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StaFi

Mainnet for Staking Derivatives, Coming to Launch

The Sitara incentive testnet initiative was successfully concluded on 26th Aug. Check out the Sitara’s Community Report. In 2 months of testing, Stafi completed an important testnet plan with 600 strong participants, over 400 validators, and 3 rounds of tests of stepwise difficulties. Validators completed the tasks efficiently.

The StakingDrop campaigns has just ended on 31 Aug, with more than $205M worth of staked assets have been bonded across 1767 addresses. Check our the StakingDrop’s Stats. New Stakers and New assets participated in StakingDrop to win $FIS drop, this yet again shows that StaFi doesn’t only make staking liquid and enables new DeFi products — but also increase security of PoS networks!

What’s next?

That is, of course, Stafi Mainnet Stage1. We hereby announce that:

STAFI MAINNET WILL BE LIVE FROM 7th SEPTEMBER 12:00 AM UTC.

Before Mainnet, there’s something we need to know:

1. Genesis Files

The Genesis file will be created before the mainnet goes live, which contains system parameters, token allocation and other information. Stafi Foundation will create 6 nodes when the mainnet is launched, and maintain network stability and security in the first Era. Community validators can register as Validators in the first Era. Those who successfully registered can participate in the second Era of Stafi’s network.

2. System Parameters

The initial validator group will consist of 60, which will be expanded to 200 as and when required. Blocks will be produced once each 6 seconds, and 1 Era will be of 6 hours duration. The inflation rate of FIS will be 10% in the first year, in order to motivate first-generation Stakers and Validators. The ideal Staking rate is 75% in our mind. Stakers who nominate (validators) will benefit from inflation. The unlocking of nomination, however, will take 14 days. You are, of course, positioned to utilize rFIS to bypass the locking period. For further information on our consensus mechanism, please check here.

3. Validators

Anyone is welcome to register as a Validator on Stafi network, and will win nomination from Stakers and enjoy inflation benefits. In Genesis files, every Sitara winner will unlock 10 FIS used for the registration of validators. The first batch of validators will be engaged in the mainnet. You’re welcome to join us as a Stafi validator!

Please note that validators who have won rewards must apply for KYC verification by 14:00 UTC, 25th Aug., or else they will not be able to claim the prize. If you fail the KYC verification, you will not be able to claim rewards either. Unclaimed rewards will flow to the Community Rewards pool.

Moreover, Stafi Foundation will use locked FIS to nominate validators who did a great job during Sitara testing and who contributed to the Stafi ecosystem. This will happen when the mainnet is taking off, in order to protect the network from being attacked. Of course, the Stafi foundation will assess validators delegated by us. If a validator drops from the network from time to time, misses the production of some blocks, or gets Slashed due to more severe mistakes, the delegation will be cancelled.

Please note that the rewards of the Sitara testnet will be distributed from the 31st day of the mainnet(by calculation of the block height). Rewards will be given on a daily basis, lasting for about 3 months.

4. StakingDrop Participants

Participants of the testnet who won FIS of StakingDrop can nominate, through their FIS, validators to obtain Staking rewards. All locked FIS can be used for nomination. As the logic of NPoS, the sooner you nominate, the higher rewards of FIS you can win.

Please note that the rewards of the Sitara testnet will be distributed from the 31st day of the mainnet(by calculation of the block height). Rewards will be given on a daily basis, lasting for about 3 months.

5. Vesting Guide

You can claim FIS no matter whether you are an investor, a validator who obtained FIS from Sitara, or a Staker who won StakingDrop. Locked FIS cannot be transferred but can be used in the nomination. Once unlocked, you can make your FIS transferrable through the Vesting app.

Please be ready. The mainnet will go live on 7th Sep 12:00 AM UTC!

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

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