pSTAKE

pSTAKE Finance operates as a liquid staking protocol designed to unlock the value of staked digital assets across multiple blockchain networks. The protocol was developed by Persistence, a company focused on creating a decentralized liquid staking ecosystem. Key figures associated with pSTAKE include Mikhil Pandey, who is a co-founder and the chief strategy officer, and Tushar Aggarwal, the founder of Persistence. Pandey began his journey in the crypto space in late 2019 as a market researcher at Persistence, where his interest in protocol design and token mechanisms grew, eventually leading to his role in co-founding pSTAKE.

The core business of pSTAKE is to address the liquidity challenge inherent in traditional Proof-of-Stake (PoS) networks, where assets are locked up and cannot be used for other activities. pSTAKE allows users, including both individuals and institutions, to stake their PoS assets and in return receive 1:1 pegged representative tokens, known as stkASSETs. These derivative tokens accrue staking rewards while remaining liquid, enabling holders to utilize them within the broader Decentralized Finance (DeFi) ecosystem to generate additional yield. The protocol initially focused on the Cosmos ecosystem and later expanded to support assets on chains like the BNB Chain. More recently, pSTAKE has shifted its focus to Bitcoin DeFi (BTCfi), launching a liquid staking solution for Bitcoin built on Babylon's trustless staking protocol. This allows BTC holders to earn rewards by helping secure other application chains while maintaining the liquidity of their assets.

Revenue for the protocol is generated through low liquid staking fees. The platform's native governance and incentivization token is PSTAKE. pSTAKE has garnered significant backing from prominent investors in the web3 space, including Binance Labs, Coinbase Ventures, DeFiance Capital, and Sequoia Capital India. To ensure the security of user funds, the protocol collaborates with institutional custodians like Cobo and undergoes security audits from firms such as Halborn and PeckShield.

Keywords: liquid staking, pSTAKE Finance, Bitcoin DeFi, BTCfi, Proof-of-Stake, PoS, Persistence, Mikhil Pandey, stkASSETs, decentralized finance, crypto yield, Babylon protocol, Cosmos ecosystem, BNB Chain, digital asset staking, PSTAKE token, blockchain finance, crypto liquidity, staking rewards, non-custodial staking