StaFi Protocol — 2021 in Review
INTRODUCTION
2021 has been a really good year for the StaFi project and its entire community. There have been lots of partnerships, upgrades and continuous improvements to the StaFi Protocol products in order to continually make DeFi a wonderful experience for all StaFi users. This article is aimed at highlighting the major achievements and milestones attained by the StaFi team throughout the year in order to evaluate the overall performance and have an insight into prospects to be expected in 2022. The article will be split into four parts with each part covering events and other updates that took place in the StaFi community during Q1, Q2, Q3 and Q4 of 2021.
STAFI PROTOCOL REVIEW FOR Q1 OF 2021
Technical Updates for Q1 of 2021
This part of the article will cover all the additions and improvements to the project from a technical and engineering point of view throughout the course of all the quarters of the year.
StaFi launched the ETH 2.0 liquidity on 29th January, where validators could stake Eth tokens to receive rEth, minimum staking was 0.01 ETH. In addition, Peckshield the blockchain audit team conducted a review of the rEth code, proposing some amendments.
The FIS liquidity solution was also created and in order to incentivize FIS holders a staking drop incentive was introduced. The StaFi team also concentrated on trying to develop rDot, rKsm, rAtom to serve as reward tokens for users who stake DOT, KSM and ATOM. Infographics were designed to that effect by the ambassadors to help the community fully understand.
The StaFi mainnet was upgraded to V0.4.0 version.
Collaborations, Community Development, Milestones and Achievements for Q1 of 2021
This part of the article will cover the partnerships StaFi forged with other blockchain communities, the milestones and achievements attained by the StaFi team throughout the four quarters of the year in review.
FIS the native token of StaFi was listed on Biki and Gate exchange with the FIS/USDT trading pair.
StaFi and Marlin reached a partnership intended to create a liquid staking derivative for Marlin’s token $POND as well as integrate Marlin’s layer -0 scaling protocol onto the StaFi platform. StaFi also reached partnerships with EasyFi, Tidal and Stone, worthy of note also was the first decentralized trading Marathon held by StaFi and Dexe where the prize money was up to $30,000. There was also a partnership with Unmarshal and Conflux to help track rToken balances and transaction details and also to use Conflux’s Shuttle Flow crosschain.
StaFi joined the Polkadot DAO alliance and became a Genesis member. The Polkadot alliance is an organization initiated by SubDAO to promote the development of decentralized governance in the Polkadot ecosystem.
StaFi held AMA sessions with some blockchain communities where StaFi representatives were invited to share the latest developments of StaFi, DeFi on the Unilend, Gate and EasyFi communities.
StaFi attended the Kucoin AMA where issues concerning the Polkadot Parachain auction were discussed. StaFi also invited representatives from Stone to the StaFi telegram group to talk about their partnership with StaFi.
STAFI PROTOCOL REVIEW FOR Q2 OF 2021
Technical Updates for Q2 of 2022
The rATOM app was launched on mainnet after series of multi-party testings.
StaFi released the rToken analytics dashboard to make the rTokens transparent making key statistics like TVL, Exchange Rate viewable.
rEth App V2 was deployed on mainnet with better UI/UX and lower validator deposit.
Collaborations, Community Development, Milestones and Achievements for Q2 of 2021
StaFi reached a new milestone as 10,000,000 FIS were swapped into ERC20 via StaFi rBridge which was valued at 33 million USDT.
StaFi raised a proposal on Curve DAO to add the rEth/Eth trading pair in order to raise the adoption of rETH.
The rToken App video collection campaign was released where the community made explainer videos on how to use the app.
StaFi followers reached 20,000 on Twitter which was a major milestone as the community continued to expand.
rEth/Eth was listed on Curve and FIS on Coinone.
StaFi forged some new partnerships which included Polkadot to explore the Polkadot technology for locking and distributing tokens for StaFi, IRISnet to list rATOM on Coinswap.
StaFi was also invited by Solana Project Demo to the Solana Hackathon online campaign to discuss the first liquid staking solution rSOL for Solana.
STAFI PROTOCOL REVIEW FOR Q3 OF 2021
Technical Updates for 2021 Q3
The trading volume of rEth/Eth reached $1.9m on Curve. The TVL of the rEth app got to 19,472,823.20 USDT.
