Through this forum post, Persistence Labs is delighted to announce our keen interest in acquiring $300,000 worth of ASTRO tokens from the Astroport Assembly. This move is to establish a strategic partnership with Astroport Hub on Neutron and enter the AstroWars to support the Persistence ecosystem applications – starting with pSTAKE Finance.
The recent announcement from Astroport regarding the migration of the Hub to Neutron has sparked deep interest and excitement among the contributors of Persistence Labs. With the latest revision in ASTRO tokenomics and the introduction of Astro Tributes for Cosmos, Persistence Labs aims to establish a direct stake in the Astroport Protocol’s deployment on Neutron. Our objective is to support Persistence ecosystem assets, commencing with stkATOM for the upcoming AstroWars 2.0.
This strategic initiative aims to fortify a closer alignment with the Neutron ecosystem and enhance the deep liquidity of pSTAKE’s LSTs, with a particular focus on stkATOM on Astroport.
Recently, pSTAKE Finance secured a 600k ATOM allocation as stkATOM Hub Protocol-Owned-Liquidity from the Cosmos Hub, following the approval of Prop 853 aimed at expanding ATOM Liquid staking. Out of this allocation, 350k ATOM (approximately 60% of the total allocated liquidity, equivalent to ~$3.5M at the current market price) is designated for deployment on the newly launched stkATOM/ATOM pool on Astroport’s outpost on Neutron. This liquidity injection introduces a new ATOM LST pair - stkATOM/ATOM on Astroport and is poised to increase Astroport’s Total Value Locked (TVL) on its Hub –Neutron by approximately 8.75%. To incentivize liquidity, the aforementioned pool comes with a 100,000 PSTAKE token incentive over 30 days.
The establishment of this deep liquidity on Astroport is expected to unlock various use cases for stkATOM within the Neutron ecosystem, generating additional revenue for the Cosmos Hub by increasing Protocol revenue from Neutron chain activity. Allocation of ASTRO emissions to this pool will further add value to this Cosmos community initiative to grow ATOM Liquid Staking with stkATOM.
Persistence Labs signals its intention to directly purchase $300,000 worth of ASTRO tokens from the Astro Assembly, bypassing any third-party deals. To maintain transparency with the community, Persistence Labs has already been acquiring ASTRO on the secondary markets, but given the close alignment of interests between Astroport (on Neutron) and pSTAKE Finance, as highlighted above, we believe that an open and public deal would be more efficient and mutually beneficial. Therefore, we propose a deal that allows Persistence Labs to acquire USD 300k worth of ASTRO tokens at a 7-day Time-Weighted Average Price (TWAP) of $0.11418 per $ASTRO.
If the Astroport community supports this proposal, the specifics of the agreement will be as follows:
- Persistence Labs will transfer $300k in USDC to a wallet address provided by the Astroport Assembly
- The deal will be closed at an agreed-upon price of $0.11418, which is the TWAP price of the last 7 days at this instance, irrespective of any positive or negative changes in the price from this point.
- A total of 2,627,430.37 ASTRO tokens will be transferred to a Neutron address provided by Persistence Labs - the publisher of the forum post
- These ASTRO tokens are being acquired for the purpose of participating in ASTRO Wars 2.0
Persistence Labs aims to acquire ASTRO with the sole objective of fostering a robust partnership between Astroport and the Persistence ecosystem. This includes incentivizing the development of pSTAKE’s ‘stkTokens’ liquidity on Astroport. As the liquidity hub on Neutron, the ICS-consumer chain for all Hub DeFi activity, Astroport remains a strategic choice to establish deep liquidity for Persistence ecosystem assets.
Expressing confidence in Astroport’s Hub on Neutron, Persistence Labs proudly shares its intention to join the AstroWars 2.0 by initiating support for stkATOM.
Persistence is a cosmos app chain for LSTfi (liquid staking finance) with the issuance of & DeFi for LSTs.
The Persistence core-1 chain hosts pSTAKE Finance–a multi-chain liquid staking protocol for issuing LSTs that allows users to earn staking rewards while participating in DeFi primitives, and Dexter–the Interchain DEX for yield-generating assets like LSTs.
Persistence aims to offer a one-stop shop for liquid staking for PoS (Proof-of-Stake) users and enable developers to build innovative applications around LSTs.