AMA Recaps -Events Centered On The Polkadot Ecosystem
As a member of StaFi core team, I am excited to join AMA and share my thoughts on StaFi and Staking Derivatives. Currently in Chinese market, Pokaldot and its potential parachain participants have been becoming a hot topic. StaFi were invited to join many panels. I shared some interesting and thoughtful ideas onPolkadot ecosystem, Parachain Auction and Polka Defi during these panels.
AMAs includes
MathWallet: Polkadot and its Parachain.
Blocklike Media: How to Polkadot?
TuoLuo Media: Can Polkadot Surpass Ethereum?
HyperPay Wallet: Value Discovery or a Bubble — Polkadot Ecosystem.
Bishijie Media: Most anticipated projects in Polka Eco of 2020.
Hoo Exchange: Eco Stars of Polkadot.
BitMax Exchange: Polkadot — More Than Interoperability.
I would love to extract some interesting sharings in this article.
AMA at BitMax Telegram
A brief introduction to yield farming (StakingDrop) of Stafi and its operation logic.
Stafi Protocol is built with the aim to empower the liquidity of staking assets — like Polkadot, Matic, Tezos and others — while enhancing staking rates and making PoS networks safer. In order to encourage the usage of Stafi, we will be rolling out a unique campaign named StakingDrop. It’s easy to get involved as long as you provide your staking proof.
It is aimed at airdropping to targeted users, or stakers. as they will form the real user base in the future.
In StakingDrop, staking will be used as locking. Staking tokens will be locked on their original chain, thus losing their liquidity. Though StakingDrop would require a longer locking period when users will not be allowed to unstake, it will be offset by the extra FIS rewards to the stakers.
In Stage1 of StakingDrop, stakers only had to provide the staking proof by submitting to the Stafi Chain. Once the proof gets validated, stakers will win FIS drop. In Stage 2, all proof will be validated on-chain. The mechanism will be different, but stakers will be familiar with the submit process from the previous Stage.
40% of the total supply of FIS tokens is earmarked as reward, and most of the reward will be dropped to the stakers who use a staking contract and make their staked assets liquid. Stage1 is closed now, and stage2 will begin soon. So please stay tuned.
For more details, you can check this article:https://medium.com/stafi/stafi-stakingdrop-all-stakers-unite-67301e63a3fc
2.What is rToken? What does rToken economy look like?
rToken is short for reward-Token. When users stake PoS tokens through Stafi, they will receive an equal amount of rToken in return. For example, rAtom represents staked Atom, while rXTZ represents staked XTZ. rToken allows users to receive staking rewards and access liquidity any time by trading rTokens directly. Users also have the right to redeem the corresponding amount of staked tokens at any time.
We will deploy several Staking contracts to fulfill its functions. Staking contract is built on Stafi chain, and connects to the original chain on behalf of the staker behalf. It can be considered to be a ledger for stakers, which maintains and updates the relationship between staking asset holder and rToken holder. In the original process of staking, the stakers delegate their token to the validator by broadcasting it to the consensus. Once the transaction is confirmed, the staker is considered to have completed his/her delegation. On the other hand, in case of SC, the SC will execute the staking process on the staker’s behalf and issue rToken to the holder instead.
There are 6 features of rToken, which are :
1:1Ration: rTokens are synthetic representations of staked assets on the blockchain and are 1:1 pegged to assets being staked, i.e. if you stake 100 Atom tokens via staking contract, you will receive100 rAtom in return.
Yield-generating: rToken holders will be entitled to earn staking rewards from underlying staked assets, i.e. if you hold 100rDOT, you will receive rewards as if you are staking 100 DOT tokens.
Tradable: rTokens are fully liquid and transferable on both centralized and decentralized exchanges, allowing for stakers to trade while still earning rewards.
Programmable: rTokens are programmable, so besides trading, rTokens can also be utilized in DeFi protocols and serve as collateral for borrowing and lending.
Redeemable: rTokens are fully redeemable for underlying staked assets at any given time. Redemptions are subject to a lockup (unbonding) period that is set by the original chains.
Fungible: rTokens are divisible, and can be exchanged and held in fractional amounts, i.e. 1.25 rAtoms, 50.01 rDOTs, and so on.
AMA at Tuoluo Media
Why choose Polkadot as the underlying layer for Stafi? Compared with Ethereum, what are the technical features and advantages that are unique to Polkadot? Some said that Polkadot just mimics the concept of EOS. What do you think of that?
Stafi mainly focuses on Staking derivatives. Our solutions rely on layer-2 network. So we think highly of a stable underlying public chain. There are not many options in the market today. ETH cannot meet our demand for validator behavior customization. The ecosystem of Cosmos SDK is relatively fragmented. IBC has been in stagnation for a while. Therefore, Substrate was a preferred choice for us.
