwal said. “As interest in liquid staking accelerates, its potential growth is drawing parallels to DeFi, which exploded from a nascent industry to having over $60 billion in value locked across networks. pSTAKE provides a comprehensive solution for unlocking the liquidity of staked assets and bridging the gap between staking and decentralized finance. Opening the pSTAKE testnet to the public is a significant step towards our vision of a seamlessly integrated staking and DeFi economy, and build a strong and resilient foundation for the mainnet launch of pSTAKE due to take place later this quarter.”