StaFi Protocol Recent Developments In The Last Quarter of 2021
In October, StaFi released the new rToken App — rSOL, and the existing features of rToken App were also gradually optimized, like adding the new rToken Mint Type function to support users to select the type of rToken (Native, ERC20, BEP20, SPL) when staking. At the same time, the exploration of rToken integrations is carrying on, and the project has reached cooperation with MonoX and Sifchain to integrate StaFi’s rToken. In particular, StaFi worked with Sifchain to list rATOM and build up an over 1million TVL liquidity pool for rATOM holders.Here are the details of October’s progress.
The technical Updates are as follows:
1.rSOL: On Oct 5th, rSOL App was released on mainnet. rSOL App will help SOL stakers enjoy better staking APR with efficient liquidity powered by rSOL voucher tokens.
2.New Mint Type: On Oct 25th, the New Mint Type was added into the rToken app, stakers can mint listed types (Native, ERC20, BEP20, SPL) of rToken when staking.
3.rBNB/BNB, rDOT/DOT listed on PancakeSWap: On Oct 27th, The liquidity mining program for rToken pairs on PancakeSwap is live on StaFi App. Users who stake BNB and DOT can provide liquidity and stake LP to win 186.48% (rBNB/BNB) and 398.85% (rDOT/DOT) APY.
Community Building programmes include.
- StaFi Warriors Program: On Oct 13th, the contribution in September came out. Various forms of contents were created to help improve brand awareness and the understanding for StaFi rToken.
2. The 2021 Staking Ecosystem Report by Staking Rewards: On Oct 13th, Staking Rewards released the staking ecosystem report. As one of the staking finance ecosystem, StaFi was analyzed from multiple aspects.
And as for collaborations, here are the updates.
StaFi & Tidal: ~On Oct 13th, StaFi increased the coverage amount from 1 million to 2 million USDT on Tidal to further protect rToken users’ safety.
~The online event hosted by Staking Rewards: On Oct 20th, StaFi founder Liam and other thought-leaders in staking space discussed the key industry topics and trends on the online event hosted by Staking Rewards.
~StaFi & Sifchain: On Oct 21th, StaFi announced the cooperation with Sifchain to introduce rATOM, the first liquid staking solution for ATOM, into the Sifchain DEX.
~StaFi & MonoX: On Oct 27th, StaFi released the cooperation with MonoX, which introduces the premier bootstrap DEX MonoSwap.In the near future, we will both create trading pools and launch co-incentive programs for rToken liquidity providers.
In November, StaFi released ERD solution (rSwap V1) and rDEX V1 proposals to build multi-scenario solutions for rToken liquidity. rSwap V1 successively supported the swapping of rATOM, rBNB and rDOT, and other rTokens will be integrated into rSwap V1 in the coming days.
Technical Updates include the following.
- rSwap V1(ERD Solution):
a. On Nov 8th, StaFi proposed an Exchange-Rate Discounting (ERD) solution to solve the liquidity problem for rToken quick-swaps. With ERD solution, users can get the Native Tokens immediately and Finance Provider purchases rToken at a discount.
b. On Nov 16th, rSwap V1 was released on mainnet and supported rATOM first. Based on ERD Solution, rSwap V1 serves as a supplementary way for rToken quick-swaps. With rSwap V1, rToken holders can get native tokens immediately with a discount (90% in the early stage) on the redemption exchange rate.
c. On Nov 19th, rSwap V1 integrated rDOT which enables rDOT holders to get DOT immediately and the discount parameter is set at 90% in the early stage.
d. On Nov 24th, rBNB was integrated into rSwap V1, users could get BNB immediately and the discount parameter was set at 90% in the early stage.
e. As of Nov 27th, StaFi rSwap V1 had supported rATOM, rDOT, rBNB. The amount of swapped ATOM, DOT, BNB is gradually growing, which shows the demand for quick swap from rToken to native token is being met.
2. New “Status”: On Nov 18th, the new “Status” was live on rToken App. In the new “Status” dashboard, users can clearly see: 1) The amount of redeemable token, staked token, unbonding token and the reward of last era as well as 2) Historical unbonded records.
Collaborations for the month of November include:
- SubDao AirDrop Bonus: On Nov 3rd, StaFi and SubDao jointly initiated 10,000 GOV airdrop campaign for joining StaFi DAO and vote for governance proposals.
2. New addition on Binance: On Nov 19th, Binance add FIS/ BIDR, FIS/ TRY trading pairs.
3. Trading Competition on Binance: On Nov 19th, Binance added FIS/ BIDR, FIS/ TRY trading pairs.
4. Sif’s Expansion: On 25th, Sif’s Expansion was opened, rATOM holders could provide liquidity for ROWAN/ rATOM pool and enjoy 100% APY.
5. Exchange rate of rATOM/ ATOM: On Nov 27th, the exchange rate of rATOM/ ATOM on Sifchain reached 1:1.008813, it’s very close to the real on-chain exchange rate:1.046365:1.
In December, StaFi plans to still focus on the liquidity solutions and the integration of rTokens. In addition to rDEX, Cosmos Hub is also developing. StaFi is creating a comprehensive solution for cross chain staking. Stay tuned.
In December, StaFi rToken App Has Integrated Tidal’s Insurance for rETH Holders.
¶ StaFi rToken App has integrated Tidal’s insurance services for rETH holders
¶ rETH holders could directly buy coverage on rETH DApp with the FIS and USDC tokens on Polygon.
¶ In order to incentivize the rETH holders to purchase the rETH insurance, the insurance premium will be only 1% instead of the 4% (yearly cost), which means StaFi foundation will compensate 75% of the total insurance fees.
¶ Total insurance cap for rETH users will be 1million usdc for this time, so welcome to purchase.
As a result of the integrations with Tidal Insurance, StaFi protocol has been working closely with Tidal to provide users a self purchase function for those who want to increase the safety measures of their own funds..
The benefits this integration will bring to the table will be that the current protocol level coverage is paid from the projects’ treasury. Use coverage is just an additional feature offered to the community for those who want to take additional precautions. Here are a couple reasons why such an offering would be advantageous:
~Protocol level coverage could also be used to recover the funds, e.g. trace hacker, compensate hacker in the event of smart contract hack, since the return could be much higher for the users. The unused funds will be used to compensate users.
~Users who purchased coverage would be paid out according to their covered amount in full, reducing the uncertainty of partial coverage that would be provided from protocol level coverage.
As for incentives, In order to incentivize the rETH holders to purchase the rETH insurance, StaFi foundation will compensate 75% of the total insurance fees, which means the rETH insurance premium is only 1% for rETH holders, not the real premium 4% on Tidal platform.
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