StaFi Project — Development Updates for the Month Of October 2021
Welcome to all crypto enthusiasts, today we’ll be going through StaFi Ecosystem’s various updates and developments initiated over the past month. Detailed description on both the platform and it’s featured goals & achievements for the month of October will be stated to fully understand their advanced care and dedication to the space.
StaFi platform is the 1st community based finance medium designed to unlock Liquidity of all staked funds. Through the network, various individuals can stake PoS tokens and get r- tokens, which will be readily automated for trading transactions while gaining staking rewards. The r- token is a stake based derivative or product granted to users by StaFi when they undergo PoS staking on the system’s r- token app. These r- tokens will be anchored to the PoS tokens that have been staked by individuals with the corresponding rewards for staking. This iterated r- token will always be available for transfers & exchanges. Information on the platform’s developments done in October will be fully detailed over the course of the article.
MonoX simply introduces the premier bootstrap community based Exchange called monoswap. Various Project directors will be enabled with the ability to list their tokens or coins without capital requirement burdens while focusing on utilizing the funds for developing the project rather than providing the Liquidity.
It operates by simply grouping tokens that have been deposited, into a virtual pair through their own v- USD Stablecoin, in order to provide a single token designed pool.
MonoX is working towards revolutionizing the decentralized finance ecosystem or network by eliminating the inefficiencies of capital in current protocol systems. Through the implementation of low exchange fees, zero capital token releases, and efficiency in capital, MonoX is looking to maximize the great capabilities of the Decentralized finance industry.
StaFi platform announced on the 27th of October, that they’ll be initiating their Collaboration with Moonxfinance, which as previously stated, introduced the bootstrap Decentralized trading medium, Moonswap. Later on in the future, the plan on developing trading based pools while launching co incentive programs for r- token based Liquidity providers.
Minting Option for the r- token Application
The platform has gone through various Research and development procedures in order to optimize the staking operations carried out in the r- token app recently. StaFi announced on the 25th of October, that they have optimized the experience of the app, meaning that a brand new feature has been added to the r- Token application. Various stakers can now mint new types of r- token when they stake, all this is done in 2 easy steps; first users have to select the token when staking (ERC20, SPL, BEP20, Native), then receive r- token and interact with designed chains automatically.
Partnership with Pancakeswap
The platform stated recently that they’ll be releasing a liquidity Minting program for 2 trading pairs, they include; $rBNB/BNB and $rDOT/DOT for different LPs on Pancake network. The program was released on October 27th, 2021, and will be on for two weeks. Individuals have to provide Liquidity and stake LPs in order to win reward rBNB/BNB APY 183.71% with rDOT/DOT APY 403.26%. All users can now stake LP tokens on the rPool app in StaFi to provide FIS reward farming.
Partnership With Sif chain
Sifchain is a really innovative and organized Ecosystem which is globally known as the first community based exchange to fully enable exchange operations between Ethereum block chain network and Cosmos platform. Currently the total locked value on the Sifchains decentralized Exchange is around 60 million dollars.
On October 20, 2021 at 10 pm, SiF chain listed the ROWAN and rATOM pairs. During the start of the release, the ROWAN and rATOM pool will be placed to support two types of reward based mediums for Liquidity Meaning ; Bloom medium and Bonus Pool .
Sif chain’s bloom system will allow various users to gain a specified percentage of the ROWAN APY, while Sif chain’s bonus pool system will reserve an extra 200 thousand ROWAN, which is going to be rewarded to Liquidity providers who enable Liquidity to the pool during the first two weeks. Also, for those who don’t know, the ROWAN coin is the utility token of Sifchain’s protocol.
The Bonus pool is going to start on October 20, and it’s going to last for about two weeks, meaning that it will end on November 14. StaFi encourages individuals to simply pool rATOM or the ROWAN Token in order to be rewarded with ROWANs, which can be obtained on the reward dashboard located on SiF chain’s DeX.
In order to really encourage the brand new Minting activity for rATOMs, StaFi has placed a FIS coin reward pool that is worth a value of 10 thousand USDT for ATOM stakers. Individuals will gain FIS coin rewards at a specific ratio of 0.2 FIS/ATOM.
In order for users to participate in StaFi platform’s rATOM Minting with Sif chain’s rATOM Liquidity mining program, a few simple procedures must be followed; First off, you’ll have to mint rATOMs to claim the FIS coin rewards and swap the rATOM into the Erc- 20 format. Once done, you’ll bridge or link the rATOM to Sifchain. After this, deposit your rATOMs in the pool for ROWAN/ rATOMs, which will then allow you to claim Rowan tokens weekly.
Asides from the listing and Liquidity mining program for the rATOMs, Sif chain along with StaFi platform will also collaborate on the trading competition events in the DeX medium of Sifchain. This will be live on October 25th. There’s going to be 10k USDT worth of rewards for the top ten traders in the rATOM/ ROWAN pool.
Community Proposal
On the 26th of October, a community Proposal was issued to the platform, this proposal involved the integration of rATOMs into the Osmosiszone system with rATOM/OSMO and FIS/OSMO pairs. Thoughts on whether the platform should initiate the idea is still being considered.
TO CONCLUDE
The StaFi platform over the time has really provided a lot of platforms with their r- token solution, their aim is to also reward various LPs with their Liquidity mining program. This r- token solution was made to facilitate the r- token asset management for both Validators and Stakers. As time goes by, StaFi will continue to optimize the platform experience through user feedback while developing Partnership deals.
To learn more about StaFi Protocol , you can join and follow the StaFi Protocol community with the links below;
