StaFiHub Testnet and Partnerships Update.
StaFiHub is a Layer 1 cross-chain staking derivative platform built on the cosmos ecosystem. StaFiHub is built using the Cosmos-SDK and aims to provide liquid staking solutions for assets through the Inter-Blockchain Communication Protocol (IBC). This serves to aid the rapid growth of the staking industry. With StaFiHub, Cosmos Eco projects can easily and quickly get their liquid staking derivatives with very limited development and time costs.
StaFiHub features
StaFiHub has the following features:
1) It‘s an application chain serving the Cosmos ecosystem Staking Derivatives.
2) The IBC cross-chain protocol is supported. The token assets of the Cosmos ecosystem can be cross-chained to StaFiHub through the IBC protocol. Additionally, all rToken assets on the StaFiHub can circulate in the Cosmos ecosystem through the IBC protocol.
3)The tokens in the Cosmos ecosystem can directly mint out StaFiHub-based staking derivatives.
4) StaFiHub has developed a Liquid Staking SDK for Cosmos Eco projects to easily and quickly get their liquid staking derivatives with very limited development and time costs.
5) StaFiHub will provide decentralized trading services based on rDEX for all the liquid staking tokens issued by StaFiHub.
StaFiHub Partnerships
1.) StaFiHub and IRISnet:- Both companies have signed the strategic cooperation agreement to work together to build and expand the liquid staking solution called rIRIS (rIRIS Solution). This was done concerning IRISnet’s native token $IRIS, based on StaFiHub’s Liquid Staking SDK. rIRIS token will be the first rToken developed on StaFiHub Liquid Staking SDK in StaFiHub chain eco. StaFiHub plans to work closely with IRISnet to boost the adoption and liquidity of the rIRIS token in Cosmos Ecosystem.
2.) StaFiHub and Comdex:- StaFiHub partnered up with Comdex to expand the rToken user scenario as collaterals and explore in rCMDX. The partnership aims at making both companies’ networks and assets better by allowing full interoperability. StaFiHub and Comdex have been working together to introduce the brand-new rToken assets issued on StaFihub into Comdex Eco. The rToken serves as the collaterals for synthetic assets, as well as explores the liquid staking solution rCMDX for CMDX stakers.
This partnership brings about three use cases.
1.) rTokens integrated on Comdex as collaterals:-In the future, rTokens issued on StaFiHub could be used in Comdex Ecosystem as the collaterals to mint synthetic assets. tokens working as great interest-bearing assets will become great collateral asset choices for Comdex users. This integration will also help create a valuable user scenario for rToken holders.
2.) Exploration of the liquid staking solution rCMDX:- StaFiHub has developed a Liquid Staking SDK for Cosmos Eco projects to be able to effortlessly and quickly get their liquid staking derivatives with very limited costs on development and time taken.
StaFiHub and Comdex work together to explore the rCMDX liquid staking solution on the StaFiHub chain. Every $CMDX token holder can stake their $CMDX through rCMDX DApp to earn the staking rewards while still enjoying the liquidity of the rCMDX token, which could be transferred or traded on any IBC chains at any time they want.
3.) Cooperation on the validation:- Network security is always the top priority for both StaFiHub and Comdex. Therefore, StaFiHub and Comdex work together to provide validation services for each other to enhance the security of the validator network.
StaFiHub Testnet
The StaFiHub Testnet has undergone a lot of internal testing and continuous debugging, and now the public test net has been launched. It is of course developed by the StaFi team and based on the Cosmos SDK to serve the Liquid Staking Derivatives in the Cosmos ecosystem. Meanwhile, it’s the first crucial step taken by StaFi to expand into the increasingly prosperous Cosmos ecosystem. Consequent to the launch of StaFiHub on the mainnet, the projects based on Cosmos SDK will swiftly deploy their liquid staking solutions with StaFi rToken SDK.
The StaFiHub public Testnet live release was announced on the 19th of April. A bug Bounty was organized for the community to participate in and incentivize with FIS rewards. The Bug bounty served to use the community’s strength and observation in unearthing vulnerabilities and bugs in the system.
Prior to the eventual live public release, StaFiHub public test net was split into2 phases and executed in stages.
The first Phase of an overview of the functions included the following.
1.) Validator Testing:- The node of the StaFiHub chain was deployed and validators were brought in to test out the transfer and staking functions as well as other features.
2.) Basic rToken function:- The designated rTokens could be used for several things. Based on their functions, there are stake tokens, mint rTokens, unbond tokens, tokens that dealt with the exchange rate update, and transfer assets with IBC.
3.) Staking Drop:- the fixed number of FIS could be distributed when the original token is staked for the first time.
4.) Fee station: supports the swapping of FIS in proportion with the original token
5.) StaFiHub App UI/UX and operation testing.
6.) And to round up the first phase, the code review.
The second phase of functions overview was planned to be released about 3 weeks after the release of StaFiHub public testnet’s first phase. The second phase includes the following.
1) rPool App: the incentive programs for rToken minting.
2.) rDEX: the decentralized exchange to support trading rToken/Token trading pairs, add or unstake liquidity, and liquidity farming modules and
3.) Code review.
Announced on May 9, 2022, was the release of a newer version of the public testnet. The community was urged to upgrade to have access to all improved features. Thanks to the hard work of the community andthe developers. The community took it upon themselves to make use of the test net. Taking the initiative to share the experience about the now upgraded products with the developers.
In the same month of May, an announcement was released concerning the launch of the rPool. The liquidity pool aggregator was launched on the StaFiHub Testnet. rTokens built for various Cosmos projects will be utilized to earn enjoyable FIS rewards through multi-inventive programs on rPool in the future.
On 17th May 2022, the rToken for IRISnet became live on Testnet. Users could use the staking feature withStaFiHub to get the rIRIS token. The StaFiHub tokenomics has been worked on with the plan to have it released before the final launch.
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
