Binance Labs Invest In pStake
Binance Labs invest in pStake, a liquid staking protocol developed by Persistence, to bring more liquid staking into the BNB ecosystem.
“Binance Labs is excited to support pSTAKE Finance as they launch BNB liquid staking and bring additional DeFi innovation into the BNB Chain ecosystem. We are excited by the quality of the team leading pStake and look forward to partnering closely.”— Ken Li, Executive Director at Binance Labs
“At pSTAKE, we are developing a solution that allows users to seamlessly stake their assets to help secure the underlying networks and abstract the complexities of staking while providing an opportunity to leverage their staked assets within the broader DeFi ecosystem to generate yields on top of staking rewards. We believe liquid staking will become the base layer for DeFi on PoS networks and will play a vital role in bringing more exciting use cases to DeFi”— Tushar Aggarwal, Founder of Persistence.
Launched in August 2021, pSTAKE Finance has around $60M worth of assets staked via the platform. Became the most prominent liquid staking solution of the Cosmos ecosystem.
pSTAKE currently supports liquid staking for $ATOM and $XPRT. It has integrated with leading DeFi protocols such as Anchor Protocol and Sushi. It also has launched a testnet for ETH2.0 liquid staking. With support for Solana, Avalanche, and BNB Chain going live in the coming months.
Other investors of the project in 2021 are Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Sino Global, Coinbase Ventures, Kraken Ventures, Tendermint Ventures, Lattice Capital, and Do Kwon (Terra).
ABOUT Binance Labs
Binance Labs, the venture capital arm and innovation incubator of Binance
ABOUT pStake
pSTAKE is a liquid staking protocol unlocking the liquidity of staked assets. Stakers of PoS tokens can now stake their assets while maintaining the liquidity of these assets.
RESOURCES
Binance Blog
