November Development Recap Of StaFi Protocol
StaFi released ERD solution (rSwap V1) and rDEX V1 ideas in November to construct multi-scenario rToken liquidity solutions.
rSwap V1 has allowed the swapping of rATOM, rBNB, and rDOT in order, and further rTokens will be added in the next days.
Built on the StaFi blockchain, rDEX V1 is an AMM DEX for rToken/FIS pairs that allows users to deposit any single token or dual tokens asymmetrically to create liquidity. In 2022Q1, rDEX V1 will be released on the mainnet.
The following are the specifics of November’s progress.
rSwap V1 is the first version of rSwap (ERD Solution)
1) On November 8th, StaFi offered an Exchange-Rate Discounting (ERD) solution to the rToken quick-swap liquidity problem.
Users can acquire Native Tokens right away using the ERD solution, while Finance Providers can buy rToken at a discount.
2) On November 16th, rSwap V1 was launched on mainnet, and it was the first to support rATOM. rSwap V1 is a supplementary method for rToken quick-swaps that is based on ERD Solution.
rToken holders can acquire native tokens right now using rSwap V1, which offers a 90% discount on the redemption exchange rate in the early stages.
3) On November 19th, rSwap V1 integrated rDOT, allowing rDOT holders to obtain DOT instantaneously, with a discount parameter of 90% in the early stages.
4) On November 24th, rBNB was integrated into rSwap V1, allowing users to acquire BNB right away, with the discount parameter set at 90% in the early stages.
5) StaFi rSwap V1 supported rATOM, rDOT, and rBNB as of November 27th. The number of ATOM, DOT, and BNB switched is steadily increasing, indicating that the desire for a swift switch from rToken to native token is being met.
2. A new “Status” has been created.
The new “Status” on the rToken App went live on November 18th. Users can see the following information on the new “Status” dashboard:
1) The total number of redeemable tokens, staked tokens, unbonding tokens, and era rewards.
2) Historical Unbounded Records.
3) 3.v0.4.9 Version Upgrade
StaFi Chain v0.4.9 was launched on November 8th:
1) Improve the claiming method to avoid problems when changing the rToken mint configuration.
2) Calculate using the rToken rate before utilizing the swap rate, which ensures that the DEX is accurate while swapping rTokens.
3. rDEX V1
StaFi introduced the rDEX V1 solution, an AMM DEX for rToken/FIS pairs constructed on the StaFi chain, on November 25th. The following are some of the characteristics of rDEX V1:
1) A system to prevent slipping.
2) As the fundamental asset, FIS can be utilized to facilitate the trade of rToken assets.
3) Support for single-currency and dual-currency deposits
It’s the next big thing for the StaFi rToken Ecosystem, and it’ll be out in 2022Q1.
Creating a Community
Avalanche Liquid Staking Solution (AVAX)
On November 4th, StaFi proposed the rAVAX liquid staking solution, which would allow AVAX stakers to reap the benefits of staking while maintaining high liquidity.
Examine the specifics: https://twitter.com/StaFi Protocol/status/1456099401990959107
2. StaFi Warriors is a campaign created by StaFi.
The contribution from October was released on November 12th. Various types of material are always helping to raise brand awareness for StaFi, and eight fantastic articles written by our warriors stood out.
Check out these great articles: https://twitter.com/StaFi Protocol/status/1459132720894775302
1. Bonus for SubDao AirDrop.
On November 3rd, StaFi and SubDao launched a 10,000 GOV airdrop campaign to encourage people to join the StaFi DAO and vote on governance issues.
2. Binance has a new addition.
Binance added the FIS/ BIDR and FIS/ TRY trading pairs on November 19th.
3. Binance Trading Competition.
The 100K FIS trading competition on Binance began on November 22nd and continued for seven days.
4. The Expansion of Sif.
On the 25th, Sif’s Expansion was launched, allowing rATOM holders to supply liquidity for the ROWAN/ rATOM pool while earning 100% APY.
5. rATOM/ATOM exchange rate.
On November 27th, the Sifchain exchange rate for rATOM/ ATOM was 1:1.008813, which is quite similar to the true on-chain conversion rate of 1.046365:1.
Prospects for December:
The StaFi team was still focused on providing new rToken liquidity options in November.
Due to the Gauge weight voting, the liquidity mining incentives on Curve changed, causing the rETH exchange rate to diverge from the real on-chain exchange rate. We’re also working hard to get more people to vote.
The debut of rATOM, rBNB, and rDOT on rSwap has alleviated some immediate liquidity issues, but rTokens still require further liquidity to meet big exchanges. In the future, the rDEX in development will collaborate with rSwap to tackle the liquidity problem of rTokens.
Before releasing the DApp, we also outlined the present issues and how we plan to address them. I hope that all members of the community will be able to actively engage in it.
StaFi will continue to focus on liquidity solutions and rToken integration in December. Cosmos Hub, in addition to rDEX, is growing. Please stay tuned while StaFi develops a comprehensive solution for cross-chain staking.
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards.
rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.