StaFi Monthly Recap- NOVEMBER 2021
THE $100K FIS BINANCE TRADING COMPETITION
The StaFi protocol team have been upto a lot in the month of November. And part of their activity this November is the successful running of a $100,000 FIS trading competition on Binace. FIS is the governance token on Stafi and it is also used to secure its staking functionalities.
This competition started on the 22nd of November and ran till the 28th of November 2021. They were over 10,000+ winners with a 3 tier prize pool for participants to choose whichever promotion pool they can best participate in.
In the first promotion prize pool: The total amount in the pool was $60,000 worth of FIS tokens. Users needed to to trade and earn to be eligible to participate in this pool.
There were 3 requirements for participation and meeting any of these requirements made you eligible.
- Users must make a crypto purchase of at least $200 of FIS token via their credit or debit card.
- Users must deposit or withdraw fiat of at least $200 and also spot trade at least $200 worth in any FIS pairs of their choice. The FIS pairs were,, FIS/BIDR, FIS/BRL, FIS/BTC, FIS/BUSD, FIS/TRY, FIS/USDT
- All Tokocrypto users can also participate by connecting their Tokocrypto wallet to their Binance account and must make a transfer from their Tokocrypto wallet to their Binance wallet and then spot trade at least $200 on any of the FIS pairs.
100 winners were selected in this price pool based on the total number of net transactions by each user. Meaning 100 users with the highest number of net transactions were winners. And prizes were distributed thus,
Users with the first ,second and third highest number of net transaction volume during the competition period got $11,000, $8,000, and $6,000 worth of FIS tokens respectively.
Users with 4th and 5th transaction volume got $3000, 6th to 10th got $1000, 11th to 20th got $500, 21st to 50th got $300 and 51st to 100th got $200.
In the Second Promotion Prize pool: This was a learn and earn prize pool with a tool share of $35,000 in FIS tokens. For users to participate in this pool, they would need to complete a certain quiz task. Prizes were split equally with 10,000 winners who successfully completed the tasks. The tasks were successfully completing a quiz form, and must also trade at least $500 worth of any FIS trading pairs.
In the third Promotion Prize Pool: 10 winners were selected to win $500 each in a $5000 prize pool. To meet selection criteria, participants would have to accumulate a trading volume including buying and selling of upto $1000 worth of FIS tokens.
Also, The StaFi team announced on the 29th of November that it now has its own StaFi analytics page. The page contains all the live FIS tokenomics stats including FIS token total supply and total circulating supply amount.
This was necessary because before now, StaFi have had to update their Statistics manually by first directly communicating with the team at Coinmarketcap and Coingecko due to these platforms not being able to fetch StaFi token stats automatically through the FIS vesting contracts on the StaFi chain.
This led to issues like a huge delay in getting the FIS tokenomics statistics updated in real time and inaccurate reports of data and transactions and a transparency that was gradually becoming non-existent.
With the StaFi analytics page however, users can see all the data they need to see in real time, including the price of FIS as it fluctuates by the seconds. Other available data include the FIS total supply, total circulating supply, and total market cap. Users can also view the total staked value, rToken values and total fees. But that’s not all, all these data were further represented in a bar chart that showed fluctuations over time. With these updates FIS token holders and stakers can now make better and more accurate informed investment and/or trading decisions.
rATOM/ATOM TRADING PAIRS
In addition, after announcing that Sifchain would introduce rAtom, the first liquidity staking solution for ATOM into the Sifchain Dex, with listing going up on the 20th of Oct 2021, it is therefore important to update that the exchange rate of rATom/ATOM on Sifchain eventually reached at 1:1.008813, in November, just one month after. This is very close to the real on-chain exchange rate of 1.046365:1 and it’s an exciting update as it shows a proof of concept.
INTRODUCTION OF AMM DEX SOLUTION, rDEX V1
Furthermore, StaFi introduced an AMM DEX solution for rTokens which would be launched in the first quarter of 2022. rDEX V1 is a DEX being developed by StaFi with a mission to solve the problems faced with rToken liquidity. It will be deployed on the StaFi Chain and incorporate to become an integral part of the StaFi rToken ecosystem.
With the rDEX v1, native rTokens minted by users can be transacted directly though the DEX in order to attain better liquidity. This DEX would help eliminate the need for cross-chain to ethereum or any other blockchain. In the rDEX v1, FIS would be the basic trading asset for all rToken trading pairs for the sake of liquidity.
rDEX V1 would also have
- Low slippage in small and medium-sized transactions and would be achieved through the AMM CLP market maker model.
- An impermanence loss protection. It is a protection system where loss incurred by a liquidity provider will be compensated by FIS token.
- Liquidity can be provided by any single or dual currency model with different ratios.
ANNOUNCEMENT OF THE rSWAP APP ON MAINNET
Lastly, the StaFi protocol team announced on Nov 16, that the rSwapp App has been released on Mainnet to help rToken holders to do quick-swaps of native tokens by selling rTokens at an exchange rate discount. rSwap is an exchange rate discount solution that serves as an additional process to solve the liquidity problem for rToken quick swaps.
With this launch, rSwap would first support rAtom with an exchange rate discount parameter of 90%. There are however plans for rSwap to support other rTokens like rBNB, rETH, etc.
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