Stafi Network — Recent Events That Have Been Initiated On the Platform in April
The network of StaFi has set itself up to be one of the best-decentralized finance protocols or platforms with its recent collaborations and achievements. Their plans and prospects for various PoS programs prove their true devotion to staking and liquidity. Over the year, the index 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. The team also developed plans to launch the rDEX on the mainnet as well as further develop STAFIHUB. There are quite some useful functionalities about rDEX which is pure, this DEX supports various trading pairs as well. These are the pairs available for trading, making FIS token a factor:
rATOM — FIS, rETH — FIS, rMATIC — FIS, rDOT — FIS, rSOL — FIS, rBNB — FIS, rFIS — FIS. Throughout the article, the programs and Achievements provided by the network during the past week will be detailed to comprehend their support for the community. Before that a little information on what StaFi entails will be given below:
A FULL DESCRIPTION OF STAFI
StaFi network is simply the 1st DeFi (Decentralized Finance) based network which 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. With the release of the r-DEX mainnet, the r-tokens will have more utility.
The FIS token on the platform acts as a native token of StaFi. By staking $FIS, the users get $rFIS with the ratio of 1:1.26; they get 28% APR and get to trade it on DEX’s as well. This is referred to as liquid staking. 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 week’s updates will be stated below:
RECENT DEVELOPMENTS MADE BY STAFI
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) in a fast and fully efficient manner while enabling them with Liquid 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.
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 r-Token for $IRIS and expand its adoption and liquidity.
CONCLUSION
One of the biggest Achievements recently on the network has to be their StaFi Hub Public TestNet launch, especially their strategic partnership with the iris network. Their collaboration has been initiated to build a liquid staking solution called rIRIS. As stated earlier, rIRIS is the liquid staking solution for IRISnet’s utility token $IRIS. It will be the 1st rToken developed on StaFiHub. IRISnet, built with Cosmos SDK, enables cross-chain interoperability through a unified service model while providing a variety of modules to support DeFi applications
StaFiHub will build liquid staking derivatives for many more Cosmos projects and This is just the beginning.
StaFi network has really accomplished a lot of Developments during the year, 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 over the months in the year, 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
