StaFi — DETAILS ON THE PREEMINENT GROWTH AND DEVELOPMENT DURING THE MONTH OF APRIL
During the early stages of the year, the rDEX was launched on the testnet, and a Bug Bounty for rDEX was simultaneously opened to the community. In the meantime, the development of StaFiHub progresses.
Throughout the article, the programs and Achievements provided by the network during the month of April will be detailed to comprehend their support for the community. Before that a little information on what StaFi entails will be given below:
STAFI NETWORK DESCRIPTION
StaFi network is simply the 1st DeFi-based network that was developed to unlock the Liquidity of different staked assets. Various fund holders can now be able to stake through staking contracts on StaFi & receive derived tokens called r- tokens, these r- tokens include; r- ETH, r- ATOM, r-DOT, and so on. These r- tokens are simply synthetic staking derivatives that will be issued to users through StaFi when they stake PoS coins on the r- token app. Individuals need to know that the r- tokens will always be active for exchanges.
The platform’s liquid staking is also an amazing solution on StaFi. It grants users two essential benefits. First off, more rewards will be provided to stakers as assets remain liquid, while protocol security will be enabled as stakers are now incentivized to keep staking. More info on the April updates will be stated below:
DEVELOPMENTS INITIATED IN THE MONTH OF APRIL
STAFI ECO ACCELERATOR GRANT PROGRAM LAUNCH
On the 26th of April, StaFi Announced that they have launched the StaFi Eco Accelerator Grant Program, 1st Grant released for Spring Design Studio. StaFi introduces SEAG to finance projects, devs, and marketing agencies who contribute to the growth of StaFi Eco. SEAG has simply served as a comprehensive grants programfocused on funding software development, product design, and technical research efforts related to StaFi.
Anyone or any project is welcome to apply for the SEAG program. It should also be noted that Strong technical projects that add value to the StaFi ecosystem will have the priority to receive the Grant.
For those who are willing to apply, the system needs a team with strong historical records of DApp UI/UX design, users could apply for SEAG to fund their UI/UX design proposal regarding the DApps of StaFi protocol. Liquid staking needs lots of technical research including staking contracts, delegation algorithms, and security mechanisms. So if users are doing the related research, the platform is willing to support their efforts.
StaFi Hub Public TestNet Goes live
StaFi Hub is here to assist the expansion of their r- tokens to the CosmosECO network. It’ll serve every Cosmos Ecology ( Forty CosmosSDK projects) quickly and efficiently while enabling them withLiquid StakingSolution. It’ll also support adoption with a better user-friendly experience for all CosmosNetwork users.
StaFi Hub has been a long-awaited and anticipated medium on the StaFi network, and on the 19th of April, it was announced that StaFi Hub Public TestNet is now live. Various users can now join StaFi hub Bug bounty and stand a chance to win FIS rewards. StaFi network has launched the Bug Bounty for StaFiHub to utilize the community’s strength in finding undiscovered vulnerabilities & code bugs. It’s a monumental step for the expansion of StaFi in the Cosmos ecosystem.
r- token APP UI/UX Improvement Proposal
The platform’s team was certainly impressed by the proposal to improve the UI/UX of the rToken App. This shows that Community feedback and suggestions are always welcome at StaFi Protocol. All community members can also participate in the working of StaFi by sharing their suggestions at: https://t.co/4FeyfUfole
Integrating Avalanche Subnets to StaFi subnets
On the 13th of April, StaFi Protocol Announced they are looking to expand the horizon of their Staking derivatives to include the Avalanche Subnets with StaFi Subnet. A subnet is a set of validators that works together to achieve consensus on the state of a Blockchain. StaFi wants to build a subnet that can fully liquify assets staked in each blockchain similar to their recent work in Cosmos Eco. The goal is to provide a StaFi solution to the subnets created in Avalanche and thereby expand their ecosystem. It will also add a new level of interoperability & scalability to their ecosystem.
IRIS Network Partnership
On the 22nd of April, IRIS Network announced that they have initiated a Collaboration with the StaFi network. StaFi Protocol also welcomes
iris network, as the first project on its latest venture, StaFiHub. They are Looking forward to working together with their team on this exciting journey to provide liquid staking solution for $IRIS
A big step was taken by StaFiHub towards its mission of providing liquid staking derivatives for Cosmos ecosystem projects. It collaborated with IRIS Network to build a liquid staking solution called “rIRIS ‘’ for $IRIS. Through this integration, any $IRIS holder will be able to stake their holdings through rIRIS to earn staking rewards while still enjoying the liquidity of rIRIS, which could be traded/transferred on any IBC chains.
StaFiHub will release rIRIS Testnet with exciting $FIS incentives. Both parties will work to enhance the liquidity of the rIRIS solution. StaFiHub is also going to deploy a pool for $rIRIS & $IRIS trading pair on
rDEXFinance, an AMM DEX developed by StaFi Protocol. IRIS Foundation will provide initial liquidity of $1M USD for $rIRIS <> $IRIS pool. Both parties will jointly launch a co-incentive LiquidityMining Program for both $FIS & $IRIS tokens. This integration will attract crypto users interested to earn passive income. It will also bring Cosmonauts to StaFiHub. This collaboration is also going to Build synergies with IRISnet to establish a strong rToken for $IRIS and expand its adoption and liquidity.
CONCLUSION
StaFi network has accomplished a lot of Developments during April, they’ve also released great mediums which will help facilitate the functions of r- tokens. The platform is also on a constant path to develop products, testing, refining, building technical infrastructure, and UI/UX based improvements of r- token application as time goes on. With more research and development schemes, which will be made by the team in May, StaFi Protocol’s r- token solution is going to be extremely Prominent and important for the DeFi society.
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
