Have your stake and earn fees too: Tushar Aggarwal on double dipping in DeFi
Proof-of-stake protocols were designed to encourage users to lock up their coins, but synthetic assets are circumventing that design to allow double-dipping in DeFi.One of Forbes’ 30 Under 30 in Asia, Tushar Aggarwal wears many hats: He started the crypto podcast Decrypt Asia, works as a venture scout with LuneX Ventures, and runs Persistence, a platform that lets users earn liquidity rewards while they stake coins.Aggarwals platform issues synthetic assets, perhaps better understood as redemption coupons, for staked coins that can be used elsewhere to maximize returns. This method is....
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Twelve venture capital firms and three angel investors have joined in to fund the DeFi protocol. On Tuesday, pSTAKE, a liquid staking protocol from decentralized finance (DeFi) platform Persistence, announced in a statement provided to Cointelegraph that it had closed a $10 million strategic funding round from venture capital firms. Tendermint, the core developer behind the Cosmos network, powers Persistence blockchain with its consensus engine.Liquid staking is the practice of users “double-dipping” with their crypto assets — i.e., allowing them to stake their crypto in one pool and use....