StaFi 2021Q3 Roadmap-Robust System for rToken

Over the last three months we have had a string of successful milestones for StaFi. The list includes rDOT, rKSM and rATOM being made publicly accessible, as well as the evolution of rETH from V1.0 to V2.0. StaFi developers have designed a general solution base layer for three of the newly-born rTokens, which has made it possible for StaFi to deploy rToken Solution to various projects based on Cosmos SDK and Substrate.

The StaFi team is rather excited about the general solution base layer which drastically enhances the scalability of Staking Derivatives. Moreover, with the general solution, StaFi is now ready to entrust the development of rToken solutions to the community. This will liberate the production of StaFi Core Dev. More time can be spent to improve the security, integrity and user experience of the rToken Apps, helping rToken to become the underlying asset of DeFi.

Besides new rTokens, it is an important mission for StaFi to provide user scenarios for rTokens in Q2, especially when it comes to the transaction liquidity. StaFi has reached cooperation with Curve, jointly providing a great trading scenario for rETH/ETH. The current exchange rate of rETH to ETH is stabilized at between 0.99 and 1.02, and the total amount of rETH and ETH in the liquidity pool has reached 13,387, with the market value reaching $26,427,546.00.

What’s more, Yearn’s Vault product has integrated rETH, with an APR of 12.31%, and the current TVL is about $7.9M. Both ETH and rETH holders can earn profits through Yearn’s Vault. At the same time, StaFi has also joined hands with WrapFi to integrate rTokens into WrapFi’s IBT (interest-bearing-token) Genesis Launch. Users can stake rToken and LP tokens to farm WRA tokens.

As for the community, StaFi Warriors carried out most of the marketing work, while the StaFi Team began the evaluation of some new methods to popularize blockchain knowledge among the community members. Our staff took part in AMAs, the production of infographics and the creation of videos. The marketing for new rTokens is also in process.

More and more projects are interested in Staking Derivatives besides DEXes. Many different projects that focus on derivative protocols, lending protocols, Cosmos Eco, Polkadot Eco, Layer2 Eco, etc., have expressed their interest in cooperating with StaFi. Lots of possibilities lie ahead of us.

Undoubtedly, StaFi has faced problems and challenges. It is hard to say that Q2 went really well, since the market fluctuated greatly, and the development of rToken’s general solution base layer took us more time than expected. The user experience of rToken App is not as per our expectations yet, since our manpower is rather limited. Some marketing campaigns weren’t well supported technically. We have identified challenges, possibilities and future scope of work for StaFi in the upcoming Q3.

1.New rTokens

For every new quarter in the future, the development of new rTokens will be significant development work. It is essential for StaFi Protocol to become a staking network. In the future, the standards of the rTokens that are integrated into the protocol will become more stringent. The protocol will comprehensively assess the impact and benefits before/after releasing every new rToken and make informed decisions on whether to accept any rToken. Checking whether the ecosystem is robust enough will be a very important work for the team in the future. The projects currently being evaluated/developed include rSOL, rBNB, rMATIC, rNEAR, rROSE, rADA, rAVAX, rIRIS, etc. The market situation and community opinion will determine whether and when any one of them will be made public.

Of course, projects based on the Cosmos SDK and Substrate are also under consideration. They will be presented before the community sooner than the above-mentioned projects, but they face similar technical and product standards. Some Substrate and Cosmos SDK based projects are outstanding, such as Terra, Band, Secret, Plasm, etc. StaFi has realized reproducibility for the development, which makes it easy to develop liquid staking solutions for the above projects.

2.New Integrations

StaFi will continue to create new user scenarios for rToken in the Q3. Liquidity will keep increasing to support new integrations in the future. Taking our cooperation with Curve as a great example, strong liquidity revitalizes the staked ETH assets that are released. Other released rTokens, such as rDOT, rATOM, etc., need to find their Curve counterparts in their respective ecosystems (such as Pancake and Ellipsis on BSC, Polkaswap based on Substrate, Gravity, Osmosis and Coinswap based on Cosmos SDK, etc.) in order to achieve a win-win cooperation.

In addition to liquidity, mining projects (for example, mining in cooperation with StoneDefi and mining in cooperation with WrapFi, etc.) may be another key emphasis of work. All rTokens are endorsed by staked assets and are interest-bearing assets, so a lot of mining protocols will be interested in cooperating with us.

StaFi will keep looking at the possibility of rTokens acting as collaterals, such as integrating rToken in AAVE as loan collateral, or as StableCoin collateral in MakerDAO. No doubt, that requires time and community participation in the long term.

3.A New rToken App

rToken App is a tool that facilitates the rToken asset management both for stakers and Validators. At the current stage, the UI/UX is not as per our expectations. As the number of rToken holders is increasing, the App faces new challenges. We are working to optimize the App experience based on user feedback. At the same time, we are optimizing the UI/UX for the Validators, and one important work ahead of us is to optimize the election strategy for original validators. We design the strategy to follow the principle of maximizing rewards and minimizing losses. A mature product will be released in Q3. Almost all users will benefit from that exciting product.

4.New Explorations

The mint amount of rToken will gradually increase, which poses both opportunities and challenges for the protocol. When StaFi completes the trans-ecosystem connection (rBridge), the StaFi protocol is positioned to develop related applications based on rTokens.

If we have enough manpower, we will devote some of our energies to exploring new applications, such as rToken-based index products and algorithm products based on rToken election, etc. Another emphasis is the self-upgrading of the protocol. In order to prevent problems such as slash or liquidity risk, StaFi Dev will set up relevant solutions at the protocol layer. For example, the lending solution for the liquidity of stakers at the protocol level, the insurance solution for Slash risks, etc. All these protocol upgrades will be introduced in the follow-up articles.

5.Security & Decentralization

Security has always been StaFi’s top priority. We believe that with more manpower, security can be better guaranteed. As more developers join, code quality, development speed, and problem response will all be enhanced, raising the protocol’s security to another level compared to Q2. Security is closely related to a protocol’s decentralization, and so the degree of decentralization will also be improved. We are optimizing the tokenomics of the StaFi protocol, and seeking to complete decentralization upgrades for RPC Node/Light Client, Relay Node, etc., which is essential to our safeguard endeavor.

Summary

In general, we will strive to enhance the security and robustness of the protocol in the third quarter of 2021, and our priority will be improving products and enriching the product matrix. At the same time, we hope to remain innovative in order to maintain the competitiveness of StaFi products in the days to come. We are convinced that a Staking Ecosystem based on StaFi will be gradually perfected. We are excited about the next three months and expect some milestones to be conquered along the way.

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://app.stafi.io/rETH/staker/info
rDOT Product: https://app.stafi.io/rDOT/staker/index
rKSM Product: https://app.stafi.io/rKSM/staker/index
rATOM Product: https://app.stafi.io/rATOM/staker/index
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