StaFi
Published in

StaFi

rDEX is Live on Mainnet

Overview

rDEX officially went live on the mainnet today after the completion of testnet Bug Bounty and PeckShield security audit. As a project under the StaFi Ecosystem, rDEX will directly support the trading of all the rTokens issued by StaFi, thus enhancing the rToken liquidity for users.

Specifically, rDEX will support the following trading pairs on StaFi chain:

  • rFIS/FIS
  • rETH/FIS
  • rDOT/FIS
  • rATOM/FIS
  • rBNB/FIS
  • rSOL/FIS
  • rMATIC/FIS

Among the above 7 rTokens, only rETH is issued on Ethereum chain directly, and the other 6 rTokens are issued on StaFi chain. Because the rDEX is deployed on StaFi chain, rETH token needs to be swapped from Ethereum chain to StaFi chain, which could be done through rBridge, before being traded on rDEX. Please check the rBridge Guide.

What You Should Know about rDEX

1.Key Features

  • Continuous Liquidity: rDEX is an automated market maker DEX to provide continuous liquidity for rTokens by utilizing the Thorchain’s CLP market maker model.
  • Lower Slippage: rDEX ensures low slippage for small and medium-sized transactions by using the fee model based on slippage.
  • Asymmetrical Deposit: Unlike the majority of cryptocurrency liquidity pools, rDEX users can provide liquidity by depositing one token or two tokens asymmetrically.

2.Security Audit

  • rDEX testnet has been tested in three different ways in the past 6 weeks to make sure it is extremely safe before its release on the mainnet:
    rDEX testnet has been audited by PeckShield. Check the audit report.
  • rDEX testnet has been tested by our community through the Bug Bounty program. Check the Bug Report Recap.
  • rDEX testnet Bug Bounty Program is live on Immunefi since 11th February, 2022. Check this program on Immunefi.

Insurance Fund

At StaFi, we always say that the ‘safety of funds of our usersis our first priority’. Therefore, StaFi wants to initiate an Insurance Fund for rDEX which will act as an effective safeguard as well as provide additional protection for rDEX users against any potential and unforeseen hacks which were not found or avoided in the security audit endeavors listed above.

StaFi Core wants to propose that StaFi Foundation should allocate 5 million FIS into the Insurance Fund for rDEX users amid a barrage of hacks on rDEX contracts. And this proposal will be announced with details for the community in the following weeks.

Liquidity Mining Program

In order to incentivize the adoption of rDEX, StaFi Core has proposed a grand liquidity mining program for its users. StaFi core still needs more time, maybe a few weeks, to finish the design details and development of this program. If you are interested in this program, we welcome you to read the rDEX Liquidity Mining Program Proposal to get yourself prepared.

References

1.rDEX Website

2.rDEX Guide

3.rDEX Liquidity Mining Program

About StaFi

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. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.

Website | rToken App | Twitter | Telegram | Discord | Forum

--

--

--

StaFi Protocol is a decentralized protocol which provides the liquidity of the Staking Assets,such as XTZ, ATOM, Algo, etc,. StaFi solves the problem between token liquidity and Mainnet security by issusing a ABT token( Asset-backed token).

Recommended from Medium

Our Cryptocurrency A.I. Experiment

XFai Farming: Short Term Benefit, Medium Term Profit, and Long Term Infinity Gains

A Beginner’s Guide to Crypto Trading Bots

ADAX is an automated liquidity protocol that facilitates trades within the Cardano ecosystem in a…

AMA on Youtube!

November in Review

Bitcoin vs Ethereum: Which Will Win?

Bitcoin vs Ethereum: Which Will Win?

Investment Rocketry — 5 Powerful Signs That A Cryptocurrency Is About To Take Off

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
StaFi_Protocol

StaFi_Protocol

StaFi_Protocol A Decentralize Protocol to Provide the liquidity of Your Staking Assets

More from Medium

StaFi Protocol Monthly-January Community Updates

Chapter 10: Airdrops Part 3

Cross chain- the next big phrase of growth in crypto

The Future of Privacy on Web 3