STAFI RECENT UPDATES

$100K FIS TRADING COMPETITION ON BINANCE

On the 22nd of Nov 2021, the StaFi protocol team announced on twitter, a $100k $FIS trading competition on Binance. FIS is the governance token of the StaFi protocol while also serving as a security tool in the StaFi ecosystem through staking.

The trading competition ran from the 22nd of Nov to the 28th of Nov 2021 and was divided into 3 promotion prize pools, with each promotion pool having its own criteria for participation.

In the First promotion, users who wish to participate would need to deposit and/or trade to share in a $60k worth of FIS tokens. Participants who made a crypto purchase via a credit/debit card of at least $200 worth of FIS tokens or deposited/withdrew fiat of at least $200 and also spot traded in any FiS pairs were eligible in this prize pool.

Also all Tokocrypto user could participate by connecting their Tokocrypto wallet to their Binance account and make a transfer from their wallet to the Binance wallet and spot trade at least $200 in any FIS pairs.

100 Winners were selected by the total amount of Net transactions and prizes were given based on users with the highest amount of net transactions. With the highest net transaction user winning a total of $11,000. And users in the 51st to 100th position won $200 each.

The Second Promotion: This promotion had a prize share pool of $35,000 and users who participated had to complete two sets of tasks. The first task was to answer a short quiz while the second task was for all participants to trade $500 worth of trades on any FIS pairs. 10000 winners were selected in the promotion category.

The Third promotion: This had a $5000 prize pool and users who had a total trading volume of $1000+ worth of FIS token during the promotion period were eligible for this pool. 10 users were selected each to win $500 of FIS tokens.

START OF THE STAFI ANALYTICS PAGE

The StaFi team have been facing difficulty updating the FIS tokenomics on platforms like coinmarketcap and coingecko. These updates were done manually because these platforms could not fetch the FIS token stats automatically through FIS vesting contracts on the StaFi chain.

These manual uploading have led to issues like a delay in getting an up to date FIS token statistics which inadvertently meant that the FIS token wasn’t transparent and accurate enough in its reporting.

In order to correct these, the StaFI team announced that there is now a live FIS tokenomics stats dashboard showing stats, including the FIS total supply of 112, 523, 685, and a circulating supply amount of 54, 240, 000 in its own StaFi analytics page. This was done to ensure that FIS token holders and other crypto enthusiasts interested in jumping on FIS have accurate data at any point in time so as to make accurate trading, investing or speculative decisions.

To view the live stats page, visit https://info.stafi.io/home/dashboard

On the dashboard, apart from the Total and circulating supply, users can also see the current live price of the FIS token as it fluctuates in real time. The total market cap, total staked value, rToken values and other important metrics.

Worth of mention is also the ability to view the total number of original validators, staked transactions and a chart representation of their price fluctuations overtime.

THE RELEASE OF RSWAP APP ON MAINET

StaFi protocol, being the first decentralized protocol unlocking liquidity of Staked assets with a goal to erase the problem between mainnet security and token liquidity have been upto some recent great developments lately.

Recently, StaFi released the rSwap App on mainet. rSwap, is an ERD solution that works as an additional way to solve the liquidity problem for rToken quick-swaps. In simple terms, with rSwap, rToken holders and participants in the StaFi protocol can get native tokens almost immediately with a discount on the rToken/Native tokens.

This is to help rToken holders perform quick swaps with their native tokens by selling rTokens at an exchange rate discount. The exchange rate discounting (ERD), works using the same concept as the bill discounting concept used in traditional financing. With exchange rate discounting users who want to immediately exchange the rToken Bill for Native Token, can find a third-party finance provider willing to buy the rToken from the user at a discount.

With this recent update, users would not need to go through the difficulty of finding third party financial providers and rSwap is supporting rATOM first with an exchange rate discount parameter set at 90%. This parameter was reached in community polls from both rToken holders and financial providers. There are also plans to support other rTokens like rBNB, rETH, etc.

To make use of this rSwap App feature,

Users would need to visit https://app.stafi.io/rSwap , and enter the amount of rATOM they wish to swap into ATOM. Once this is done, the user would then enter the Keplr address that will receive the native ATOM and then click swap. Sign and approve the transaction after that and the swapping would be processed.

Moreso, in light of this recent update, rSwap would be needing financial providers who can deposit native tokens as the liquidity pool for rToken sellers. Financial providers adding to the liquidity pool would earn profits upto 10% on native tokens. Anyone can apply to become a financial provider for rSwap by sending a proposal to Liam@stafi.io or contact the StaFi team on telegram.

However, the StaFi team have also announced this is not the last we would hear about this new rSwap feature. The team intends to upgrade the rSwap to a second version. This version would be supporting AMM backed DEX for rTokens. rSwap V2 will be different from the current ERD solution as it would work more as a Uniswap-like DEX for rTokens while also supporting trading pairs of rToken/FIS. Users can directly trade against FIS tokens on the StaFi chain at any time without needing to cross-chain bridge to decentralized exchanges on other blockchains.

To learn more about StaFi Protocol , you can join and follow the StaFi Protocol community with the links below;

Website Twitter Telegram Medium

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