Tutorial Guide on How to Use StaFi rDEX
It’s no longer news that StaFi’s rDEX has been launched, rDEX is meant to improve the liquidity of reward tokens(rTokens) and also support the trading of all rTokens under the StaFi ecosystem.
The StaFi ecosystem rewards users in these rTokens after they might have staked some native tokens. The native tokens that are currently supported by StaFi and are up for staking are ATOM, BNB, SOL, MATIC, FIS and ETH and for staking these tokens, users get rewarded in rTokens that can actually be traded.
The rTokens gotten for staking the tokens above are rATOM, rBNB, rSOL, rMATIC, rFIS and rETH. These rTokens are only tradeable on a limited number of decentralized exchanges.
When you consider the transaction fees associated with the process of cross chaining these rTokens from StaFi Protocol to the Dexes that support them, just so they can be traded, you will understand why the introduction of rDEX became a necessity.
rDEX is a StaFi owned decentralized exchange that will provide better liquidity solutions for rTokens and will also eliminate the need for users to go through the rigorous cross chain migration process just to trade their reward tokens. This article will provide a guide on how to use the newly launched StaFi rDEX.
There are a few steps involved in making use of the rDEX, this tutorial article will use the rFIS/FIS pair to illustrate how to add/remove liquidity and also show to swap between reward tokens and FIS on rDEX.
It is however important to note that rTokens should be StaFi chain native, if not, they should be swapped into the right form with the StaFi rBridge.
How To Add Liquidity on rDEX
As mentioned earlier, we will be making use of the rFIS/FIS pair.
To Add liquidity on rDEX, these are the steps to follow:
- Open the rDEX interface with this link app.rdex.finance
- Click on the liquidity page, select the rFIS/FIS, then click “Add Liquidity”.
- Input the amount of rFIS and FIS, then click “Supply”.
- After confirming the transaction, the total liquidity provided will be displayed.
How To Remove Liquidity
- Slide the progress bar to select the liquidity ratio and the ratio of rFIS and FIS to be removed, and then the amount of rFIS and FIS will be displayed. Click “Remove”.
- After the transaction is confirmed, the corresponding amount of rFIS and FIS is sent to the FIS account, you can view the transaction in the notification bar.
Swapping rFIS to FIS
- Click on the “Swap” page and select the token to be swapped. Enter the amount of rFIS to be swapped, then automatically, rDEX will calculate the equivalent amount in FIS based on current exchange rate at the time.
- After confirming the transaction, FIS will be sent to the already connected FIS account.
All transactions history can be viewed in the notification bar close to the top right hand corner.
rDEX is a seamless and user-friendly interface. It promises to be an app all StaFi users will enjoy making use of. As StaFi continues to integrate with different chains, rDEX will prove to be one of the most important products under the StaFi ecosystem.
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.
Find out more by joining any of the StaFi channels: