StaFi Protocol Recently Released rSwap App on Mainnet
As cryptocurrency begins to grow and evolve in use cases, new projects set in with their own tokens and blockchain aiming to achieve an outstanding goal in the space. Some targets at beating the Ethereum network with little or no gas fees while some others are used as a decentralized application.
All this diversity of options leads to a need for exchanging one cryptocurrency for another, this process is sometimes cumbersome due to the availability of over 5000 different types of cryptocurrency so with this overwhelming collection of coin, new traders are often confused and don’t know how to precede so they follow the conventional method of converting the cryptocurrency to a stable coin and thus use to buy the coin they want.
This process works perfectly but the payment of transaction fee more than once is an issue to deal with.
Cryptocurrency swapping is an easy process that allows users to acquire coin they want instantly.
StaFi protocol have recently released rSwap on its Mainnet which will help rTokens holders to do a quick swap for native token by selling rTokens in an Exchange Rate Discount (ERD). rSwap will initially support rATOM with exchange rate discount parameter is set for 90%, then subsequently in the near future rSwap will support other tokens such as rBnb, rEth, rMatic.
What is rSwap
rSwap is an Exchange Rate discounting (ERD) solution which serves as an additional method to solve the liquidity problem for rTokens quickswap.
rSwap empowers token holders to get native tokens immediately with a discount on the rTokens/Native tokens on chain exchange rate and also avoids the continuous transaction fee.
Guide to use rSwap
Step1: Enter the amount of rATOM that will be swapped into Atom.
Step2: Enter the Keplr address which will receive native ATOM.
Step3: Sign the transactions.
Step4: Check Keplr wallet after the transaction is done
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.