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Stafi Protocol Monthly — August Community Updates

Technical Updates

Sitara Incentivized Testnet Phase1, Stage 2

Phase 1, Stage 2 of the Stafi Incentivized Testnet commenced at 21:00 (UTC+8), 30th Jul, and continued for 15 days. The main purpose of this phase was to test the validator’s ability to control the node, such as maintaining a high online rate and introducing sentry nodes. During this phase:

  • 260 superior validators participated in the test
  • More than 200 validators kept the online rate as high as 100%
  • 50 validators completed all testing tasks in this stage
  • Block height reached 300,000+

Moreover, the network of Stafi was stable during the test. Here’ s the reward details of this phase:

Sitara Incentivized Testnet Phase2, Stage 2

Phase 2, Stage 2 of the Stafi incentive test network was launched at 21:00 (UTC+8), 17th August. In this last Phase, tasks were set to test validator’s capabilities and their influence on the community. In this Phase, quite a few validators actively helped users who had won FIS in StakingDrop with the nomination process. Their contribution will be of great significance for the nomination of Stakers once the Stafi mainnet goes live. At the same time, many validators motivated users with rewards in order to be nominated. That turned out to be very beneficial for the development of the community.

Here’ s the reward details of this phase:


Since 4th Aug, Stafi has rolled out StakingDrops for 7 projects, including Polkadot, Tezos, Cosmos, etc. Users who Staked their tokens for the above projects will receive 100,000 to 400,000 FIS airdrops. By now, all the FIS airdrops have been prepared, and they will be released following certain rules when the mainnet goes live. Airdrop winners can unlock their FIS by referring to this Unlocking Guide below.


Community Updates

Sitara Incentivized Testnet Mentor

Undoubtedly, it is the validators who make the Stafi network more secure and decentralized. In the 1st and 2nd stages, Stafi had Mentor Incentives in place, in order to encourage veteran validators to help new-comers. We were really glad to see community members helping each other out. Even if you are new to Stafi, you’ll find it easy to establish your node with the help of the ‘mentors’. More importantly, you will also help others. That is what we really want to see.

The following are the ‘mentors’ who received Mentor Incentives:

Stage 1

Stage 2

Stafi Community Growth

In terms of the number of community members and community dynamics, Stafi made exciting breakthroughs. The number of members in the Discord developer community reached over 700, a 300 increase in the past month. Twitter followers reached 3,500, a monthly growth of over 1000. It is worth mentioning that Stafi’s Telegram group will soon welcome its 10,000th member. Members in every community are very enthusiastic about the future of Stafi. All staff members are very grateful to the community for their attention and support to Stafi, which gives us much confidence in building a prosperous Stafi community!

Sitara Testnet Report

Stafi’s testnets culminated in the conclusion of Phase 2, Stage 2 of the Sitara incentive testnet at 21:00(UTC+8) on August 26. Stafi has made a report reviewing the performance of the testnets, including the design methodology, network, validator community, reward distribution, and our forthcoming plans.

The Report:

FIS Distribution

On 25th Aug, we published a report on the fundraising and distribution of FIS (the native token of Stafi) as shown in the screenshot below:


Initial Distribution

Notice: We are now in the process of collecting mainnet addresses from FIS contributors — make sure to reply to our emails asap. All the funds have been raised weeks ago, and we are not accepting any new contributions. Any emails or members offering you allocations are scam, there is no extra round — so be careful with impersonators! Only follow official StaFi channels.

For details please read:


Cooperation with Elrond

On 5th Aug, Stafi and Elrond jointly announced cooperation. Elrond will integrate Staking Contract (SC) of Stafi, and will support the Staking of eGLD (the native token of Elrond) in exchange for liquidity. In other words, eGLD holders can Stake tokens in Stafi network, and receive reGLD equivalent to eGLD that are Staked. By doing so, the liquidity of eGLD will be improved and the security of Elrond network will be enhanced.

For details please visit:

Cooperation with Harmony

On August 11, Stafi announced a partnership with Harmony. Earlier on July 30, Stafi and Harmony had reached strategic cooperation. In the first phase, 200,000 FIS will be distributed to Harmony Stakers. In the second phase, Stafi will develop and deploy Staking Contract for ONE and provide Staking in exchange for liquidity. Harmony community will enjoy high-quality DeFi products and services through this partnership. In the days to come, the two parties will share technologies and resources, growing together.

For details please read:

In addition, we are now also discussing with Oasis, Chainlink, Qtum and other splendid blockchain projects on the possibility of future cooperation. In terms of cooperation with exchanges, we hope to provide token liquidity services to them, be they centralized or decentralized ones. Many exchanges have expressed their willingness to provide trading pairs and liquidity support for rToken, Stafi’s staking derivative. We will announce solid cooperation updates in the future. Please stay tuned.

Liam at Matic AMA

On 12th August, Liam Young, Stafi co-founder, was invited as a guest at an AMA hosted by Matic on Telegram. In Liam’s speech, he introduced Stafi’s StakingDrop for Matic Stakers, and shared his thoughts about how PoS projects like Matic will benefit from Staking derivatives. Liam said that staking derivative assets are backed by mortgage assets, which can effectively improve the liquidity of assets locked in the PoS consensus. In addition, Stake derivative assets can be used as basic assets, or as collateral assets in lending agreements, providing more choices for existing DeFi applications. On the other hand, developers can also use derivative tools to build more distributed applications.

Liam at ‘The Evolution of DeFi’ AMA

On 26th August, Liam Young attended the first session of the OFC Open Finance Conference. and joined the discussion themed ‘The Evolution of DeFi’. He discussed the development and transformation of DeFi with five other outstanding DeFi project founders.

On 27th and 28th August, Liam Young attended ‘Polkadot and Parachains’ hosted by MathWallet, and ‘An Inclusive Polkadot, Beyond Crosschains’ hosted by Jinse Finance & BitMax, as a guest. He also attended ‘The Most expectable Public Chain in the Second Half of the Year’ co-sponsored by CoinWorld & CoinNess. During the events, he spoke about the current development of Stafi with friends from the community, and also updated them about the current developments of StakingDrop, Stafi’s Sitara testnet and community, and the latest progress of partnerships. When speaking on how to provide value for Polkadot investors, Liam said that the most promising aspect is the parachain auction in the later half of 2020. Investors can judge for themselves whether to hold DOT or trade DOT. If you choose hold, the parachain will give holders many surprises, which is also a very important value capture trade-off in Polkadot’s tokenomic.

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.

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