StaFi — A RECAP ON THE UPDATES FOR THE MONTH OF JANUARY, 2022
Welcome to all Crypto analysts and investors. Today in the article, we will be dealing with the different developments that the StaFi project has achieved so far in the month of January. In January, r- DEX and StaFiHub were the focus of StaFi ’s development work. r- DEX was released on Testnet and the Bug Bounty for rDEX was launched to gather community’s power to find unknown functional vulnerabilities and code bugs. The development of StaFiHub is also in progress. In terms of community building, they also tried to host the AMA on Twitter Space to facilitate communication with the community. In the future, they will also communicate more with the community in this manner. The article will outline various accomplishments in order to display the network’s dedication towards incentives and Ecosystem development. Before the topics are being stated, a little info on StaFi Project will be mentioned below:
PROJECT DESCRIPTION
StaFi network is simply a Decentralized finance protocol based on the liberation of staked asset Liquidity. Through the StaFi project, global operators can now stake PoS based tokens in order to gain r- tokens. r- tokens are simply synthetic staking derivatives which will be issued to users through the StaFi network when they stake PoS coins on the r- token Application. These r- tokens include: r- ATOM, r- ETH, r- DOT and so on.
The StaFi platform has accomplished various developments for the November, more information about them will be stated below:
RECAP FOR THE MONTH
Q1 Roadmap Developments for 2022
In the year 2022, StaFi network’s core is going to encounter more issues when it comes to the promotion of the r- token’s mint volume & Liquidity, along with the development of an open Multi chain infrastructure, r-Dex development (which simplifies native r- token trading), & the creation of a scenario which develops the usage of r- tokens by bringing in the lending system, LeveragedStaking and so on. The platform’s main work for the first Quarter of 2022 will be stated below:
- Build StaFiHub to provide liquid staking solutions for the #Cosmos ecosystem projects
- Build open rToken SDK for Staking Derivative developers
- Explore the StaFi Parachain in Polkadot Eco
- Release rDEX and List all native rTokens to provide more liquidity
- Continuous exploration on Staking Derivatives space, like Staking Derivative Index product.
For more info on the Q1 Developments: https://medium.com/stafi/stafi-2022-q1-roadmap-stafihub-rdex-and-more-d537f16679f7
Liquidity Mining Program Extension
On the 7th of January, the platform’s team announced that the Liquidity mining program for r- DOT/DOT, r- BNB/BNB trading pairs on Pancake, along with r- SOL/SOL on Atrix has been extended for 30 days.
This program started on the 7th of January. Now the mining APY of r- DOT, r- BNB, and r- SOL pools are recorded with 185.93%, 95.65%, and 112.57% respectively. Users are still welcome to provide Liquidity and farm FIS token rewards.
- r- DEX DETAILS
On 17th of January, StaFi released the r- DEX technical architecture, the target of r- DEX is to enable liquidity for r- Token and maintain the value of r- Token:
- Completely decentralized, independent of third-party prices
- Support to provide liquidity asymmetrically, but encourage to provide liquidity symmetrically
- Make up for LP’s impermanent losses through shared trading fees and mining incentives
On the 18th of January, r- DEX was live on tesnet, StaFi launched a Bug Bounty for r- DEX to gather community’s power to find unknown functional vulnerabilities and code bugs.
The liquidity mining program for rDOT, rBNB,rSOL
On 7th of January, The liquidity mining program for rDOT, rBNB and rSOL was extended for 30 days.
Portal: https://app.stafi.io/rPool/home?tab=lp
Guide: https://docs.stafi.io/rtoken-app/rpool/the-guide-for-rpool/the-guide-on-pancakeswap
Proposal for r- NEAR
On the 10th of January, StaFi raised the r- NEAR liquid staking solution on NEAR forum to bring the staking derivative into NEAR ecosystem.
r- ETH liquidity mining program
On Jan 14th, the liquidity mining program for rETH on Uniswap V2 was extended for 30 days.
StaFi Warriors Campaign
On the 14th of January, the contribution in January came out. Various forms of content continuously help improve StaFi brand awareness.
New UI/UX Update of StaFi Website
On the 19th of January, StaFi updated the New UI/UX of StaFi website. the website included a lot of new components such as;
Educational videos for new users on the main page, Easily navigation to the rToken App and rDex, Faster trades on rTokens with up to 5 DEX’s linked on the Network’s DEX widget, becoming a validator or developer with a single click, and so on.
The vote for rethCRV
On the 19th of January, Idle Leagues designed a listing tournament for IDLE holders to select the next assets that will be integrated into Idle PYT 11, using Convex as the underlying yield source.
If winning the vote, rethCRV will be integrated into Idle PYT, which will improve the liquidity of rETH.
Twitter Space AMA
On the 26th of January, StaFi initiated the first AMA on Twitter Space. Liam, the co-founder of StaFi shared the focus of development, like rDEX and StaFiHub, and the 2022 roadmap.
CONCLUSION
StaFi network is working hard towards developing or upgrading their Ecosystem while updating & incentivizing their Community. The important milestones in January were the launch of rDEX on the testnet and the opening of the Bug Bounty. Now the network has received lots of feedback from the community, and are processing them one by one. At the same time, the development of StaFihub is progressing orderly. Also, they have communicated with some projects in the Cosmos ecosystem, and they have expressed great interest in the SDK of Staking Derivative. In February, the network will still focus on the launch of rDEX mainnet and the development of StaFiHub. As the platform ended January and moves into the prospects for February, more prospects will be updated to facilitate the user experience.
To learn more about StaFi visit the links the below;
