StaFi Protocol Partners with Stone DeFi
StaFi has of late being making steady progress collaborating with DeFi protocols to unlock staked assets and provide rewards token of staked assests. Among the “rTokens” are rDOT, rETH, rATOM, rKSM, rFIS among others. These are reward tokens that brings value to staked assests thereby bring value to unlock them.
rTokens “short term for reward tokens”, it’s a synthetic derivate of a staked assets. They are mostly issued to bring value to locked assets to avoid loss due to price fluctuations and unforeseen circumstances. In the future, users will be able to use rTokens to access other DeFi protocols via various use cases.
What does this StaFi X Stone.DeFi partnership Bring?
StaFi and Stone recognize the fact that defi protocols can work together, be able to exchange and make use of useful information. These two defi protocols have been designing new products on substrate, anticipating new assets emerging on Polkadot Ecosystem. “Stone aspires to build index products and other interest products on substrate to harness the abundance of cross-chain assets on Polkadot and provide easy access for average users to yield-bearing assets”. So basically, this means that Stone users will soon get exposure to yield opportunities in assets that are multiples the size of the current value locked in DeFi through the help of StaFi.
Stone will take advantage of rETH, a derivative token to be issued to Eth 2.0 stakers, in its farming strategy to continously provide rETH holders the best yields via liquidity provision and lending activities.
rETH enables instant liquidity to illiquidity of staked ETH in the Eth 2.0 network. rETH is issued to stakers and can be redeemed, traded on Uniswap and DeFi protocols while your ETH remains staked. That means you enjoy double advantage and removes risk of your assets being liquidated. StaFi is one of the first DeFi protocols to come up with this brilliant idea.
This partnership will go a long way to providing support for users on both defi protocols.
About Both Protocols
Stone
Stone.DeFi is a yield aggregation protocol that powers innovative yield generation strategies through liquid PoS staking. Following thorough review and research into the DeFi space, Stone has identified and crafted new farming strategies that tap into PoS farming, starting with staked ETH.
StaFi
StaFi Protocol is the first DeFi protocol to provide liquidity of staked assets i.e unlock liquidity. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards.
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