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Binance Labs Makes a Strategic Investment in Liquid Staking Protocol pSTAKE

2022-05-10

Binance Labs, the venture capital arm and innovation incubator of Binance, is pleased to announce its latest strategic investment in pSTAKE Finance, a liquid staking protocol developed by Persistence, to bring more liquid staking into the BNB ecosystem.

Proof-of-Stake assets such as BNB can be staked on pSTAKE to mint liquid staked representative tokens (stkASSETs), which can be used in DeFi protocols to earn staking rewards and additional yield.

Ken Li, Executive Director at Binance Labs, said: “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.”

"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" said Tushar Aggarwal, Founder of Persistence. 

Launched in August 2021, pSTAKE Finance has around $60M worth of assets staked via the platform and became the most prominent liquid staking solution of the Cosmos ecosystem.

pSTAKE currently supports liquid staking for $ATOM and $XPRT and 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).