Investors can purchase XPRT cryptocurrency on an exchange and stake it by delegating it to an available validator. The current estimated staking yield is more than 40% per annum according to StakingRewards.com. In this article, we will explain what the Persistence protocol is, what the nuances and particularities are, and how to stake XPRT in the Cosmostation mobile wallet.
What is Persistence Protocol
The Persistence Protocol developers have come up with a solution for Institutional Open Finance. By using blockchain technology and the functionality of Decentralized (DeFi) and Open (OpFi) finance, they have created an efficient platform for cross-border payments and business financing.
Persistence's mission is to bring DeFi, OpFi and CeFi together to implement traditional finance into the crypto space. Thanks to this platform, traditional investors will be able to borrow stablecoins by collateralizing traditional assets such as invoices e.g.. Besides, the platform will allow you to tokenize traditional assets, transforming them into non-fungible tokens (NFT) and perform various operations with them:
- Trade on exchanges in pairs with stablecoins;
- Use them for collateral to borrow stablecoins;
- Make investment pool deposits to receive a fixed income.
Persistence's goal is to close the funding gap for companies caused by the recent crisis and negative interest rates. The platform will allow companies to receive financing more efficiently, and investors to issue loans at high rates. To solve this problem, developers are creating next-generation services that combine centralized and decentralized markets.
Products Developed by Persistence:
- Comdex is a decentralized exchange for trading tokenized commodities. It’s already been launched.
Following products expected to run in the coming months:
- pLend - stablecoin lending platform.
- Asset Mantle - DApp for creating and trading NFTs.
pStake - DApp aimed to open liquidity for staked crypto assets so their value can be used in financial operations while assets remain staked.
Taken from the official Persistence Medium channel
About the XPRT token
The developers have endowed XPRT with several functions that the token will perform:
- Managing the Persistence blockchain: XPRT holders can vote on which improvements the network developers will make as well as suggest their own proposals;
- Securing the blockchain: Staking and delegation, in the long run, should bring yield about 35%+ per annum, based on the Tendermint PBFT mechanism, delivering security and integrity to the blockchain;
- Work token functions: all DApps built on Persistence Protocol will be empowered by XPRT token, increasing the value of this token for the community platform.
How to Stake XPRT in Cosmostation Wallet
First, download the mobile wallet for your device:
A web version of the Cosmos wallet is also available, where you can stake XPRT directly in your browser. We will take a look at the staking process using a mobile wallet as an example.
Note. Staking in a web wallet is fundamentally no different, but creating a wallet requires a Ledger or Keystation connection.
How to Create a Persistence Wallet
Cosmostation is a multicurrency wallet, so you can create multiple crypto wallets in an app to manage various crypto assets such as Cosmos (ATOM), Band Protocol (BAND), Persistence (XPRT), and others.
To create a Persistence wallet, launch the Cosmostation application and click Create.
Select Persistence Mainnet.
Save your seed. This is the most important step - without it, you will not be able to restore access to funds if you lose your device. To display the seed, click Show Mnemonics.
Before showing the mnemonic phrase, you need to set a PIN-code to enter the wallet, consisting of 4 numbers and 1 letter. If you forget your PIN, you will only be able to restore access to the wallet using your seed phrase. Come up with a PIN and then enter it again.
After that, the recovery phrase will be displayed. Write it down on paper or somewhere else, observing the sequence. Do not take a screenshot while recording and do not save the phrase to digital media. Put the paper with the recorded phrase in a safe place and do not lose it!
We wrote in detail about the rules for safely storing a seed phrase in this article:
Cryptosecurity guide: how not to lose your funds when using cryptocurrency
Then click Create Wallet.
The wallet has been created. Top it up to stake XPRT. Click on the QR code icon.
And then scan the QR code, share or copy the wallet address, depending on how you prefer to add funds.
The wallet has been topped up. You can move on to staking.
How to stake XPRT
On the main screen of the application, click the Delegate button.
Then on the page that opens, go to the Top tab and select the required validator, then click on it to go to the next page. We invite you to vote for Everstake.
In this step, click Delegate.
Enter the amount of coins to be delegated manually or using the buttons below the input line. For example, you can quickly select half or all of the XPRT amount in your wallet. Then click Next.
Click Next again. This step is optional. If you don't know what memo is and what it is for, skip this step.
Select the commission amount: Tiny, Low or Average. The higher the commission, the faster the validators will confirm the transaction. As you can see, the network commission is zero. Transactions in Persistence happen quickly, so there is no need to speed them up. Click Next.
Check the details of the transaction and click Confirm.
Read the warning carefully and click Continue.
Enter your PIN to confirm the transaction and stake XPRT.
The transaction was successfully confirmed. Click Done to return to your wallet.
Now on the main page, you will see how many coins are left in the wallet, how many you have delegated / unstaked, and what reward you have received. If you undelegate coins, they will become available in your wallet after 21 days.
Why Everstake?
When you delegate your digital assets, it is important that the validator node is working stably and its uptime is close to 100%. This means that there is a strong team of blockchain experts behind the validator that constantly monitors the state of the nodes. The unstable work of validators creates threats like decreases in profitability and, in some cases, even fines.
Everstake is a reliable staking provider with sustainable uptime of about 100% and supported by a large community of more than 230 000 customers. The Everstake team provides its delegates with convenient staking monitoring services, staking learning center and supports leading PoS platforms such as Cosmos (ATOM), Tezos (XTZ), Polkadot (DOT), Elrond (EGLD), and others.
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