StaFi Protocol Monthly Updates — March 2021
The month of March has being a busy one for the team at StaFi Protocol, the team focused solely on developing the basic rTokens namely rDOT (Polkadot), rKSM (Kusama), rATOM. The testing and audit process is in progress.
The team at StaFi has created an easy to understand Information that well explains the various rTokens being developed by the team. The information can be found Here. This is to help our community better understand StaFi rToken’s function and values. As for business development work, StaFi and Conflux have reached a cooperation to jointly bring rFIS, rETH and FIS tokens from Ethereum into Binance Smart Chain (BSC) ecosystem with ShuttleFlow cross-chain protocol.
- Technical Updates
StaFi’s long-term vision is to provide liquidity solutions for all PoS projects, making staking easier and more flexible. To achieve that, StaFi has released a range of rToken solutions. On March 23, StaFi officially announced rATOM liquidity solution for Cosmos Staking, this helps solve the staking liquidity problem for Cosmos community.
With rATOM product, users can transfer and trade rATOM tokens to enjoy liquidity and prevent secondary market price fluctuations.
StaFi staking contract will automatically delegate ATOM to the best validators according to the staking reward maximization algorithm.
rATOM is a decentralized DeFi product produced by StaFi that solves the liquidity problem of staked ATOM on Cosmos mainnet.
Besides, we will develop a standardized rToken solution for Cosmos ecosystem projects.
- StaFi also helped develop an infographic that nest explains rATOM.
Find information below.
B. rDOT solution
In March, StaFi officially announces liquidity proposal for Polkadot staking — rDOT. With rDOT product, stakers can transfer and trade rDOT tokens at any time to enjoy liquidity and hedge price risks. And stakers also only need a few steps to deposit DOT into the rDOT contract, which will automatically select the best validator for delegation by the profit maximization strategy.
$DOT stakers will enjoy the benefits
- Efficient Liquidity: users can trade rDOT at any time to enjoy liquidity and hedge price risks.
- Maximized Staking Rewards: DOT product automatically selects the best validator for delegation by the profit maximization strategy.
The below image fully explain the details of the rDOT solution
C. rKSM solution
rKSM Token is a staking derivative of KSM issued by StaFi to users when they stake $KSM through StaFi rKSM App. It’s hinged to the staked $KSM and the corresponding staking reward which can be transferred and traded anytime.
rKSM App is a decentralized DeFi application provided by StaFi that solves the liquidity problem of staked $KSM on Kusama.
This infographic will help you better understand rKSM token and rKSM App.
StaFi’s rToken value propositions
StaFi act as a plug-and-play staking Network for all Proof of Stake Chains:
- With StaFi, liquidity issues were eliminated through the minting of rTokens. By providing stakers the ability to trade staked assets, network staking ratios are likely to increase thus enhancing the security of the network. All rTokens, regardless of native chain, will be ERC-20 compatible meaning stakers can use them to interact with other Ethereum based DeFi protocols. Each rToken could help stakers maximize their staking yields through an automated on-chain delegation strategy.
rETH yield farming campaign
- STONE protocol is launching yield farming programs for both rETH token and rETH/ETH Uniswap LP token.STONE is one of the yield management DeFi Apps focused on cross-chain assets and liquid staking. The rETH staking pool and rETH/ETH Uniswap LP token liquidity farming is live at 12:00 UTC on March 9th.
- StaFi rToken Development progress
In summary, rDOT will be released soon with 70% completeness. rToken App V2 and StakingDrop2 Development are almost over with 90% completeness.After the rDOT/rKSM go to market in late March and early April, the release of rATOM will follow closely.
StaFi Warriors Program
On March 13, StaFi released the incentives for the Warriors Program for February. The StaFi community is growing strongly.
Partnerships & Collaboration
- StaFi Partnered with Conflux to use ShuttleFlow cross-chain protocol to realize the interaction between rTokens in Ethereum ecosystem and the BSC ecosystem. With this development, the community can now use the ShuttleFlow cross-chain protocol to bring StaFi core assets on the Ethereum network( rETH, rFIS, FIS) into BSC to participate in the DeFi applications on the BSC.
StaFi & Unmarshal
The partnership with Unmarshal will help to provide on-chain data more efficiently and safely for StaFi rTokens product and at the same time, cooperate on providing the on-chain data querying tools about StaFi network and rTokens to the community. Unmarshal will now facilitate seamless access to the on-chain data to StaFi, enabling users to have a greater and intuitive user experience.
StaFi Alligned with Polkadot DAO.
StaFi was joined by a dozen of Genesis members, including Plasm, Phala, Crust, Litentry, Bifrost, Patract, Darwina, Zenlink, and DeepDAO.
Polkadot DAO Alliance is a DAO alliance aiming to promote the development of decentralized governance in the Polkadot ecosystem. The ultimate goal of PDA is to realize the true decentralization of Web 3.0.
StaFi & Stone
After integrating StaFi’s rETH token and rETH/ETH LP token into Stone yield farming programs, STONE protocol plans to continue to support rDOT and rDOT/ETH LP Token yield farming after rDOT App is live on mainnet in near future. Details about rDOT farming on STONE will be released soon, so please stay tuned
About StaFi Protocol
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.
rFIS Product: https://rtoken.stafi.io/rfis
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann