StaFi Protocol Monthly-April Community Update
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April has been a momentous month for StaFi Protocol, as the team made significant strides in technical advancements and collaborations. In this Community Update, we’ll dive into our progress on the Ethereum Shanghai Upgrade, the launch of our rPool Liquidity Pool Program page, and our proposal for EVM-compatible LSD Chains. In addition, we’ll cover our continuous efforts to improve user experience and accessibility, such as the updated rTokens icons and the integration of multi-wallet components. Last but not least, we’ll touch upon exciting new partnerships and our plans for the month of May. Get ready to explore an action-packed month at StaFi Protocol!
Technical Updates
1. Ethereum Shanghai Upgrade $rETH Withdrawal Testing Progress
1) The progress update on April 7th includes:
- Optimizations for Mainnet including validator exit election algorithm, implementing lighthouse API, segmented calculation of rewards, etc.
- Completed audit of Withdrawal Contract with BlockSecTeam
2) The progress on April 13th includes:
- Tesed $rETH withdrawal functions on Testnet
- Launching on Mainnet to observe its status, data, operations, and interactions
3) The progress on April 19th includes:
- The Beacon network processed all messages on 17th April after completing withdrawal credential rotation message signing on 14th April, making all StaFi Validators use 0x01 withdrawal credentials!
2. Proposal For EVM Compatible LSD Chain
StaFi proposed a new solution for Liquidity Staking Derivatives (LSD) on 7th April with a focus on EVM-compatible chains to enhance the security and composability of rTokens. The proposed solution involves issuing rTokens directly on the target chain, making rTokens more secure and composable by eliminating the need for cross-chain communication and enabling easy integration with DeFi.
Read more: https://commonwealth.im/stafi/discussion/11048-lsd-for-evm-compatible-chains
3. rPool Liquidity Pool Program Page Goes Live
StaFi’s rPool Liquidity Pool Program page was launched on the 11th April, featuring liquidity, lending, and Yield Farming pools with token pairs, APR, and TVL information. Users can easily sort pools based on type, and add liquidity without needing to deal with contract addresses for a seamless DeFi experience.
4. rTokens Icon Updated
StaFi’s rToken icons have been updated with a new, sleek design that complements the recently revamped logo. This update was rolled out on April 14th, providing a glimpse into the future of finance with StaFi.
5. On-chain Vote To Add Frax $rETH/ $frxETH Gauge Controller
The on-chain vote proposed on 20th April plans to add the $rETH/ $frxETH pool to the FXS gauge controller to contribute positively to liquidity alongside other LSDs. StaFi protocol aims to solve the contradiction between Mainnet security and token liquidity in PoS consensus.
Vote on Curve:https://dao.curve.fi/vote/ownership/317
6. Research on StaFi’s Multi- Wallet Component Integration
On 20th April, StaFi proposed to enhance the staking experience by integrating multi-wallet components on the front-end to lower entry barriers for users, making staking more accessible to a wider audience. After researching existing multi-wallet components, providing users with multiple options for staking on different networks will reduce overall usage costs. StaFi will prioritize integrating EVM multi-wallet components and explore ways to expand support for other networks like Cosmos and Solana to offer comprehensive and seamless multi-wallet integration options across various ecosystems.
7. StaFiHub v0.4.0 Upgrade Proposed
StaFiHub launched a on-chain governance proposal on the 23rd March which suggested an upgrade to StaFiHub v0.4.0 to upgrade IBC to v5.2.0 and Cosmos-SDK to v0.46.12. All validators and full node operators must upgrade to v0.4.0 at block 3766566, and the use of cosmovisor is highly recommended. A YES vote supports the upgrade, while a NO vote rejects it.
8. ICA Enabled Improvements For StaFiHub 25/4
StaFi Protocol’s rATOM Liquid Staking Token (LST) solution designed for Cosmos has undergone a significant upgrade over the past few months to improve security by adopting the Interchain Account (ICA) module, resulting in the removal of the multi-signature address. Future plans include exploring the on-chain Interchain Query (ICQ) module as an alternative to off-chain services to eliminate the need for third-party asset management, leading to greater decentralization.
9. Slow Mode for $rETH Withdrawals
StaFi has introduced the $rETH withdrawal feature with a 4-week Slow Mode on the 28th April to ensure a secure experience. Validators must run the Designated Validator Client for seamless exits from the Beacon Chain. With a daily cap of 32 ETH, only one node can exit each day. StaFi aims to address $rETH holder demands while considering the Ethereum Beacon Chain’s limitations.
Community Updates
1. StaFi Monthly Community Call for April
StaFi held its monthly community meeting on April 6th to discuss the accomplishments of March and objectives for April. The team discussed significant progress in both product development and collaborations during March, and our plans for April which included rigorous testing and audits, developing a new LSD solution and more. Watch our video recording of our meeting on Youtube if you missed out on our call.
Recording: https://www.youtube.com/watch?v=7rPxZhC_ot8
2. StaFi x Kyber Network Twitter Space AMA — The Future of Ethereum, DeFi & LSDs
StaFi attended a Twitter Space AMA hosted by Kyber Network on April 12th. The AMA focused on Shanghai Upgrade and its consequences for Ethereum, DeFi and LSD’s. The session was attended by imranfaststart, Pendle Finance and Defi Dad.
Recording: https://twitter.com/KyberNetwork/status/1645738783743307777?s=20
3. StaFi Chain Validator Grant Program: 2023Q1 Recap
The StaFi Foundation has released a recap of the 2023Q1 Validator Grant Program on the 12th April, showcasing key stats:
- 160 selected validators
- 18,034 minimum elected $FIS
- 86 validators with <10% commission
- 90 validators with <10 $FIS self-bound
- 100 nominations from <2 nominators
The Foundation has nominated validators based on criteria such as ≤10% commission rate, identifiable node names, and optimal node operation. Validators who did not submit contributions or failed the review process will be removed from the nomination list. The Validator Program is open to all entities with diverse backgrounds and expertise.
Apply: https://forms.gle/QuPZBLM7Mo4Fz68s5
Validator Guide: https://docs.stafi.io/stafi-chain/network
4.StaFi Warriors Contribution for March released
On April 14th, StaFi released its March report on the contribution made by its Warriors. The report expresses gratitude towards the dedication shown by the Warriors in the liquid staking derivatives market, which has been instrumental in promoting StaFi’s vision and contributing to its success. The report provides detailed information on the Warriors’ contributions and their assessment for March.
StaFi Warrior March Contribution Report: https://docs.google.com/spreadsheets/d/10NvfaK_2M87hrGhaFMQRnazJoVeukzY90Vz4trDzpMM/
5. StaFi Warrior Star Awards
StaFi’s Warrior Star Awards honor the hard work and dedication of the top-performing members of its community. The awardees are Moderator Star AlphaTower, who manages the Discord community and StaFi Rangers Program, and Miracle, who manages StaFiHub and rDEX Twitter accounts. Ambassadors Jonathan and Delphino were also recognized for curating engaging content about StaFi.
6. StaFi Rangers Recruitment 18/4
On 18th April, StaFi continued the recruitment process for StaFi Rangers, as we are on the lookout for talented individuals who would like to join our team. As a StaFi Ranger, you will have the opportunity to actively engage with the StaFi Ecosystem on Twitter, which is an exciting prospect.
Learn more: https://medium.com/stafi/stafi-rangers-program-5581ef67d359
Apply: https://forms.gle/rWJeinLT8abco5wd
7. Twitter Polls
https://twitter.com/rDEX_Finance/status/1644610597433274370
https://twitter.com/rDEX_Finance/status/1644610597433274370
https://twitter.com/StaFiHub_/status/1646781068203393031
Collaborations
1. 0xAcid Protocol lists $rETH
On 17th April, 0xAcid Protocol successfully integrated $rETH into its platform. This integration allows for cross-chain bonds to be created on the Arbitrum network, further expanding our range of DeFi integrations.
Mint rETH: https://app.stafi.io/rtoken/stake/ETH
Bond rETH to receive $ACID: http://0xacid.com/app/market
Stake $ACID: http://0xacid.com/app/stake
2. Pendle Lists Aura rETH/WETH LP Pool
Pendle has listed the Aura $rETH/ $WETH pool on April 19th, providing new DeFi opportunities for rToken holders. Depositors can receive fixed rewards by depositing $rETH or $rETH- $ETH Balancer LP token on Pendle and tokenize their yield and principal from the pool to hedge against the fluctuation of interest rates.
Learn more: https://app.pendle.finance/pro/learn?level=0
Add Liquidity: https://app.pendle.finance/pro/pools/0xd1434df1e2ad0cb7b3701a751d01981c7cf2dd62/zap/in
3. Agility Listed rETH
Agility, blockchains first ever LSD Liquidity Layer, has listed $rETH on 23rd April! Fully unlock the liquidity of your $rETH by staking to enjoy an initial APR of 205.98%.In the future, users will be able to collateralize their rETH or Distribute Liquidity to the network through Agility.
Get rETH: https://app.stafi.io/rtoken/stake/ETH?tokenStandard=ERC20
Farm: https://agilitylsd.com/farm
4. $rETH and $FIS Available on the Optimism Bridge
StaFi’s $rETH and $FIS tokens has officially been listed on the Optimism Bridge on the 24th April, allowing for swapping between Ethereum and Optimism networks. This expands the rTokens to yet another L2 ecosystem with future DeFi possibilities and scenarios.
Bridge: https://app.optimism.io/bridge/deposit
5. rETH Gets Listed By OpenOcean
Enjoy the best rates for $rETH and take advantage of advanced charting tools and limit orders on OpenOcean. They have listed $rETH on 28th April which allows you to enjoy aggregation of liquidity on their Decentralized Exchange. Additionally, they have also listed the Aura and Curve Finance $rETH/ $ETH pools on the Boost Strategies List allowing you to start farming in a few clicks! StaFi will also be launching a future incentivized liquidity pool with OpenOcean.
Mint $rETH: https://app.stafi.io/rtoken/stake/ETH
Swap: https://app.openocean.finance/staking
May Prospects
In May, our primary objective will be centered around the development of the EVM LST’s general architecture, while simultaneously optimizing our existing product lineup, including rBNB. During this time, we will also introduce rSWTH and unveil a related incentive program to boost its adoption.
Furthermore, we will initiate the upgrade of our new rTokens and the rToken app, which is scheduled to launch within the month. To complement these advancements, we will concurrently roll out incentive campaigns for $rETH and various other rTokens. As development continues to be our overarching focus, these incentive campaigns will play a pivotal role in promoting wider adoption and usage of our rTokens.
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.
