StaFiHub is a parallel chain developed by StaFi based on the Cosmos SDK.
It has six following features:
- The chain function will be based on the Cosmos SDK that is similar to that of TerraChain, Osmosis Chain, and Sifchain. However, the validator system will not be open when the mainnet is launched and will be nominated by the StaFi Foundation.
- It will be an application chain serving the Cosmos EcoStaking Derivatives.
- The IBC cross-chain protocol will be supported. The token assets of the Cosmos ecosystem can be cross-chained to StaFiHub through the IBC protocol, and the rToken assets on the StaFiHub can all circulate in the Cosmos ecosystem through the IBC protocol.
- Cosmos ECO tokens can directly mint out StaFiHub-based staking derivatives using the Keplr wallet and the corresponding PoS Token.
- The StaFi team will build a cross-chain bridge between StaFi Chain and StaFiHub to support the exchange of rTokens between the two chains.
- General Liquid Staking Solutions for Cosmos SDK Projects will be opened to the community to encourage the Cosmos ECO community to develop staking derivatives. Based on StaFiHub, the circulation process of Cosmos Eco’s rToken in “Mint-Trade-Redeem” will be greatly improved. Let’s take rATOM as an example, as shown in the figure below:
StaFi Protocol is a multi-chain Staking Derivatives Protocol that encompasses two modules: StaFi Chain and StaFiHub. Both are independent chains with their own consensus, but each has its own unique functions.
StaFi Chain is based on the Substrate framework and is oriented towards being integrated on all PoS consensus chains. StaFiHub, is custom-built with Cosmos SDK project chains in mind, and is being developed based on the Cosmos SDK framework. StaFi team is also in the process of developing other fundamental modules such as the StaFi Parachain, StaFi Subnet, StaFi Paratime and more.
During the process of designing StaFiHub, the team had to determine the fundamental framework on which the chain is built upon such as the Native Token of the chain, design of the economic model, determining safe chain launching procedures, etc. The above mentioned are referred to as the Tokenomics of StaFiHub.
After hours upon hours of research, the team has concluded that they will be utilizing an unprecedented and highly unique design to solve the issue of integrating single-chain Tokenomics along with Multi-Chain Tokenomics without hurting the reproducibility of Staking Derivatives currently on StaFi.
There are two Tokens in StaFiHub, FIS and rToken. Both these tokens are ICS20 compatible and may be transferred to other Cosmos ecosystems through the IBC.
FIS is the native token for StaFi Protocol and its models, including StaFi Chain, StaFiHub and other StaFi subchains. FIS to StaFi is similar to ATOM to Cosmos, preventing system abuse and value capture. On StaFiHub, FIS fulfills the following roles and functions:
Validators on StaFiHub need to be staking FIS to join the consensus and obtain rewards.
2. Tx Fee
In order to avoid system abuse, the initiator of a transaction has to pay FIS to obtain computing resources. In this way, invalid transactions will be eradicated.
3. On-chain Governance
FIS holders can participate in the tinkering of StaFiHub parameters, vote for Protocol upgrades and determine development courses. Anyone may submit proposals to StaFiHub, but only holders of FIS can vote for or against a proposal. 1 FIS accounts for 1 ballot.
4. Value Capture
The Fee obtained by StaFi Protocol by providing the liquidity of Staking assets will give value to FIS Holder through online governance.
rToken — Staking Derivative Tokens, such as rATOM, is a representation of your staked token obtained by a staker through a staking contract. If you stake ATOM, you will obtain rATOM.
rToken is the main product of StaFiHub. Anyone who accesses the StaFiHub SDK may generate Staking Derivatives for their respective chains. Every Cosmos SDK based project may generate its own rToken to create rToken application scenarios.
On-chain Rate between rToken and Staked Token will be dynamic due to the staking rewards generated. Holding rTokens will allow you to receive native token rewards earned from staking. At the same time, rTokens can be traded in the market instead of Token. After a transaction takes place, the Staking contract will modify the rewards and redemption rights of the respective rToken accordingly.
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.
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