StaFi Protocol Monthly: May Community Update
The May month at StaFi Protocol elapsed with a lot of progress on various fronts. Especially with regards to the technical progress StaFiHub, which saw significant development such as the release of rIRIS and rPool on its Testnet version. We added another prominent partner to our ecosystem, that is, Comdex. On the front of community growth also we created a new milestone when our Discord members crossed 10K.
Complete details on these aspects and many others are given in this report. Please read them below!
Technical Update
Changes with rETH after ETH Merge 2.0
Ethereum is expected to transition into #PoS from PoW in Q3/Q4 of 2022. This will necessitate some changes required for rETH. On 3rd of May, we shared the changes to rETH that will accompany the ETH2.0 Merge.
New Version of StaFiHub Public Testnet Released
On May 9th, the new version of StaFiHub public testnet was released. The StaFiHub chain based on Cosmos SDK was upgraded for the same. Validators and community members are welcome to join the public testnet.
rPOOL Went Live On StaFiHub Testnet
rPOOL is the liquidity pool aggregator dApp built by StaFi. On the 9th of May, it was launched on StaFiHub which will allow the rTokens, built for various Cosmos projects to be utilized to earn enjoyable FIS rewards through multi incentive programs on rPool.
rIRIS released on StaFiHub Testnet
On 17th of May, rIRIS was released on the StaFiHub Testnet. rIRIS is the liquid staking SDK solution for IRIS which is the native token of IRISnet. It will allow users to stake IRIS to earn staking rewards while enjoying the liquidity provided by our rToken, rIRIS.
Community Update
Hiring UI Designer
On may 2nd, we shared a post that we are looking to hire a UI designer for our official website and dApps. Anyone apt with the skills required can apply for the post and start adding value to our ecosystem. In order to apply, please send your previous design works: liam@stafi.io
Crossed 10K Members on Discord
On 6th May, our Discord server crossed 10,000 members which shows our community is growing rapidly and we are grateful for this support.
Connect with us on our Discord here: https://discord.com/invite/jB77etn
Warrior Contributions For April Released
On May 16th, we released the contributions submitted by our ambassadors on StaFi and its working. Our dedicated Warriors created commendable content in various formats related to StaFi & its products rDEX and StaFiHub.
Proposed rIRIS Solution to IRISnet Community
On 18th of May, StaFiHub put forward a proposal of liquid staking solution rIRIS for IRISnet community. rIRIS is the rToken built as a staking derivative for IRIS which is the native token of IRISnet. This allows users to earn staking rewards while enjoying liquidity provided by rIRIS token.
Received Proposal for Alteration Of Content On Official Website
On 24th of May, StaFi received a proposal on its Forum regarding some alterations on its website and we are currently considering these changes. Proposal involves rephrasing of content displayed on the website.
Please go through the proposal and leave your feedback as well: https://commonwealth.im/stafi/discussion/4914-rephrase-text-on-stafi-website
Proposed StaFiHub Liquid Staking SDK Solution To Cosmos Community
On may 26th, StaFiHub submitted a proposal to the Cosmos Community that it wants to build a liquid staking solution based on StaFiHub’s SDK. rATOM will be built under this for ATOM to provide multiple benefits for the Cosmos ecosystem as well as the ATOM holders.
Please read the proposal and give your feedback: https://forum.cosmos.network/t/the-liquid-staking-solution-ratom-proposed-by-stafihub/6648
Twitter Space AMA with Comdex
A Twitter space AMA was organized to share information regarding our latest collaboration with Comdex. Listen to the AMA recording to listen to StaFi’s CEO, Liam Young as well as the Co-Founder of Comdex as they give insights into this partnership.
Terminet’s Node Migration Report
On 31st May, Terminet, a StaFi chain validator, shared its knowledge on StaFi node migration to help out other validators. Learn how to recover fast in case of node host change and original node host failure through their experience.
Cooperation
StaFiHub Partners With Comdex
On 12th of May, StaFiHub achieved cooperation with Comdex. This partnership will bring multiple benefits for StaFi. It will result in the formation of rToken, rCMDX, for CMDX which is the native token of Comdex. It will also allow the rTokens issued on StaFiHub to be used as collateral in Comdex eco.
June Prospects
The main work in May was focused on the development of StaFiHub. rIRIS, the first staking derivative that we constructed with a project in the Cosmos ecosystem, has been successfully launched on StaFiHub testnet. The cooperation includes not only development work, but also joint debugging, marketing, etc. Also, a large number of users in the community have joined the testing of rIRIS and submitted lots of feedback. At present, the optimization work is proceeding in an orderly manner.
We are still working on the migration of rDEX and the optimization of the election algorithm, which will be launched on the StaFiHub testnet one after another in June. In terms of cooperation, we have communicated with many projects in the Cosmos ecosystem. The new rTokens will be released on StaFiHub testnet soon. Let’s look forward to it together.
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.
