StaFi Protocol — VARIOUS DEVELOPMENT UPDATES ACHIEVED DURING THE MONTH OF MARCH, 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.
Over the course of the year, 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. 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 purely, 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. Over the course of the article, the programs and Achievements provided by the network during the month of March 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. 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 month’s updates will be stated below
DEVELOPMENTS FOR THE MONTH OF MARCH
rToken App V3 Upgrade on the mainnet
On the 29th of March, the platform Announced that they have added new UI/UX enhancements to the rToken App so as to provide the ultimate experience to their users. The highlights of the V3 update includes, the Renewed staking page,The Moved rBridge page to main navigation bar, the Reorganized rAsset page, the Optimized the staking process, and the Integrated rDEX Finance link.
Impermanent Loss Protection Launch
On the 30th of March, the platform Announced that r-DEX will be launching Impermanent Loss Protection to encourage long-term Liquidity Providers.
StafiHub Testnet Goes Live
On the 24th of March, the StaFi team Announced that The 1st phase of StaFiProtocol’s StaFiHub Testnet is now live
The testnet for now is only open to StaFi core developers and will be used to test out some features of this release.
StaFi Gleam Questionnaire Giveaway
On the 10th of March, the protocol’s team announced the initiation of an exciting and lucrative Gleam Questionnaire Giveaway. 50 winners are going to be rewarded with a prize pool of total 1000U in FIS tokens. This initiative started on the 10th of March and will end on the 25th of March. For more info: https://mobile.twitter.com/StaFi_Protocol/status/1501888232401027073
STAFIHUB Technical Updates
On the 11th of March, the team shared some recent technical development updates for STAFIHUB:
- They stated that they are done with the development of base chain modules and r- token application back-end contracts.
- Secondly, they are done building the cross chain bridge between StaFiChain and STAFIHUB.
For more details: https://mobile.twitter.com/StaFiHub_/status/1502281352116588546
Yahoo Finance Feature
On the 10th of March, the platform’s team Announced that the StaFi protocol was recently featured in an article by Yahoo Finance. In this particular article, a lot of features on StaFi were well detailed, the features include; r- Dex’s key features, Security Audit, Insurance Fund, The Liquidity Mining Program, and many other components on StaFi. For more information: https://mobile.twitter.com/StaFi_Protocol/status/1501993985803714561
Twitter Space AMA
On the 9th of March, at 12:00pm UTC, the platform invited the community for an AMA on Twitter with KamieSheep (founder of StaFi). During this AMA, various components were discussed such as r- DEX’s Status quo and future, they also had some feedback from the community, while answering the community’s questions. $90 to 3 best questions/ $40 to 2 listeners. For more info: https://mobile.twitter.com/rDEX_Finance/status/1501535701883514890
New Round of the Mint Program
On the 4th of March, the platform’s team announced that the new round of the mint program with reward pool of 119k FIS tokens has begun. Users can now enjoy FIS token rewards, Tradable and transferable r- tokens, and higher staking rewards. StaFi’s minting program is really simple though. It pegs r- Tokens to the tokens you stake and unlocks the staked assets thus. It also comes with higher APRs.
It’s currently live on r-pool, and it caters to the following token holders: $ETH $BNB $DOT $KSM $ATOM $SOL $MATIC. For more information: https://mobile.twitter.com/StaFi_Protocol/status/1499701519301890052
Reminder of StaFi’s Forum
On the 14th of March, the platform reminded the community that StaFi’s protocol has a dedicated forum for its users. And they welcome the community to join here: https://commonwealth.im/stafi . The forum is the best place for users who wish to see any changes, additions or have new ideas for improvement. Users can also share proposals for New UI/UX suggestions, adoption of new rTokens, new platform to add for rToken usage, or any other ideas they may have.
CONCLUSION
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, 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
