Persistence: Staking and Delegating XPRT

Elizabeth Barnes
May 5, 2021
6
minute read

Persistence is a protocol that is built specifically for Decentralized Institutional Finance Applications. The architecture has three different layers to aid developers in creating solutions to traditional financial hurdles. Persistence aims to have a layer of decentralized financial applications with a level of interoperability that will allow for seamless transfers of value across borders, solving what they see as a lack of infrastructure, lack of transparency, and lack of financial freedom.

The stack consists of (1) the Persistence Chain, the sovereign Proof of Stake chain, (2) the Persistence SDK, with modules meant explicitly for DeFi developers, and (3) Persistence Dapps, a suite of financial applications that are ready for institutional and retail stakeholders.

Why Stake with Figment?


EXPERIENCED & TRUSTED

  • Figment is a venture-funded, registered Canadian company based in Toronto. Canada offers stability, rule of law, and clear crypto regulation.
  • Servicing the world’s largest XPRT holders.
  • 30+ years of experience successfully scaling internet infrastructure companies.

FEATURES & BENEFITS

  • Our Commission rate is 10%.
  • Figment Prime & discounts available for large XPRT holders. Contact us for more information.
  • Active participant in the Persistence ecosystem.

SECURITY & SAFETY  

  • The world’s most advanced physical IDC + multi-cloud staking infrastructure. 
  • You maintain the custody of your XPRT at all times.
  • Third-party custody solutions are available through our institutional partners. Contact us for more information.
  • Protected via industry-leading Staking & Delegation agreement.

Persistence StakeDrops + XPRT Token

Staking began on Persistence on April 1st. It’s offering rewards at 35% APR for the first year. Learn how to make rewards by delegating to Figment’s validator. 

After making a wallet, you’ll be able to buy Persistence’s token, XPRT, from AscendEX (formally BitMax). AscendEX isn’t available in the United States  - meaning that you won’t be able to buy tokens directly. 

Persistence has ongoing StakeDrop campaigns with a few other Cosmos SDK based chains. If you’re unfamiliar, a stake drop is a token distribution mechanism that allows token holders to get exposure to tokens from another Persistence. In this case, select token holders can receive XPRT tokens as rewards for staking on one of these Persistences

Persistence has ongoing Stakedrop campaigns - find the most recent one and participate here: persistence.one/stakedrop. If you’d like to participate in a Persistence stakedrop and delegate your XPRT to Figment, you’ll have to be already staking on Cosmos Hub, Kava, or Terra. 

Creating A Wallet

If you haven’t already: create a Persistence wallet address with the Persistence’s native wallet here.

After clicking “Create Wallet,” a message will pop up. It’s a standard/ usual disclaimer that says users need to store their mnemonic seed securely. Like every other type of non-custodial wallets, don’t lose your seed phrase and don’t expose it to the internet.

The site will give you a seed phrase and ask you to verify it. After doing so, you will be able to create your wallet.

If you’ve already created a wallet, there is a button to select Import an Existing Wallet, and the page will prompt you to enter your Private Key or Mnemonic Phrase.

The website will create a wallet address for you and open up to your dashboard. 

The second step to claiming StakeDrop rewards is sending a Magic Transaction from the wallet you used to stake your tokens. When sending the Magic Transaction, you will need to include your Persistence wallet address in the “Memo” field. If you do not do so, those tokens might be lost in the transaction and cannot be recovered.

The timeline for distribution of tokens from StakeDrops:

  1. Cosmos: April 20th — May 15th
  2. Kava: April 25th — May 20th
  3. Terra: April 30th — May 25th

Ready to Stake?

Your XPRT will be locked for six months after you receive it, and a portion will unlock linearly over that time. However, users can stake their tokens while they are locked!

You can find your vesting schedule by hoving your cursor over the little i next to vesting.

You can delegate your XPRT from Persistence’s Wallet. Head over to the staking interface by navigating to the top bar and clicking “Staking.”

