TI Rating Report - Persistence
Persistence is a protocol built to bridges DeFi and traditional finance by facilitating borrowing of Crypto Assets using real-world assets as collateral. Within the Persistence ecosystem, main chain is interoperable with App-chains based on Tendermint consensus algorithm. Under the confluence of NFT, DeFi and PoS Staking, Persistence tokenizes real assets to trade or as collateral to borrow stablecoins. And it hopes to further securitize the debt pooled in its financing dApps. To build this, they planed to form a main chain and app-chains inter-structure which is currently with 2 products online and 3 more products to come.
- Comdex: Institutional-facing commodities trading and trade financing platform, including agriculture commodities, metal commodities and energy commodities, etc.
- AUDIT.one: As a validator, AUDIT.one provides white-labeling solutions for institutional assets managers who is looking to generate fixed income returns by participating in proof-of-stake (PoS) networks such as Cosmos, Polygon (formerly Matic), Terra and others.
As disclosed, another 3 products are in development or to be launched. And some features about these coming dApps can be summarized as follows:
- pStake: pStake unlocks liquidity of staked assets by allowing users of the platform to mint and be issued with ERC-20 staked representatives of the PoS token. pStake will begin with issuing assets on Ethereum and further on other chains.
- pLend: Stablecoin lending platform backed by real-world assets.
- Asset Mantle: A marketplace where users can create NFT with a set of libraries and modules, and trade NFTs in an inter-chain level. The marketplace aims to be like Shopify, an e-commerce platform which enables its clients to build their own online shops and facilitates the trade.
Main-chain and App-chains
Persistence ecosystem is consisted of main-chain, app-chains and dApps, facilitated by its self-innovate SDK.
- Persistence main-chain is running on delegated-Proof-of-Stake (dPoS) based Byzantine Fault Tolerant (BFT) Tendermint consensus algorithm. Main-chain is secured by a distributed set of v rs and the native Persistence token, $XPRT.
Interchain Structure of Persistence，Source: Persistence; TokenInsight.
- The Persistence Software Development Kit (SDK) is a set of standardized tools or ‘modules’ that can be used to model Marketplaces for real asset tokenization, commodities trade or NFT trade, etc. Developers can both integrate the SDK module into existing applications or spin up entirely new marketplaces.
- App-chains will not have a native token in most cases. NFTs are stored in app-specific chains. The governance of certain key parameters will take place at the main-chain level.
- Open Finance dApps are hosted on app-specific chains in the Persistence ecosystem.
- The Persistence main-chain will be interoperable with other chains via the Interchain Communication Protocols. Thereby the NFT transfer, incentivizing and governance can be realized within the ecosystem. While dApps in the Persistence ecosystem benefit from chain sovereignty, the dApps can tap into DeFi liquidity from multiple chains as well.