StaFi Network — VARIOUS DEVELOPMENTS ACHIEVED DURING THE MONTH OF FEBRUARY, 2022
StaFi is really setting 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 really proves their true devotion for staking and liquidity.
In the month of January, the rDEX was launched on the testnet, a Bug Bounty for rDEX was simultaneously opened to the community. In the meantime, the development of StaFiHub progresses.
In the month of February, the team developed plans to launch the rDEX on the mainnet as well as further develop STAFIHUB.
Over the course of the article, the programs and Achievements provided by the network during the month of February will be detailed in order 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 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 which will be issued to users through StaFi when they stake PoS coins on the r- token app. It’s important for individuals 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 February updates will be stated below:
DEVELOPMENTS FOR THE MONTH OF FEBRUARY
StaFi Foundation’s Plan to Allocated Five Million FIS Token for r- Dex Liquidity
Recently, The StaFi Foundation announced that they plan to allocate 5,000,000 FIStokens from the community treasury to be provided as liquidity mining rewards to bootstrap the liquidity of rDEX in the long-term. Further details of the Liquidity Mining Program will be officially announced to the community after the r- DEX mainnet goes live.
In the meantime, the team suggests that the users should gather more info about the rDEX testnet in order to fully understand rDEX’s liquidity providing mechanism.
v0.5.0 Upgrade of StaFi Chain
On the 18th of February, the platform’s team announced to the communities and validators that the StaFi Chain v0.5.0 was released, they were also encouraged to try and upgrade when they have the chance to.
Updates:
1. Add functions of rDEX, which is an automated market maker DEX to provide continuous liquidity for rTokens. And there will also be LP mining activities at the same time.
2. rBridge supports rETH now. Users can transfer rETH between Ethereum and StaFi.
3. Check new types.json HERE. It will take effect after performing a runtime upgrade
Mint Program (New Round)
Recently, the platform’s team announced that a new round of the Mint program with a reward pool of 119k FIS Tokens has been launched. It is now live on the platform’s r- Pool, which caters for the following holders; ETH, BNB, DOT, KSM, ATOM, SOL, and MATIC tokens.
r- Dex Live on Mainnet
The r- Dex medium went through some processes before being fully released. On the 2nd of February, StaFi released some technical progress on the medium, they announced that r- Dex was launched on the StaFi Testnet and was in the public testing stage. Vulnerabilities were not found during the time and the team was also evaluating all feedback provided on the r- DEX.
Recently, StaFi protocol was thrilled to announce that r- Dex, which is an AMM Dex aimed at boosting the Liquidity of r- tokens, is now live on the Mainnet.
r- DEX Bug Bounty Program Ends
On the 12th of February, StaFi and immunefi have jointly launched a bug bounty for rDEX to discover potential security vulnerabilities. Critical bugs found will be rewarded up to $25,000 in FIS tokens.
On the 22nd, the platform then Announced that the r- DEX Bug Bounty Program had ended. As a result, they received 6 highly valuable feedback. The majority of Bug Reports were functional optimization suggestions, which implies that the r- Dex contracts are highly secure.
6 community members who contributed will be awarded with $100 to $800 USDT (in FIS tokens). At the time, the rDEX Bug Bounty on Immunefi was still ongoing.
Technical progress In the month of February
On the 2nd of February, the platform also announced that the basic functions of the r- token Application v3 were successfully developed. It was undergoing internal testing at the time before being deployed.
Also, Technical research and evaluation of the rNEAR token was successfully completed. The StaFi team had also successfully formulated a development plan for the rNEAR token. A proposed timeline was said to be provided for the development of rNEAR in the near future.
END NOTE
StaFi network has really accomplished a lot of Developments during the month of February, 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 the month of March, 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