From here, a complete list of validators is available. 

Locate Figment on this list - our commission is 10%.

Click Delegate and add the amount you’d like to delegate to us. There is a transaction fee of 0.005xprt when delegating.

Enter your mnemonic phrase or use your private key and click delegate

Click “Delegate” and you will receive confirmation that your delegation has been processed. 

That’s it! 

If you are staking with Kelpr wallet and ledger, or just a ledger and CLI you can find our wallet address below.

Figment’s Wallet Address: persistence1snj8l8gguqncnzpzezvwe9rd2nhq6uagw3582m

Rewards for the First Two Years

Persistence aims to have 68% of the network is staked and 35% issuance. Here’s an estimate of what your rewards will look like if you continue to stake.

At 60% StakedAPYNot Compounding Rewards1 month58%17.50XPRT6 months58%87.50XPRT1 Year58%212.92XPRT

At 70% StakedNot Compounding Rewards1 month50%15.00XPRT6 months50%75.00XPRT1 Year50%182.50XPRT

At 80% StakedNot Compounding Rewards1 month43%13.13XPRT6 months43%65.63XPRT1 Year43%159.69XPRT

Frequently Asked Questions

Where can I explore the Persistence Network and create a Persistence wallet?

Wallet: wallet.persistence.one

Explorer: explorer.persistence.one

What is the name of the asset being staked?

Persistence's native token, XPRT, is used to stake and to participate in on-chain governance.

When are staking rewards enabled? When are transfers enabled?

Transfers are currently enabled.

Staking rewards were fully enabled on April 1st, 2021

Why stake XPRT?

Initially, XPRT is being staked to earn new issuance ("inflationary") subsidies. That means that the XPRT supply will increase, and stakers will capture the newly issued XPRT. Generally, you will earn around 35% annually on your staked XPRT, but that can change. Since staking rewards are tied to inflation, read about how inflation and rewards are related here.

Stakers will also capture fees from network transactions, so as Persistence transaction volume increases, Persistence stakers will earn more than new issuance subsidies. The XPRT also gives stakers the right to vote on policy decisions for how the Persistence will operate and distribute treasury funds.

How long does it take to stake & unstake XPRT?

From the moment you initiate the unbonding process, it takes 21 days to unstake. During this time, you will not earn rewards. When the process is complete, you can transfer/trade your XPRTs.

Do I maintain custody of my XPRT tokens? Who or what controls my staked XPRT token?

You can self-custody your Persistence tokens, ideally using a Ledger hardware wallet. 

Figment has partnerships with a number of top-in-class custodians: support@figment.io.

The Persistence protocol takes control of your XPRT tokens while you are staking. If you unbond your tokens, this process will take 21 days before the protocol returns your tokens to you. While your XPRT is staked, you may participate in on-chain governance by voting on different proposals.

Can my staked XPRT be slashed (seized or destroyed)?

Yes, a portion of your staked XPRT can be destroyed. There are two ways this can happen:

  1. If you delegate to a validator that is offline for a certain amount of time (9,500/10,000 blocks), you will lose 0.01% of the tokens you have delegated to that validator.
  2. If you delegate to a validator that signs the same block twice with the same key, you will lose 5% of the tokens you have delegated to that validator.

How is staking income disbursed? Is staking income liquid or automatically staked?

Staking income on Persistence is automatically distributed every block. Figment is never in control of your rewards. 

Staking income is liquid, but you will need to claim them.

Can I lose potential staking rewards?

Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.

What is the rate of new issuance (aka "annual inflation") for XPRT? How does the token supply change?

The new issuance ("inflation") rate is around 35% of the total supply. The network will cut its inflation in half every two years, and the maximum supply is expected to be reached by 2035.

How are decisions about Persistence made and executed?

Persistence uses token voting for on-chain governance. 

Where can I learn more about Persistence?

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