A dream come true for StaFi rATOM users
StaFi announced that they will cooperate with Sifchain to introduce rATOM, which is the first liquid staking solution for ATOM, into the Sifchain decentralized exchange.
This announcement is a great milestone for building StaFi rATOM user scenarios. Now Sifchain is the first omni-chain decentralized exchange for digital assets and also provides the opportunity for users to unlock liquidity in various chains in other to free people from high transactions and slow or difficult trades.
Sifchain is built on a technology called Cosmos software Development Kit. This implies that it is compatible with numerous blockchains like Akash, Kava, and Terra through inter-blockchain communication protocol. This ensures that it is 100 times more efficient than decentralized exchanges built on the Ethereum blockchain.
So StaFi partnering with Sifchain is a very big milestone that not only ensures that new digital assets are tradeable but also lends itself to the already proven efficiency of the platform. This is because as an exchange, Sifchain combines the best elements of liquidity pools for efficient trade and order execution.
As for ATOM, it is the cryptocurrency token powering the Cosmos hub, a hub that has long been considered the internet of blockchains. It is also the platform from which Sifchain came. ATOM’s current market cap is $9billion+ with a 24hr trading volume of $700million+. This further shows the need for a strategic partnership between StaFi and Sifchain.
But that’s not all, following the partnership, Sifchain listed ROWAN/rATOM pair on its platform and as it launches the pair, ROWAN/rATOM pool will be eligible for Sifchain’s two different liquidity mining reward programs.
The reward programs are;
- The Sif’s bloom program
- Sif’s bonus pool
For the Sif’s bloom program, users would earn a total of 65k+% APY in ROWAN on their liquidity positions.
And the Sif’s bonus pool program will allocate an additional 200,000 ROWAN to users who add liquidity to the pool in its first two weeks. Note that the ROWAN token is the major used token of the Sifchain protocol.
The bonus pool would continue for 2 weeks, starting at 10 pm PST, on the 20th of Oct, 2021. And active until the 14th of Nov 2021. Users are encouraged to pool in rATOM and ROWAN so they can earn ROWAN rewards which can then be claimed on the reward dashboard of the Sifchain DEX.
Because of the newly launched rATOM and since users in its liquidity pool are fairly new, StaFI has decided to encourage the minting of rATOM by preparing a FIS token reward pool valued at $10k USDT for staking ATOMs through StaFi. Users would then get FIS rewards at a ratio of 0.2 FIS for every staked ATOM.
In other to participate, there are strict 4-step guidelines to follow;
STEP 1- Mint rATOMs after which you claim FIS rewards and then swap those minted rATOMs into a ERC20 format.
STEP 2- Bridge rATOM into Sifchain.
STEP 3- Deposit rATOMs into the ROWAN/rATOM pool
And lastly
STEP 4- Claim ROWAN tokens every week.
It is important for users to know some things before they participate in the bonus pool program. For instance, every pool listed in the Sifchain decentralized exchange is eligible for rewards. Rewards start getting dispensed on the 4th of Oct and continue for another 6 weeks, to finish on the 12th of Nov.
By simply adding liquidity to any of the pools users can earn rewards, and you can watch your rewards grow on the rewards page of the DEX platform.
To claim your rewards, users need just go into the Sifchain DEX and head over to the rewards tab. On the rewards tab, users would be able to see how many rewards they have earned so far and can then claim them. Users should also be rest assured that there is no penalty for claiming their rewards early, however, it should also be noted that once a user claims their rewards early in the week, the reward feature is then locked and no rewards can be claimed for that week. Your non-pending claim rewards would then continue to accrue until your pending claim is being paid out.
In other words, to fully enjoy and maximize your rewards, claiming should be made on Friday morning before 8 pm PST. Requests for rewards would be distributed on Friday evenings PST. Claimed rewards once disbursed are automatically sent to users’ wallets, with no hitches. You even have the option to add back your rewards to the liquidity pool for higher claims.
Participants in this program can earn as high as 345% APY. StaFI has said they might increase the reward pool if it feels like earning might not reach the 345% APY benchmark. However, this decision would be based on fluctuations in the market, the team’s strategic goals, and how Sifchain progresses over the entire period of this program. Because StaFi and Sichain are focused on attracting and maintaining liquidity providers, they’ll ensure users get a highly competitive APY rewards percentage possible.
Moving forward, and as part of the continuous partnership and collaboration between the StaFi and Sifchain team, plans are also in place to leverage the trading competitions of the Sifchain decentralized exchange, which would go live on the 25th of Oct 2021. During the launch, there would be $10k USDT in rewards for the top 10 traders entering the competition on the ROWAN/rATOM pool. We are expecting more details on this and an official announcement from the Sifchain team soon.
In addition, StaFi would also be spreading its resources to work with Sifchain to research and provide reasonable solutions on the liquid staking for ROWAN. This result from the research would ensure ROWAN stakers generate the maximum staking rewards possible while still enjoying the advantages of rATOM liquidity.
StaFi being the first DeFi protocol unlocking liquidity of staked assets continues to create landmark developments that leave other platforms like it stunned and marveled. Its vision to ensure maximum rewards for users on the platform shows from their recent developments and one can only wait to see what they offer next.
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