2022Q3 Roadmap — Building a widely adopted staking derivative infrastructure
Q2 Review
Looking back at the milestones we set and what we have achieved in Q2, it makes us excited even in a dramatically fluctuating market. We aim to build a staking derivative infrastructure, called StaFiHub, that focuses on unlocking liquidity of staked assets on the Cosmos ecosystem. StaFiHub has launched its testnet, and we have onboarded projects such as IRISnet, to adopt StaFiHub solution to launch rIRIS on the StaFiHub Chain. Testnet bounty is still active to make sure we provide world class security to our users.
Together with the new tokenomic of StaFi Protocol, we have published the StaFiHub Tokenomic paper to the community. Considering that $FIS is the native token of StaFi, its tokenomic needs to be updated to fulfill the target of the multichain system. There are 2 simple rules
- $FIS is the native token of the StaFi multichain system
- $FIS plays the role of capturing value in the multichain system
Anyone who is interested can check the paper.
With this launch, the StaFi Core has deployed rBridge (supports IBC), rPool, Fee Station and migrated rATOM contracts to the StaFiHub testnet. rDEX migration and its V2 are under development. It is coming to the testnet soon, and more tools, such as the FIS bridge and the staking election algorithm will be live in the testnet as well.
The launch of StaFiHub means that the scalability of the rToken solution can be widely, rapidly and easily adopted by the Cosmos-SDK based projects. The development cost would only need 1 engineer and roughly 2~3 days to develop, that thoughtfully changes the game.
That’s why we are looking forward to development in Q3 2022.
Onboarding
Onboarding as many Cosmos Eco projects to StaFiHub as possible in Q3 would be important. The core team, StaFi warriors and community moderators will prepare the documentations, guides, videos, and infographics to help understand how the solution works, and also to keep the transparency of the progress. No matter whether the partner under negotiation accepts or refuses the liquid staking solution of StaFiHub, we will make it transparent for our community to see the progress and results of StaFiHub’s BD work.
We have a standard collaboration proposal, there is a point that needs to be emphasized. The liquidity of rToken matters. Liquidity of the rToken needs to be bootstrapped at the beginning stage of the adoption. In order to move efficiently, the core team will develop a liquidity tool kit for the devs, rather than merely explaining in plain text. This tool kit will include DEXes mining tools, arbitrage tools, signing tools, etc, and paperwork, of course.
These tools will save energy and cost for the devs — devs from the target chains would only need to read the doc, follow the guide and get everything done in a day.
Let’s see what we can do in Q3.
Validator Delegation Algorithm
When it comes to the staking derivative, one of the most frequently asked questions is how to select the validator of the target chains. There is a random selection strategy set on the StaFi chain, but it can’t select and rotate automatically. The core team is designing a new election algorithm according to the performance of validators.
We will collaborate with Wetez, a Web3 data provider in crypto, to monitor the onchain datas of registered validators. To evaluate the performance of a validator, the algorithm will define a performance score, which will include onchain parameters, basic infos and historical operations, like missed blocks, uptime, last unstake, max stake amount, etc. This delegation algorithm not only helps create a decentralized voting power for the target chain, but also helps lots of common stakers choose the best validator to delegate without judging the on-chain performance of the validators themselves.
The algorithm will develop with steps, which will divide the launch into V1 and V2. V1 will lead us to the final performance model, while V2 will be a parameter model. V1 is under construction now, and it will be live on the StaFiHub testnet soon.
rETHv2
The merge is coming, and it is supposed to happen in Q3 ~ Q4. We have reviewed the coming changes and shared our thoughts on this in this research. To better serve ETH stakers, the core team has decided to update the rETH contracts to V2. there will be many features to be updated
- Saving Gas
- Matching stake and validator efficiently
- Getting widely adopted
Technical solution is still under exploration, and this target will be one of the main works in Q3. Regarding the pegged issue of rETH against ETH, we have tried ways to balance, but due to the uncertain date of enabling withdrawal, some stakers may choose to cash out, which will lead to an unpegged situation, similar to what’s happening on stETH of Lido. So once the withdrawal is enabled, the pegged issue will be fixed by the rETH redemption. The market will return to normal at that time.
rToken APP V4
There is a community proposal granted by the StaFi foundation, which proposes to optimize the UI/UX of the rToken app on StaFi Chain. Now we are reviewing the delivery.The core team has decided to update the features to the rToken app in Q3. This will be the V4 of the rToken app on StaFi Chain.
Supporting Ledger Wallet
A ledger app has been developing since June, and the app is coming to the testnet soon as well. $FIS in ledger app can not only store value, but also interact with the rToken app. This will bring a higher level of security to $FIS and $rTokens. We are looking forward to the launch soon.
Conclusion
StaFi Protocol has been a journey in crypto since 2019, no matter whether the market goes up or down. StaFi Core has been involved in crypto since early 2018. We have faith and belief in what we created. Here in 2022, the experience still guides us.
Building an open structure of staking derivatives means a lot. StaFi’s open structure can bring adoption, integration, and energy to the community. Now the steps are solid, and we have already seen the changes, like from StaFi Chain to a mulitchian system, from an app to an integratable solution, from protocol to an open structure, etc. We will see more tools built around the staking derivative system, leading to flourishing development in the near future.
Stay tuned.
