StaFi Hub — A Parallel Chain developed by StaFi based on the Cosmos SDK
Welcome to all Crypto Enthusiasts, today we’ll be looking into a recently launched ecosystem called StaFi Hub, StaFi has accomplished a lot over the course of the past few months. The platform’s team has proven themselves to be fully operational and dedicated to upgrading/optimizing their system with recent developments such as the Liquidity mining programs which was automated on their r- Pool Application. But in This article, we will be discussing the STAFI hub and the benefits it offers to the StaFi Community. Before delving into the updates, the StaFi’s Description will be detailed below
STAFI PROTOCOL
StaFi is generally known as the 1st Decentralized Finance Network that is centered on unlocking the Liquidity of staked assets or funds. Various users can now stake their PoS based tokens on StaFi in orderto gain r- tokens, which is going to be available for exchanges. The r- tokens are simply staking derivatives developed by StaFi to be issued to users. When the individuals stake PoS coins on the Network’s r- token app, they receive the r- tokens. The StaFi network is really working on diversifying the use cases for r-tokens through collaborations and system upgrades, which will then enhance the user’s experience. Below will be information about what StaFi hub really entails.
UNDERSTANDING THE ECOSYSTEM
Currently, Cosmos ECO is flourishing with more than 40 vertical public chains developed based on Cosmos SDK. Among them, 6 ecological chains are ranked within the circulation market value Top 100.
The StaFi team believes that the StaFi rToken ecosystem needs to be extended to the Cosmos Eco Chains to expand the rToken ecosystem.
However, it is rather complicated to mint rToken for these projects if they base it on the current StaFi Chain. Furthermore, the interface in the cross-chain Mint-Trade-Redeem is not quite user-friendly. Take rATOM as an example:
- Mint: Users need to hold Native FIS before staking, and then mint rATOM on the StaFi chain.
- Trade: rATOM must cross-chain to Ethereum for ERC-20 rATOM, which then has to cross-chain to Sifchain through the Ethereum-Sifchain Bridge, before it can be used in liquidity mining or transactions on Sifchain.
- Redeem: rATOM on Sifchain cannot be redeemed directly. Users need to cross-chain from Sifchain to Ethereum, and then again cross-chain from Ethereum to StaFi chain before redemption.
TECHNICAL FRAMEWORK
One can easily see that the above process is rather complicated and costs a lot. This limits the adoption of rATOM to some extent. At present, rATOM on cannot enter any DEX (like or ) or any other ecosystems for trading through the IBC protocol.
The current rToken technical framework greatly constrains the development and user experience of the Cosmos Eco rTokens. At the same time, General Liquid Staking Solutions for Cosmos SDK Projects developed by StaFi based on rATOM is also limited due to the current technical architecture, for projects are reluctant to be engaged due to technical difficulty.
Therefore, StaFi is proposing a new set of Staking Derivative solutions, namely StaFiHub, to serve many Cosmos Ecosystem chains and their users. StaFiHub provides a new technical architecture that is friendly to both Cosmos users and developers, to promote the Cosmos ECO rToken and the openness of its general technical architecture.
STAFI HUB DEFINITION AND FEATURES
StaFiHub is a parallel chain developed by StaFi based on the Cosmos SDK. It has the following features:
1) The chain function will be based on the Cosmos SDK that is similar to that of TerraChain, Osmosis Chain, and Sifchain. However, the validator system will not be open when the mainnet is launched and will be nominated by the StaFi Foundation.
2) It will be an application chain serving the Cosmos Eco Staking Derivatives.
3) The IBC cross-chain protocol will be supported. The token assets of the Cosmos ecosystem can be cross-chained to StaFiHub through the IBC protocol, and the rToken assets on the StaFiHub can all circulate in the Cosmos ecosystem through the IBC protocol.
4) Cosmos ECO tokens can directly mint out StaFiHub-based staking derivatives using the Keplr wallet and the corresponding PoS Token.
5) The StaFi team will build a cross-chain bridge between StaFi Chain and StaFiHub to support the exchange of rTokens between the two chains.
6) General Liquid Staking Solutions for Cosmos SDK Projects will be opened to the community to encourage the Cosmos ECO community to develop staking derivatives.Based on StaFiHub, the circulation process of Cosmos Eco’s rToken in “Mint-Trade-Redeem” will be greatly improved.
STAFIHUB BENEFITS
StaFiHub is an important part of StaFi rToken’s ecological expansion. It can help StaFi rToken expand the Cosmos Eco ecosystem in a more friendly way and at a lower cost. With StaFi Hub, they can:
1) Quickly and efficiently serve all Cosmos ecosystems (which consists of over 40 Cosmos SDK Projects), and provide them with Liquid Staking Solution.
2) Promote Adoption with a more friendly user experience for Cosmos ecological users.
3) Enrich the ecosystem of StaFi’s rToken.
StaFi rToken Protocol Stack in Future
In addition to building the StaFiHub to serve the Staking Derivatives of Cosmos ECO, they will also build a Polkadot Parachain to serve the Staking Derivatives of Polkadot ECO. Both StaFiHub and StaFiParachain will be the parallel chains of StaFi Chain, and assets will circulate freely among them through a cross-chain bridge.
THE FUTURE OF STAFIHUB
The StaFi core team has roughly evaluated the potential work of StaFiHub and the mainnet was released in the first quarter of 2022.
After the release of the mainnet, the Core team will fully develop on the first rToken on StaFihub, and also build the following key bridges which may be released in the second quarter of 2022.
They are also going to Integrate IBC module to interact with other IBC chains in Cosmos Eco, while integrating the bridge between the StaFi chain and StaFiHub.
END NOTE
The bridge is a perfect off-chain tool to invoke staking related calls such as Bond, Unbond and Claim on the foreign chain which may take a lot of time to obtain the results of RPC requests.After launching the hub, the team will then work on releasing the r- tokens on StaFi Hub, while working on the Integration of the IBC module to interact with other IBC chains in Cosmos Eco, along with the Integration of the bridge between StaFi chain and StaFiHub.The team is presently structuring the Mechanism functions & components of the StaFi Hub. With time the Hub is going to be really beneficial to all r- token users around the network.
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
