StaFi Protocol’s FIS Station App: (Redeeming reward tokens of staked assets)
Introduction
Decentralized Finance has to be considered a really huge success since its entrance into the blockchain industry, from enabling users to have access to lending and borrowing services to providing a means of passive income through staking. Despite the high number of DeFi protocols in the crypto space, StaFi Protocol distinguishes itself by not just providing the normal DeFi services but also by offering redeemable reward tokens(rTokens) for staked assets, the most interesting part is that these reward tokens are actually tradeable. This article seeks to explore one of the latest products of StaFi Protocol called the FIS Station App. This application will help to simplify the process of redeeming these reward tokens gotten from staking on StaFi and the gas fees associated with the process.
Introducing The FIS Station App
The FIS Station is an application built by StaFi for the purpose of providing users with the opportunity to trade and exchange their FIS tokens at a lower transaction rate through the implementation of the rToken application network. This FIS station has unique and flexible features that support various tokens like ATOM, ETH, DOT that can all be swapped for FIS tokens in the rToken app since FIS is the token used for transaction fees.
When users stake native tokens on the rToken app and get rtokens in return, FIS is needed to cover the cost of transaction fees required to redeem these reward tokens, getting FIS from exchanges is another option but the cost of getting these tokens out from these exchanges are actually high considering withdrawal limits and other factors, the FIS Station App just provides a platform where native tokens can be traded for FIS at cheaper rates.
How To Access the FIS Station App?
The FIS Station App is a revelation to the StaFi ecosystem and below is a guide on how to access it
FIS Station Guide
For the purpose of enhancing proper understanding of how the FIS station works, this guide will use DOT as an example to demonstrate how the process of swapping native tokens into FIS can take place
A. Connect Wallets
1) Enter the FIS Station App or click the links: https://app.stafi.io/feeStation
2) Connect FIS Station App and Wallets. It is however important to note that StaFi supports PolkadotJS, Keplr and Metamask wallets for now.
B. Swap FIS with Native Token
1) Click “Select a token” to select native Token (Now you can select ETH, DOT, KSM, ATOM).
2) Enter the amount of FIS tokens you want to exchange for and take note of the slippage tolerance and minimum received as displayed on the app.
Slippage Tolerance: you could choose the max slippage tolerance, like 0.5%, or 1%, or more
Minimum received: the minimum amount of FIS tokens received are based on the current price and slippage tolerance
Note: Up to 20 FIS can be swapped per transaction.
Before clicking “swap”, you need to confirm the account which receives the FIS token. If you want to change the address, click the FIS account tab to select the appropriate address.
3) Signing Process
When DOT tokens are swapped into FIS tokens, the signing process takes place two times to ensure the safety of the whole swapping process.
Please check the amount of FIS token in the notification bar and selected FIS account and also note that each native token has different signature times during swapping due to the different technical framework.
ETH: 2 times
DOT/ KSM: 2 times
ATOM: 1 time
Conclusion
Without any iota of doubt, the FIS station app will be a welcome addition to the StaFi ecosystem as it tackles the issue of swapping native tokens to FIS to cover for transaction fees that are associated with the redemption of reward tokens. Although the app only supports 3 wallets now, but as StaFi continues to expand and gain traction more wallets that supports other native tokens will be added.
About StaFi Protocol
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.
For more details on StaFi Protocol
