AMA Recap with STONE

This week, we invited Vincent Khoo, the Marketing Lead at STONE to the StaFi community to talk about the cooperation between STONE and StaFi and the rETH, rETH/ETH yield farming campaign launched on STONE platform.

Q1.Firstly, please briefly introduce STONE Defi? What motivated you to build this platform and what is the main purpose of STONE Defi?

Vincent: Sure. STONE is the only yield management protocol focused on creating “Rock Solid Yield” for all the users in the DeFi ecosystem. STONE is positioned as the anchor yield aggregation platform that aims to expand the current DeFi yield market and include the yields from the staking assets.

As the beginning of yield market is positioned at ERC20 assets, which still takes small portion of whole crypto market cap, STONE is uncovering the opportunities of into the phase 2 at the Proof of Stake (“PoS”) assets, and STONE has the vision to be the global yield marketplace with the inclusion of multi-chain PoS assets.

When you talked about what motivated us to do STONE, I would like to say we wanted to leverage the capability of substrate and Polkadot, STONE is also looking to provide more innovative products based on a wide range of yield-bearing assets to users across multiple blockchains.

Q2.Could you please tell us about market pie you are trying to conquer, your competitors and your SWOT analysis for your offerings?

Vincent: Yup sure. Actually the staking market is massively huge cake and it’s about 10x higher than current DeFi valuation. To unlock these assets is our first target, same goes to StaFi, we all looking forward on it.

For the competitor wise, there are many yield aggregators in the space, YFI as the most well-known one. However, we have not seen one protocol that have prioritized rock solid yield before anything else. Most protocols are trying out risky strategies for high yield while risking funds. And we have not seen yield aggregators tap into liquid staking assets like STONE does. STONE is the first one to announce such innovative strategy.

Instead of competing with others, STONE will stay focused on Rock Solid Yield with stablecoins and ERC20 AUM. And as you can see, there is no one out there to compete with STONE for liquid staked assets, like DOT, ETH 2.0, etc.

Our idea is to cover much more or even comprehensive in DeFi space instead of current market. We have right now stablecoins yield farming and ERC20 yield farming. These are like FOREX yield farming and stock yield farming.

And for our SWOT in short: We are good on team structure/technique, alpha that has products finished (S), good version and cooperators & partners (O); though we may released later than some other projects (WT).

Q3: What are the major milestones STONE Defi have achieved until now? And are there any other upcoming hot news for STONE Defi?

Vincent: Yes, and this could be the most excited problem for me. Why? As we have progressed ourself consistently and would like to do a quick update on STONE Defi Alpha Test Mining Program.

We have done with our Smart Contract Audit and the Alpha Test Mining currently got Total Value Locked (TVL) of USDC vault reached $26 mil and TVL of USDT vault reached $19 mil since alpha launched. This is a good sign for STONE and I believe those are participating STONE Mining are the real supporters for STONE.

Why I could say so, this is because STN currently is still yet to be buy or sell in the market. People mine with uncertain APY but they still wish to continue and stay with us. This proved that people tend to believe STONE and they will continue grow with us no matter the STONE progression or in term of capital.

For product, We will focus on ERC 20, firstly, which will add more assets, like AETH, RETH and Veth, we will add other chains as well, all of those will be done in Q1.

Sooner we will develop our Polkadot grant in the meanwhile, and start Polkadot cross chain works in Q2.

Other information like TGE might fall by early next month and depends on market and more situations which TBC. And coming news for STONE will be more collaboration & partnerships will be announced and everyone can stay tune with our tg group named “STONE.FORTRESS” as well as our official twitter @DefiStone.

Q4.The next question is about the cooperation between STONE and StaFi. Everyone here might be excited about the partnership between STONE and StaFi. Can you briefly tell about the yield farming programs for rETH token?

Vincent: Well it’s our honor to partner up and work together with StaFi. As everyone should know, StaFi is among the first-ever decentralized protocols that help unlock the liquidity of staked assets via its own platform.

This means users can stake their proof of stake (PoS) tokens (which are untradeable until they are staked) and get a “rToken” (reward-Token) in return. These rTokens enable users to both get the staking reward and trade the locked staking token at the same time. Therefore, you can stake your PoS tokens through Staking Contracts built by StaFi.

StaFi aim to have more and more users to come out with rETH or stake PoS token through StaFi and get reward Token (rTokens) and this allow users to claim or redeem their corresponding amount of staked tokens at any time.

As I have mentioned earlier, STONE will focus on ERC20 in Q1. We will add more assets, like rETH very soon on our site.

Therefore, user can stake their rETH on STONE and get rewards in term of STONE token (STN). The rewards for program will be finalized soon and everyone can stay tune for the good news on our official channel.

Q5.One more question to end the session. What is the future use cases between StaFi rToken and STONE.

Vincent: Well this is very good question. Most people will concern on this definitely. We (STONE) can act as the platform or we can say application for the rETH and rTokens. We want to provide liquidity and create more practical scene for rETH and rTokens.

User can stake your rETH on STONE’s protocol and participating in STONE ecosystem. For example, we can have lending borrowing market, trading market, indices, structured products and others.

In short, STONE has strategies in this space and our strategies will also address two major markets — liquid staking strategies and data yield strategies that are untouched to date.

What we are looking at is well over US$120B market size of staking market cap and I believe this number is growing consistently. We want to capture this massive market together with StaFi and wish everyone here in group will be part of us for always.

I believe you would like to see things can be done and come true. Once it happens, you will also have sense of accomplishment like us.

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. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.

Website: www.stafi.io
rFIS Product: https://rtoken.stafi.io/rfis
rETH Product: https://rtoken.stafi.io/reth
Twitter:@Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
Forum: https://commonwealth.im/stafi