StaFi released the rSOL infographic to help the community understand the rSOL token and app.
BSC bridge was integrated to the rToken app and users could begin to swap rTokens among ETH, StaFi and BSC.
Fee station was launched to improve the UI/UX of the rToken App.
rMatic’s infographics was released to help the community understand rMatic token and Apps and became available on mainnet afterwards.
The Mint program was released on StaFi, users could stake ETH/DOT/ATOM to earn from the FIS reward pool valued at 700,000 USDT.
rMatic/Matic got listed on Quickswaps with a liquidity pool of around 200k USDT.
StaFi released the rBNB infographics to help the ecosystem understand better the rBNB token and app. Afterwards, the liquid staking solution rBNB for staked BNB on Binance was released. Before the end of September, the amount of staked BNB was 4,521 with a TVL of 1,853,610 USDT.
rSOL, the liquidity solution for staked SOL was released.
StaFi mainnet was upgraded to V0.4.7 after initial upgrades to V0.4.6 and V0.4.5 all in the same quarter.
Collaborations, Community Development, Milestones and Achievements for Q3 of 2021
StaFi won the grant from the Polygon foundation and the funds were used for the research and development of rMatic for the Polygon network liquidity staking solution by StaFi.
Tidal opened an insurance pool for StaFi rEth app
The TVL of StaFi rTokens reached 59,089,413.31 USDT and StaFi generated a revenue of around 210,000 USDT.
TVL in rDot and rAtom reached 1.15 and 1.51 million respectively.
StaFi rEth app was integrated into the Hyperpay wallet and staking drop was launched and whoever staked Eth through Hyperpay received FIS as reward.
FIS/BUSD was listed on Pancake Swap.
The amount of staked DOT via the StaFi rDot app reached 70,877 with a TVL of 2,276,585.42 USDT. Staked ATOM via the rAtom app reached 214,109.76 with a TVL of 7,072,045.14 USDT.
There were also some notable partnerships as StaFi and imToken jointly launched the NFT campaign and a cooperation with Liqee was made to introduce rTokens into the Liqee lending platform so they could be used as collaterals to borrow native tokens and stable coins.
StaFi celebrated their mainnet chain first anniversary on September 7th with an announcement from the StaFi team stating all achievements and milestones the team has attained.
The roadmap for 2021 Q4 was released by StaFi with the emphasis on carrying out research to explore new rTokens. Also, StaFi launched the new version of the governanace platform partnering with Commonwealth.
STAFI PROTOCOL REVIEW FOR Q4 OF 2021
Technical Updates for 2021 Q4
rSol app was released on mainnet and the features of the rToken app were optimized.
rBNB/BNB, rDOT/DOT listed on Pancakeswap.
StaFi posted the difficulties and proposed solutions for rAVAX on the Avalanche forum.
Exchange Rate Discounting (ERD) solution was proposed by StaFi to solve the liquidity problems for rToken quickswaps and the rSwap V1 was introduced to mainnet to support rATOM, rDOT and rBNB holders to enable quickswaps.
StaFi chain was upgraded to V0.4.9 version. Also released was rDEX V1 — the AMM DEX built for rToken/FIS pairs built on the StaFi chain.
Collaborations, Community Development, Milestones and Achievements for Q4 of 2021
StaFi increased the insurance coverage on Tidal from 1 million to 2 million USDT.
StaFi announced the partnership with Sifchain to introduce rATOM to the Sifchain DEX. The cooperation with Monox to introduce the premier bootstrap, DEX Monoswap.
New trading pairs were added to Binance — FIS/BIDR, FIS/TRY
The Sif’s expansion was open and rATOM holders could provide liquidity for ROWAN/rATOM pool and enjoy 100% APY.
The self-purchase function for insurance cover on Tidal was introduced for users who wanted more cover for their funds.
CONCLUSION
StaFi Protocol has grown in leaps and bounds and so much progress has been made by the StaFi team in the year 2021and more prospective partnerships and improvements are expected in the coming year even as the community continues to expand. The team will continue to explore new liquidity solutions for staked assets as more integrations with blockchain platforms are expected this coming year. It promises to be really exciting and it will be interesting to see how this project continues to develop.
About StaFi
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.
