StaFi Protocol Monthly-February Community Update
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In February, StaFi Protocol was hard at work with a plethora of technical updates aimed at creating a more accessible and user-friendly staking ecosystem. Our dedication to innovation and growth was evident with exciting new developments and updates that were released. These included the acceptance of a proposal to whitelist a Balancer gauge for the rETH-ETH pool, upgrades to the rBNB contract and UI/UX, and the StaFi Chain’s upgrade to version 0.6.0, StaFiHub being integrated with Ledger Wallet and more! Not to mention, a brand new version of the rToken App was also released.
Here are February’s updates in a nutshell.
Technical Updates
1.Proposal Accepted to whitelist Balancer gauge for rETH-ETH pool to receive BAL emissions
On the 2nd February, StaFi created a proposal to whitelist a Balancer gauge for a rETH-ETH pool on the Ethereum mainnet with a 10% emissions cap. By creating the Balancer gauge, StaFi seeks to expand the availability and liquidity of its staked derivatives, starting with rETH, through Balancer. The protocol aims to drive value to the veBAL ecosystem by incentivizing pool liquidity through voting.
In February, the proposal to create a Balancer gauge for the rETH-ETH pool was passed.
2.rBNB Contract and UI/UX Upgraded on the StaFi Chain
The rBNB contract underwent an upgrade on the 2nd February to enhance security and usability, while the rBNB App UI/UX was also improved. These updates will be integrated into the new version of the rToken App.
3.StaFi Chain Upgraded to v0.6.0
StaFi Chain has been upgraded to version 0.6.0 on February 3rd, which includes several new features and optimizations:
1) The execute_bond_and_swap function was added to support further optimization of rMATIC and rBNB. With the new version, staking rMATIC and rBNB will only require interaction with the target chain contract and not with the StaFi chain.
2) The migrate_pool function was added to support data migration from the old rBNB pool to the new rBNB pool.
3) The rETH minting function was optimized with the addition of a txHash check to ensure no repeated processing.
4.StaFi Launches Ecosystem Data Analytics Page
On February 6th, StaFi launched its Ecosystem Data Analytics portal. This portal provides a range of essential information including details on the staked value of chains supported by StaFi’s rToken App, Market Cap, rToken rates, and protocol daily income. Users are able to access this information through the analytics.stafi.io portal. This addition to StaFi’s ecosystem provides valuable insights for users and helps to further propel StaFi’s position as one of the main players in the industry.
5.StaFiHub Integrates Ledger Wallet
The StaFiHub chain recently underwent an upgrade to v0.3.0 on February 11th, fully supporting the Ledger Hardware Wallet! This is fantastic news for StaFiHub users, who can now enjoy a seamless wallet connection with Ledger, similar to that of Keplr. Additionally, users can access DApps deployed on the StaFiHub chain, including the rToken app and rDEX.
If you’re excited to get started, downloading the Cosmos App through Ledger Live will allow you to store $FIS, stake $ATOM, swap #rTokens, and perform other operations.
6.New version of rToken App Released
On February 13th, a new version of the rToken App was released, showcasing StaFi’s commitment to bringing LSDs to the masses. The rToken App underwent a major upgrade, improving the experience for users looking to discover and stake their tokens on multiple networks within the StaFi ecosystem.
The new version of the app comes packed with a host of new features including one-click access to rPool, rBridge, rAsset, $FIS Station, and more. Additionally, users can now connect to multiple wallets, view their total staked asset value, see multi-chain staked asset information and more!
rToken App: https://app.stafi.io
Highlights of the new rToken App:
1) Tell Us Your Unstaking Plan: https://twitter.com/StaFi_Protocol/status/1625798343636180992
2) Unstake: https://twitter.com/StaFi_Protocol/stat us/1626520087925780480
3) Add rETH to Metamask Wallet: https://twitter.com/StaFi_Protocol/status/1625449690899832833
4) Stake: https://twitter.com/StaFi_Protocol/status/1626199015942672395
5) Integrate Wallet: https://twitter.com/StaFi_Protocol/status/1627594020967817217
6) rBridge: https://twitter.com/StaFi_Protocol/status/1627970566237089793
7) rPool: https://twitter.com/StaFi_Protocol/status/1628313827770249218
8) rAsset: https://twitter.com/StaFi_Protocol/status/1629036891768254465
9) FIS Station: https://twitter.com/StaFi_Protocol/status/1630117224920010752
10) Initiate Multi-Transactions: https://twitter.com/StaFi_Protocol/status/1630852792859631616
7.rETH Withdrawal Design for Shanghai Upgrade
StaFi has developed a new withdrawal mechanism for the redemption of $ETH and its rewards from the Beacon Chain through the rETH DApp. This mechanism has been designed to make it easy for both rETH holders and validators to withdraw their funds.
Withdrawal For rETH Holders:
1) Funds sent from the beacon chain to the withdrawal pool.