On the strength of the Polkadot project, the Substrate framework is becoming more sophisticated day by day. At the same time, it has more modules for us to choose from, which is rarely seen in its counterparts. In addition, the design of Parachain can act as a protective umbrella for startup projects with low market value, making them easier to take off.
Moreover, Polkadot has greater expectation for future growth as compared to ETH. Considering Stafi has obtained the Grant support by Web3 Foundation at a very early stage, choosing Substrate will be of great help to the Stafi community and technology. That’s why we chose to join the Polkadot community.
Most differences shown in this chart seem surprising, but I think they are not that different. In fact, the innovation of PoS at the consensus level has not been that significant since 2018; it has been more like several micro-innovations. In my understanding, DPoS should be considered as a giant leap from PoS, while NPoS is a tweak. The consensus algorithm of ETH is just a talk now, which is difficult to be migrated from PoW to PoS. That’s why I said that they are not that different.
AMA at Jinse Media
Some think that the auction of the Polkadot parallel chain would be the biggest opportunity to achieve considerable earnings by the end of this year. In fact, some projects have already joined Polkadot parallel chain testnet. What is this parallel chain auction? What value will successful bidders bring to their projects? How does one seize this opportunity?
Polkadot is a relay system. Its consensus supports sharing security, which is designed to provide security for parallel chains. Of course, there are binding premises, such as communication limitations, or the design of the economic model. Meanwhile, the number of slots is also limited. The way to get slots is not first-come-first-served, but through auction. That’s to say, slots will be given to generous bidders.
To obtain slots, the projects must acquire enough Dot to participate in the auction. If not, their chain may not be protected by Polkadot. By the way, DOT that are used in the auction may not necessarily be owned by the project itself. It can be sponsored (the ownership will be intact). By the current price of DOT, the final purchase price will be appalling, so that most parachains can’t have enough DOT to bid. Therefore, community engagement will be very important. Most parachains will reserve some of their tokens to motivate community members. In my understanding, this is a win-win situation as successful bidders will trade their tokens for chain security.
Holders of DOT should use tokens as a medium of interest, more than that of transaction. In the future, there will be many parachains that will hold airdrops and that is the opportunity we can grasp.
AMA at HyperPay Wallet
What role does Polkadot’s cross-chain financial asset exchange play in Polkadot’s cross-chain ecosystem? Can you talk about the pros and cons?
There are two main scenarios where Polkadot’s cross-chain asset exchange happens. One is the cross-chain between parachains, and the other is the cross-chain between Polkadot and other chains. Asset exchange can be quite different in the two situations.
Similarly, the cross-chain between parachains is isomorphic. Currently, Polkadot is being handled by the XCMP module. Isomorphic cross-chain exchange is easier to be dealt with. After all, both chains are developed by the same team, and can be tweaked as required easily. As for heterogeneous cross-chain, Polkadot has not yet come up with solutions. So it may take some time.
Isomorphic cross-chain is clearly better than heterogeneous one, because it adopts the framework based on Substrate. When the framework was designed, cross-chain interoperability was taken into consideration. Heterogeneous cross-chain must take various standards because each chain is different and the reproducibility is terrible.
Before Cosmos came out, many were promoting heterogeneous cross-chain. However, after Cosmos mainnet went live, IBC has always been preparing to serve Isomorphic cross-chain. Polkadot learnt an important lesson, and so it has been preparing for isomorphic cross-chains from the very beginning.
AMA at Bishijie Media
DeFi is the trending topic at the moment. Where is the room for improvement in DeFi of Ethereum? What are the advantages of Polkadot in the DeFi world?
Recently a lot of friends told me that they don’t have enough money to pay for gas. I think this is very funny and ironic. High Gas prices will restrict the development of DeFi. If a big amount of earnings is based on high transaction fee, then the system will not be sustainable.
The reason why we came here is mainly due to the consensus of ETH. With more and more projects being based on ETH, the interactions and transactions are rapidly increasing, causing grave congestion. At present, the alternatives have not yet become independent, but I think there will be disruptors. ETH2, zkrollup and other solutions are close to implementation, although their actual performance is yet to be examined.
The demands met by Polkadot parallel chain are beyond our expectations for Ethereum smart contracts. Each parallel chain can be seen as a (small) Ethereum network or a (large) smart contract on Ethereum. Such networks on Polkadot may carry various requirements.
There is a lot of space for developers to implement their designs and ideas. As for Polkadot, it supports the data interaction among isomorphic projects as a relay system, so it is actually an integrator of smart contracts(chains).
A DeFi application can be a parallel chain in Polkadot or a parallel thread, or even a contract on a parallel chain. If a DeFi application is deployed on Polkadot, its performance will beat most of Ethereum counterparts, with respect to slot interaction, block verification, data verification and so on. Parallel chain is still in the testing stage and more upgrades will be made in the future.
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
Twitter:@Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
