May 2022 Recap On StaFi Protocol
StaFi Protocol is a decentralized protocol which provides the liquidity of the Staking Assets, such as XTZ, ATOM, Algo, etc. StaFi solves the problem between token liquidity and Mainnet security by issuing a ABT token (Asset-backed token). In the month of May, StaFi Protocol had a number of things to offer, here is the recap.
Some significant works from the month of May include the following.
🔹StaFiHub Public Testnet V2 launched
🔹 rPool went live on StaFiHub Testnet
🔹 rIRIS released on StaFiHub Testnet
🔹Partnered with ComdexOfficial
🔹Crossed 10K members on Discord
In the month of May, the prospects for the month were reviewed, these include the following.
⚙️ rIRIS integration into StaFiHub
⚙️ Just like ATOM, user’s ability to stake IRIS on StaFiHub
⚙️ Conclusion of the Integration of rPool & rDEX Finance.
On May 2nd, StaFi Protocol put out a request to the public to hire a UI designer. Apparently, a UI design is required for the StaFi website & App to function. It also includes all products of the StaFi ecosystem. Applications to the position entailed that applicants sent previous design works to the designated handle. Starting the month with a job hiring allowed for the company to relate with the public and give back in another way. A win-win situation.
The upcoming ETH2.0 merge and the changes with rETH were also reviewed in the month of May. As with the impact of this upgrade on StaFi’s rETH from a technical perspective. The Merge is said to most likely happen in Q3/Q4 2022 and Ethereum consensus will switch from proof-of-work to proof-of-stake.
This said impact mainly includes three aspects: users, contracts and validators. These are the conclusions I came to.
1.) Neither the users nor the contracts will be affected.
2.) The validators need to upgrade the Beacon Chain’s nodes when The Merge occurs.
Regarding the issues faced in this research, here are the highlighted ones.
1.) The Merge may not directly solve the pegged issue of rETH/ETH as the withdrawal won’t be enabled in this phase.
2.) Validator registration will be enabled before the Merge.
3.) Gas fee won’t be decreased when deploying a staking contract.
In the month of May, StaFi protocol amassed a discord follower milestone. StaFi achieved a new milestone of 10,000+ members on the Discord server. The StaFi team hopes to continue to build & grow with many more such milestones to be attained.
The Comdex partnership is another significant work from the month of May. Comdex joined hands with StaFiHub in the StaFi ecosystem. They partnered up to achieve some goals, expanding the rToken user scenario as collaterals and exploration in rCMDX. StaFiHub and Comdex have teamed up to make their networks and assets more fully interoperable.
Both projects will establish interoperability between networks, thus increasing collateral synergies between ecosystem assets. The partnership held to achieve the following:
¶ rTokens integrated on Comdex as collaterals
¶ Explore the Liquid Staking solution rCMDX and
¶ Cooperation on the validation
An opportunity to the public for anyone who would like to join the StaFi warriors programme came through. StaFi protocol put out a Google document form on the official Twitter page for any member of the public interested in joining the StaFi warriors. The StaFi warriors are responsible for performing a number of tasks. StaFi Warriors contribute to the creation of commendable content in various formats like Articles, GIFs, Infographic, videos & memes related to StaFi & it’s products rDEX Finance & StaFiHub
In respect to the ETH 2.0, StaFi claimed to support decentralization of ETH2.0 validator power to ensure security & success of the Ethereum ecosystem. To lower the centralisation trend of ETH2.0 nodes, StaFi suggests ETH stakers to choose staking pools with no validator permission or majority pools to make their nodes network permissionless.
Any ETH2.0 validator without permission was allowed to join StaFi to get ETH allocated from the staking pool to run ETH2 nodes. There are about 185 Original Validators supporting our ETH staking pool as at the month of May. StaFi is among the 6 staking pools recommended by the Ethereum Foundation. They also welcome the ETH stakers to choose the StaFi protocol to stake their ETH to make ETH2.0 network decentralized while earning the staking drop of FIS tokens.
The community was also encouraged to stake their PoS assets via StaFi Protocol and liquify their staked assets. $FIS $SOL $MATIC $DOT $KSM $BNB $ETH $ATOM.
While it’s no news that the cryptocurrency market is experiencing a bearish run right now, StaFi protocol also took it upon themselves to reassure the community and keep their mind at ease via a publication thread on twitter.
StaFi protocol stated that they are a layer1 protocol to provide liquid staking solutions for 1000s of PoS chains and that they now have built 2 chains:
🔗 StaFi Chain: Substrate-based which serves adoption of PoS chains and
🔗 StaFiHub chain: Cosmos SDK based which serves Cosmos projects.
In the month of May, StaFi protocol also actively worked on expansion of StaFiHub. It collaborated with iris network & ComdexOfficial recently to issue rTokens for $IRIS & $CMDX, while $ATOM has already been added. StaFi protocol hopes to make many more strong partnerships to thrive into the Cosmos ecosystem.
StaFi protocol hopes that rDEX_Finance will also be developed to provide support to StaFiHub. The aim is to support trading between rToken & base token, for instance rATOm/ATOM.
Another exciting development that StaFi protocol claims to work on is for rDEX to support staking derivatives issued by not only StaFi, but other protocols as well.
The StaFi core team claimed to have experience of the market in 2018, therefore, knows how to endure and rather use a bear market to expand its business. They believe that more token holders will be willing to stake in these bearish times rather than trading their crypto assets which would benefit StaFi.
StaFi protocol also encouraged SOL holders to earn passive income by liquid staking their solana token holdings at StaFi.
StaFi received a proposal on its Forum regarding alteration of its website. They considered the proposed changes. The proposal involved rephrasing of content displayed on the website. StaFi urged the community to share valuable feedback concerning this.
They also advised that If members of the community submit a proposal regarding StaFiHub, they would get funding under SEAG grant. SEAG is meant to incentivise projects, developers who help expedite growth of StaFi ecosystem. The funding was said to be between $5,000 to $50,000 USD in $FIS.
StaFi Forum also received a proposal of 100K $FIS for rETH Liquidity Mining from Xtoken terminal. Although before making the final decision, the community’s opinion & feedback were sorted out for. The aim of the proposal is to enhance on-chain liquidity for rETH / WETH pool on Uniswap V3 incentivized via $FIS rewards.
The Uni V3 LM program is focused to:
¶ Maximize capital efficiency
¶ Bolster the peg
¶ Minimize gas costs for LPs.
In conclusion, StaFi Protocol is secure both in terms of development & financial health. They are ever focused on expanding the adoption of rTokens & to keep delivering optimum products for a more stronger StaFi ecosystem.
Official links
Website: www.stafi.io
rDEX: https://app.rdex.finance/
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
