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💥(Persistence Based) Introducing Dexter — Interchain DEX for Yield-Generating Assets💥
November 20, 2022
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A long time ago, in a galaxy far, far away, a breed of super-intelligent degen robots started exploring the Cosmos. These degen robots traveled across the challenging DeFi landscape of the Interchain in search of sustainable yield. On their quest, they came across 💥Persistence💥 — The Liquid Staking Hub for PoS.

Dexter, their most reliable and trustworthy explorer, is tasked with exploring the planet and potentially establishing a base.

Background

Liquidity is critical in DeFi ecosystems.

Billions of dollars worth of assets are locked as staked assets to secure Proof-of-Stake blockchain networks. Users can earn a fee for securing the network by locking assets in “staking pools” with validators on a network. They face the dilemma of staking their assets to earn a passive yield or using them on DeFi protocols.

Proof-of-Stake blockchain networks need a way to maintain a large number of assets staked across several validators to ensure security while simultaneously preserving the liquidity of the native token in the DeFi ecosystem.

Liquid staking allows users to stake assets and simultaneously use them in DeFi.

Moreover, across the DeFi ecosystem, users lock liquidity in protocols and mint yield-generating assets, such as interest-bearing tokens on lending protocols.

Support for yield-generating assets like liquid staked assets and interest-bearing tokens in the DeFi ecosystem will maximize capital efficiency by allowing users to use these assets while earning their yield in the background.

Dexter will unlock liquidity in Interchain DeFi by building an AMM for yield-generating assets.

 

Enter Dexter

A team of passionate builders from AstroTech Labs and Yeti Labs has worked closely with 💥Persistence Labs💥 to build Dexter — Interchain DEX for Yield Generating Assets.

A market for these assets will allow traders to swap for instant liquidity and liquidity providers to earn an additional yield on their assets through trading fees.

 

Yield-Generating Assets

Yield-generating assets represent a share of an underlying pool of assets (like an interest-bearing token from a money market or liquid-staked assets like stkATOM or stOSMO) and follow an exchange rate with the assets deposited in the pool, which generate the yield.

Liquid-Staked Assets

A subset of yield-generating assets, liquid-staked assets are a claim on the underlying staked assets and can be redeemed for them and the accrued rewards based on an exchange rate.

Users can mint these tokens by staking their assets with liquid staking protocols like pSTAKE and Stride on Cosmos, LIDO on Ethereum, and Marinade on Solana, which take care of staking their assets with validators in the background while issuing these tokens in return.

These assets may not be instantly redeemable since staked assets are subject to unbonding periods.

Dexter has come across large deposits of liquid-staked assets on the planet and plans to build an AMM base to stack these assets into pools and generate yield while offering traders in the interchain a market for liquid-staked assets.

Interest-Bearing Tokens

These tokens are a claim for supplied assets on a lending protocol and can be redeemed for the deposited principal and the accrued interest.

For example, interest-bearing cTokens on Compound (e.g., cDAI ) or yTokens on Yearn, where the rate of the token increases as the interest accrues.

Dexter’s future missions would focus on bringing these assets onto the base.

 

Curating the best of AMMs

Dexter has traveled far and wide, gathering extensive knowledge on AMMs, and now brings all this wisdom into building his AMM base on 💥Persistence💥.

Inspired by the best innovations in all of DeFi, Dexter will bring tried and tested AMM models to the Interchain and offer an optimized experience for yield-generating assets.

Dexter v1 will feature pools with liquid-staked assets such as stkATOM, stATOM, qATOM, and stkOSMO, along with the Cosmos assets like ATOM, OSMO, JUNO, and 💥XPRT💥.

Traders will be able to trade on the following pool types —

  • Weighted Pools — Inspired by Balancer
  • Stableswap Invariant — Inspired by Curve
  • Stable 3/5 Pool — This adaptation of the popular stablecoin pool from Curve can support 3 to 5 assets.

Dexter will introduce more efficient AMM models focused on yield-generating assets in an update soon after launch. A deep dive into the protocol architecture and mechanism will soon be released.

 

💥Building on Persistence💥

The 💥Persistence💥 chain facilitates the issuance and deployment of liquid-staked stkASSETs

With the launch of pSTAKE (the liquid staking protocol by 💥Persistence One💥), the Persistence Core chain will solidify its position as the Liquid Staking Hub on Cosmos.

By supporting liquid-staked assets issued on 💥Persistence💥 and assets from other liquid staking zones such as Stride and Quicksilver, Dexter will build the foundation for a thriving economy of yield-generating assets in the Interchain.

 

Timeline

💥Dexter is in the final stages of development and is undergoing third-party audits. Dexter v1 will be launched on the testnet in the coming weeks. Followed by a mainnet launch by Q1 2023, after a verdict on the on-chain proposal by the Persistence community.💥

 

Conclusion

Dexter will be a cornerstone in Interchain DeFi and will aim to do the following —

  • Support liquid-staked assets — 💥stkASSETs on Persistence💥, along with assets from other liquid staking zones like Stride and Quicksilver.
  • Support other yield-generating assets — Interest-bearing tokens from money markets.
  • Support multiple pool designs ( StableSwap Invariant — supporting 2 to 5 assets and Weighted Pools)
  • Facilitate the adoption of yield-generating assets across the Cosmos ecosystem
  • Provide a flexible architecture that allows builders to create new AMM models.

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Source: The Dinarian ⚡ Claude AI

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The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

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Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. Markus Paulson, Co-Founder of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. Esteban Iglesias Manríquez, Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
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  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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🙏 Donations Accepted 🙏

If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

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