StaFi Innovations and Strategic Achievements and Partnership
StaFi protocol since launch has been unto some great projects and developments. This is necessary considering they are setting up milestones and landmarks that are not yet covered in the crypto space. Being the first decentralized protocol unlocking liquidity of staked assets, it is important that they keep reiterating and innovating and that they have consistently done effectively well since they started onboarding users and partners into the platform.
In this short article, I would be covering some of their biggest projects, announcements, innovations, and the development of their overall technology since they became the first decentralized protocol with an aim to solve the contradiction between Mainnet security and token liquidity in terms of stake consensus.
On the 6th of August 2021, StaFi protocol announced that StaFi rETH had integrated into Hyperpay. This was important because StaFi needed to provide a safe, convenient and reliable ETH2.0 staking service for the community. And in other to do this, they had to partner with a platform that has the resources for such capability.
At the same time as the launch announcement, StaFi and Hyperpay jointly launched a staking drop campaign in other to encourage ETH holders to participate in ETH2.0 by staking.
Hyperpay is an all-in-one blockchain/crypto wallet that combines on-chain, off-chain, shared and hardware wallets in an innovative, easy-to-use manner. Users can easily manage all their assets and gain rewards by depositing their tokens into Bitearn.
With its powerful features, one can see why partnering with Hyperpay for the StaFi protocol team was a big deal. StaFi now has access to a large database of users they would otherwise not have been able to reach thereby leading to more staking liquidity.
But that was just the beginning of their series of launches, announcements, and partnerships.
On the 12th of August, Chad, the CEO of Tidal, held an AMA with the StaFi protocol team and community. Tidal finance is a specific custom subscription-based insurance coverage platform with an aim to protect blockchain companies and protocols from hacks and malicious attacks. Their goal is to ensure Defi staking and decentralized exchanges remain safe by making provisions for losses through basic insurance practices.
During the AMA, it was announced that StaFi and Tidal have been working together for a while to provide insurance for staked assets. The insurance coverage plans as of the 12th of August when the AMA held, covered the StaFi smart contract vulnerabilities that were being deployed on the Ethereum network including the rETH and rBridges.
In addition to covering for the vulnerabilities, Tidal was also covering for malicious attacks and economic exploits resulting in StaFi users’ asset loss.
During the AMA, Chad also talked about a Guarantor feature that was built to further collaborate with the insured party. Guarantors would be the StaFi team and their community. As a result, a guarantor pool would be set aside and would take FIS tokens as a deposit. The guarantor pool takes on some risks.
The purpose of this guarantor pool is to offer a certain recovery for the reserves provided once a payout happens. This is necessary in other to support a healthy level of reserves taking a higher level of risk providing coverage.
The AMA ended with Chad saying there are plans to build a new service module to grow the reserve by rewarding FIS token to the reserve pool as well as TIDAL token. What all that meant was StaFi is not only just focused on the security of its platform and staked tokens but also ensuring the protection of the tokens of users on its platform and making provisions for tokens that could be lost due to hacking and malicious attacks.
On the 16th of Aug, StaFi released an update on their Validator Eco building program. Before the announcement and since the launch of its validator program, validators had increased from 160 official validators to 250 validators. But despite this and due to some security challenges and the evolving nature of decentralized technologies, StaFi launched a StaFi Chain Validator Recruitment plan with the purpose to attract institutional validators. The essence is to significantly improve the variety and professionalism of the StaFi validator team.
As part of its recruitment plan, a comprehensive judgment on the basis of the applications submitted by users who want to be validators and applicants who have made the most important contributions to the ecological development of StaFi was given top priority.
In continuation of its development and innovation, StaFi announced another strategic partnership with RockX. Now RockX is a giant blockchain staking powerhouse for leading public blockchains. RockX provides secured and stable validators to create staking rewards for token holders looking to increase their crypto assets. Think of RockX as an alpha staking provider.
With the relationship and partnership formed by the RockX team and StaFi ecosystem. StaFi would be able to share in the powerful expertise of RockX on three core issues which are security, reliability and decentralization in the staking blockchain ecosystem.
In addition to this, RockX also joined the StaFi network as original validators for rTokens like rETH, rDOT, rKSM and other networks that would be coming in soon.
Also, with the partnership, RockX seeks to work with StaFi to explore ways to improve the security and stability of all original validators. This would help enhance the functionality of the whole rToken ecosystem.
The partnership also has the vision to build a proactive participating community by setting up hackathons and also support community research reports and projects to further increase the growth of the ecosystem.
The last update we would be taking a look at in this article is, the team-up between StaFi and Liqee. Liqee is the world’s first decentralized lending market for liquid staking tokens and is powered dForce’s lending protocol. The team-up ensured that each network assets are fully compatible and integrated with each other. The relationship saw that rTokens including rETH, rATOM, and rDOT are introduced into Liqee’s lending platform. Users would be able to use the tokens as collateral to borrow different native tokens and stable coins.
All these updates don’t even begin to cover the innovative and strategic achievements and partnerships of StaFi since its launch. These updates are however to point out the fact that StaFi remains through with its goal and mission and is consistent with the vision for continuous unlocking of staked assets.
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