r- SWAP — An Outstanding ERD solution that’s being Automated On StaFi Network
StaFi network has been really hard working during the last few months, they have released a lot of great features for the community.
In 2021, StaFi focused on r- Token liquidity and explored new Staking Derivatives, and achieved many great milestones such as the introduction of new r- Tokens, DeFi protocol integrations, release of r- Swap, r- DEX proposals and StaFiHub innovations.
Great thanks to the community
StaFi’s accomplishments in 2021 couldn’t have been made without their community’s support. StaFi is very grateful for their wonderful community and hope to strive for many more great achievements in 2022 with the community’s support
StaFi network has brilliantly innovated a lot of schemes and solutions for the entire DeFi community in order to avert the conventional issues faced around the ecosystem. Today in the article we’ll be delving into their recently initiated solution called r- SWAP V1, which is currently live on the platform’s mainnet. Based on the ERD (Exchange Rate Discount) Solution, r- SWAP version 1 will allow r- token operators to receive native tokens instantly with a discount on the exchange rate of r- token redemption. r- SWAP is going to supported r- ATOM at the initial stage, while the discount parameter will also be placed at Ninety percent in the initial stage. Before going into the details of StaFi’s r- SWAP, a little knowledge on what StaFi network is about will be stated.
STAFI NETWORK INTRO
StaFi platform is the 1st community based finance medium designed to unlock Liquidity of all staked funds. Through the network, various individuals can stake PoS tokens and get r- tokens, which will be readily automated for trading transactions while gaining staking rewards. The r- token is a stake based derivative or product granted to users by StaFi when they undergo PoS staking on the system’s r- token app. These r- tokens will be anchored to the PoS tokens that have been staked by individuals with the corresponding rewards for staking. This iterated r- token will always be available for transfers & exchanges.
THE DEFINITION OF r- SWAP
During the ending of November last year, StaFi network announced that r- SWAP v1 is now live on mainnet. r- SWAP got released due to the high demand of users to swap quickly with Liquidity, StaFi has developed an Exchange Rate Discounting Solution; r- ATOM, r- BNB, r- FIS, r- DOT, r- SOL, r- MATIC were listed on r- SWAP medium. The r- SWAP v1 medium started off by supporting r- ATOM, and the discount parameter was set at 90% in the early stage. The platform then welcomed the community to apply to be financial Providers to earn yields by providing Liquidity. This medium currently supports a lot of r- tokens, which include r- ATOM, r- BNB, r- DOT, r- FIS, r- MATIC along with their newly added r- SOL.
Based on the Exchange Rate Discount Solution (ERD solution), r- SWAP v1 enables r- token holders to get native tokens immediately with a discount on the r- token redemption exchange rate. Meaning that, the solution can help r- token users to exchange Liquidity at 90% discount under extreme conditions.
r- SWAP V1 is just the beginning, r- SWAP V2 is in the planning phase. When this upgrade is done, V2 will support an AMM backed DEX for all the r- tokens.
r- SWAP is simply an ERD based solution that functions as a great way to avert Liquidity issues for r- token quick swaps. As previously stated, 1st version of r- SWAP will permit various users to receive native tokens instantly with discounts. Below will be a guide on how to utilize the system:
- First off, users have to put in the r- ATOM amount which is going to be swapped to ATOM.
- Once done, they will have to enter Keplr address that will obtain the native atom, then sign transaction.
- Finally, the users will then check their Keplr wallets once the transaction is completed.
r- SOL On r- SWAP V1
On the 16th of December, the platform’s formidable team announced that r- Sol now lives on r- SWAP V1. Now r- Sol holders can swap native r- SOL tokens into SOL tokens with 90% discount. With more time, StaFi plans to progressively build Multi-Scenario Solutions for r- token Liquidity.
FINANCIAL PROVIDER SECTOR
r- SWAP will need financial Providers inorder to add native Coins as Liquidity for sellers of r- token. By enabling Liquidity, the financial provider will have the opportunity to gain returns, which will be Ten Percent on the native Coins. If an individual wants to be take part as an r- SWAP financial provider, they can transfer their proposal to the StaFi’s social links.
For more info on the r- SWAP medium and it’s functions:
https://github.com/stafiprotocol/stafi-node/commit/43bf61e0b41f5e65efb9fb432fabd9795d1e4e32
SUMMARY
StaFi network has really had a phenomenal year, they’ve released so many mediums which will help facilitate the functions of r- tokens. StaFi has been on a constant path of developing products, testing, refining, building technical infrastructure and UI/UX based improvements of r- token application in 2021. This r- SOL integration on r- SWAP V1 only serves as a stepping stone for the platform. As stated earlier, They plan on making the next v2 upgrade to be compatible with AMM-backed DEX for every r- token. As StaFi enters a brand new year, they promise to integrate more functions into r- SWAP while rounding up the release of r- DEX.
r- SWAP is just starting off, later on in the future, StaFi’s main developers will optimize the r- SWAP version 2 to be compatible with AMMbacked Decentralized Exchange for the r- tokens. In this 2nd version of r- SWAP, it’s going to be immensely different from the current ERD solution. It’ll also act as a Uniswap based Decentralized Exchange for the r- tokens, while supporting the trading pairs (r- token/ FIS). StaFi network is really working hard towards facilitating the use cases for the r- tokens. As the developers continue in their endeavor to optimize the 2nd version of r- SWAP, the community will be sure to truly appreciate their innovations while leveraging the benefits.
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