StaFi Protocol Monthly -December Community Updates
In December, StaFi made significant progress in all aspects of work. In terms of technology development, StaFi launched rETH and rFIS solutions. rBridge is currently accessible on the mainnet. The rFIS incentive test has been completed, and the code has been submitted to the audit agency. The rETH incentive test is underway. The StaFi Community is also flourishing. The StaFi “Warriors Program” has attracted a large number of members, and new ambassadors are joining us steadily. Moreover, StaFi has also reached strategic cooperation with Oasis and Unilend.
The details of the December monthly report are as follows:
1. rFIS solution
1) On 30th November, StaFi officially released rFIS, the staking liquidity solution for the mainnet FIS. rFIS is the first rToken launched by StaFi. Through rFIS, StaFi not only solves the liquidity problem for FIS stakers but also increases node revenue for validators and increases StaFi’s staking rate.
2) The product has been developed, and the Open Beta was launched on December 2. Meanwhile, we’ve launched a test incentive campaign.
3) On 21st December, StaFi announced the status of rFIS test incentives. 169 addresses participated in the test and 66 staking users and 40 validators have received the rewards.
4) The rFIS contract code has been submitted to PeckShield, an audit agency. After the audit, we will optimize the code and prepare for its launch on the mainnet.
1) On 12th November, StaFi officially released the ETH2.0 Staking liquidity solution. Users can participate in ETH 2.0 Staking through the Staking Contract deployed on Ethereum through StaFi. The minimum deposit is 0.01ETH, instead of 32ETH. The platform will automatically issue rETH to users, which anchors principal and staking income. rETH can also be exchanged for ETH on DEX and be lent through loan agreements.
2) The development has been basically completed. The Open Beta was launched on 17th December and StaFi has arranged an incentive test campaign, which is underway. By far, over 300 users and 300 validators participated.
3) The rETH contract code has been submitted to PeckShield, an audit agency. After the audit, we will optimize the code and be prepared for its launch on the mainnet.
On 11th December, rBridge was launched on the StaFi mainnet. FIS of StaFi mainnet can be converted to ERC20 FIS at a 1:1 rate, and then be circulated in the Ethereum DeFi ecosystem transaction, lending, and other scenarios. So far, 814,388 mainnet FIS have been converted to ERC20 FIS through rBridge.
On 16th December, StaFi released the rToken white paper, which elaborates on rToken’s product design and future plans. The white paper encompasses 11 chapters, including summary, the introduction of rToken, business structure, rToken exchange rate, rToken circulation, revenue and expense mechanism, governance, FIS Token value capture, future planning, etc.
5.ETH2.0 Slash solution
On 22nd December, StaFi released a solution for the Slash of ETH 2.0. StaFi believes that currently, an 8 ETH deposit made by validators can avoid the loss of StaFi users’ assets in most slash cases. In addition, StaFi has also introduced a Slash insurance fund pool for validators to hedge against Slash excess losses. We will announce more details in the future.
6. ETH2.0 Staking delegation mechanism
On 29th December, StaFi published an article analyzing the possible reasons why ETH2.0 Phase 0 doesn’t have a staking delegation mechanism, and how StaFi rETH could build that mechanism before ETH2.0 Phase 2 goes live. The article also pointed out that the design of rETH based on asset security can to the greatest extent protect the asset security of stakers.
In early December, StaFi validators began to submit validator contributions. Nearly 40 validators have received contribution forms. It is currently under review, and the review results will be announced shortly.
2. November Warriors Incentive List
On December 14, StaFi announced the November StaFi warriors incentive list. 30 Warriors received rewards.
1. Oasis & StaFi
On 3rd December, StaFi formally established a partnership with Oasis Protocol, a blockchain privacy computing platform, in terms of data collateral derivatives. The cooperation will simplify the process of (rToken-based) data generators importing personal data into the Exchange (Money Market). Personal private data will be authorized in a decentralized manner, and data generators can use it to make a profit.
2. StaFi hold AMA jointly with Equilibrium
On 4th December, Equilibrium CEO Alex Melikhov was invited to the StaFi community to run an AMA. Melikhov gave a detailed introduction to the development of the Equilibrium project and the cooperation with StaFi, where he expressed his confidence in the cooperation between the two parties.
3. FIS listed on Uniswap
On 11th December, FIS was listed on Uniswap and the FIS/ETH trading pair was supported. Everyone can use StaFi’s rBridge cross-chain bridge product to convert the mainnet FIS to ERC 20 FIS. In the future, rETH, rFIS, and rDOT can all be accessed through rBridge ETH DeFi ecosystem.
How to use rBridge: https://docs.stafi.io/rproduct/rbridge/guide-on-mainnet
How to provide liquidity on Uni: https://docs.stafi.io/rproduct/rbridge/guide-on-uniswap
4.Unilend & StaFi
On 15th December, StaFi formally reached a cooperation with Unilend, a DeFi transaction and loan agreement. In the future, the Unilend platform will integrate rToken, and users can trade and borrow rToken on the Unilend platform.
Liam, Co-Founder of StaFi, attended:
1) On 3rd December, Liam attended the Fireside Chat hosted by Injective Protocol and shared the future development of Dex and staking Derivative with Injective community members.
2) On 12th December, Liam attended an online event organized by BlockchainedIndia to discuss the opportunities of DeFi with the CEOs of RioDeFi, OpenDeFi, Persistence, and Knit Finance.
3) Liam was invited to participate in the BitMax 2nd Anniversary Celebration and the 2020 Brand Upgrade Conference. The theme was “DeFi vs ETH2.0 vs Polkadot: How to take a lead?” In the round-table discussion, Liam suggested to investors how to take a lead in new sectors when DeFi, Ethereum 2.0 and Polkadot are developing simultaneously, using the example of the trade-offs between centralization and decentralization of enterprises.
Blank, StaFi’s chief researcher, attended:
1) On 10th December, Blank attended the Decoding program hosted by Jinse.com, and shared how StaFi rETH solves the liquidity dilemma of ETH2.0 Staking.
2) On 10th December, Blank attended DEFI FEVER hosted by Blocklike and DoraHacks, and shared StaFi’s latest products and progress.
3) On 11th December, Blank attended the Relativity program hosted by Jinse.com, and shared StaFi’s contribution to the Polkadot ecology and its strategy of parachain bidding.
The audit of rFIS and rETH will be completed in January. We will prepare the recruitment of OV and SSV nodes, as well as the Mint incentive and liquidity incentive plan. At the same time, we will work on rDOT/rKSM.
The development of the ERC20 two-way bridge is nearly complete, which supports FIS and other rTokens. It is currently in the team’s internal test phase. When the internal test is completed, we will hand it over to the audit team. At that time, rETH and rFIS will be supported by Uniswap. Finally, we will put the integration of rToken on the Cex on the agenda.
Generally speaking, several products will be launched in January.
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.
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann