Bluzelle Empowers StaFi to Unlock Liquidity of Staked Assets
StaFi Protocol, the first DeFi protocol unlocking liquidity of staked assets and a project built on Polkadot, has reached a partnership with Bluzelle. Being able to bridge off-chain and on-chain data with our decentralized database and oracles, Bluzelle will help to support data for StaFi’s staking contract, such as pledge, redemption, transaction, as well as mapping information between rTokens & Staked tokens.
Proof-of-stake is one of the most adopted consensus mechanisms in the crypto world, with staking as its core incentive model to ensure network discipline and security. However, due to immaturity and volatility of the cryptocurrency markets, token values can be depreciated quickly. As a result, the staking rewards may not be able to cover the loss.
StaFi takes an innovative approach to solve this problem. Through their staking contracts, stakers can get alternative tokens, called rTokens, which represent the staked assets and are tradable on CEX or DEX. It enables stakers to liquid their staked tokens while still receiving staking rewards from the original blockchain.
“Through the cooperation with Bluzelle, StaFi can rely on Bluzelle’s powerful database to complete the upgrade of Staking Contracts, supporting including price predictions of rToken/original Token, over-collateralized data in Lending Protocol, and related transaction-related data in future Crypto. That makes us really excited”
This partnership with StaFi will be a great example of how Bluzelle’s decentralized oracles can bridge external data on-chain for smart-contract enabled platforms including Polkadot. Our database will also allow StaFi to scale along with their increasing staking transactions.
“Since discovering StaFi, I quickly realized the massive value it can bring to the entire sector. What may be obvious as an idea is actually technically challenging. It shows the strength of the Stafi team and it’s going to be amazing to work with them and see what we can deliver together.”
As Bluzelle is also a proof-of-stake chain, besides supporting StaFi’s infrastructure, we may look into introducing rBluzelle into our mainnet to support liquid staking of BLZ tokens with the help from StaFi. We look forward to exploring more in-depth collaboration with StaFi.
About Bluzelle
Bluzelle aims to be the go-to data layer for Web 3.0 by providing a decentralized data network that is tamper-proof and has greater privacy, scalability and availability than traditional solutions. Powered by Cosmos, Bluzelle handles 10,000 TPS and is a delegated proof of stake. Bluzelle’s defi solutions are being developed to enhance Defi with historical price feeds, provide data analytics, 360 degree views, and more. As defi grows, Bluzelle’s infrastructure services play a big role.
Website: https://bluzelle.com/
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