2) rETH holders get funds from withdrawal pool to wallet.
Withdrawal For rETH Validators:
1) TVs withdraw anytime and get 10% commission. Rest goes to the staking pool.
2) SVs withdraw anytime and get commissions and deposits to the node address.
8.rETH Withdrawal Feature Testing Progress
As the Shanghai upgrade for Ethereum approaches, StaFi made great strides in testing the rETH withdrawal feature on the Zhejiang testnet.
Check more details: https://twitter.com/StaFi_Protocol/status/1629111950839021568
9.Swap FIS Between StaFi Chain & BSC on the rBridge
On February 27th, rBridge supported the FIS swapping between the StaFi chain and BSC.
Community Updates
1.StaFi Rangers Program Report for January
From December to January, the StaFi Rangers Program observed Twitter engagements and interactions for StaFi Official Twitter accounts. The data was measured from Twitter Analytics and impressions.
Read more: https://commonwealth.im/stafi/discussion/9790-rangers-program-january-2023-report
StaFi Rangers Program: https://medium.com/stafi/stafi-rangers-program-5581ef67d359
2.StaFi Monthly Community Call
StaFi had its monthly community call on the 2nd February. During the meeting, Liam discussed the upcoming Shanghai Upgrade and the integration of rETH redemptions into the rToken App. The team is focused on improving operating efficiency by consolidating all operational apps into one. They also announced that they are preparing for the launch of the new version of the rToken App and increasing their marketing and operational efforts. Despite increased competition in the LSD industry, StaFi remains a major player and is focused on building high-quality products, designing great user experiences, and delivering value to the community.
Meeting Recap: https://commonwealth.im/stafi/discussion/9802-a-recap-of-stafi-protocols-team-and-community-monthly-meeting-for-february
3.StaFiHub Chain Available on Keplr Wallet
The StaFiHub Chain is now available to be added on the Keplr wallet in 3 simple steps:
1) Go to: https://chains.keplr.app
2) Search for StaFiHub in the search bar
3) Click on ‘Add to Keplr’
4.rETH MintDrop Campaign
The rETH MintDrop Campaign was launched on the StaFi rToken App on February 13th.By staking your $ETH, users will have the opportunity to earn a share of the 100,000 $FIS reward pool, providing stakers with 100 $FIS per staked $ETH without vesting.The campaign will last for 30 days and is expected to end on the 13th March.
MintDrop Portal: https://app.stafi.io/rpool?tokenStandard=Native
5.dappOS AMA — The future of LSD and ETH Staking
On the 16th February, StaFi Core Member, Shirley participated in a discussion held by dappOS to discuss the future of LSD and ETH Staking garnering up to 17k viewers! Other LSD competitors also attended the discussion including Benqi, GMX, SSV Network and Cyber Swap. 100 BUSD was awarded to 5 of the best questions asked. Missed out on the AMA? Fret not, watch the playback recording today.
Watch playback: https://www.binance.com/en/live/video?roomId=2121499
6.Twitter Polls
https://twitter.com/StaFi_Protocol/status/1621859381020327937
https://twitter.com/rDEX_Finance/status/1624332595449454592
https://twitter.com/StaFi_Protocol/status/1626883931781070848
Collaborations
1.Partnership: Demex X StaFiHub
StaFiHub, a liquid staked derivatives protocol, partnered with Demex on 9th February, a cross-chain staking derivatives platform on the Cosmos ecosystem. $rATOM/$rHUAHUA/$rIRIS will be implemented on its DEX gradually. Initially, $rATOM will be integrated with the $rATOM/$ATOM pool to trade LSDs for its underlying token with minimal slippage.
StaFiHub has also partnered with Nitron, the permissionless cross-chain money market, to allocate 10,000 $FIS tokens to the lending pool each week for a limited period of time. This synergy between AMMs and LSDs has proven to be unmatched in terms of yield. The protocol currently provides minting of Cosmos Ecosystem LSDs such as rATOM, rSWTH, rIRIS, rHUAHUA, and more! Additionally, users can now lend and borrow rHUAHUA/rIRIS on Nitron.
Read more: https://medium.com/stafi/demex-and-stafihub-light-up-the-cosmos-space-5bfd5cd5346c
2.Campaign: Demex X StaFi — ATOM Earn-A-Thon
In addition to our partnership with Demex, we have launched the ATOM Earn-A-Thon! This partnership offered $ATOM holders a chance to boost their earnings significantly by completing simple tasks and receiving rewards in $USDC, $SWTH, and $FIS. However, with only 100 spots available for registration, the Earn-A-Thon is awarded on a first come, first served basis. It was an excellent opportunity not to be missed, and those who were quick enough to register secured their spot.
Date: 9/2/2023 9am UTC — 9/3/2023 9am UTC
Participate today: https://app.dem.exchange/competition/registration
3.Demex Launches rATOM/ATOM Liquidity Pool
StaFi’s $rATOM/$ATOM Liquidity Pool was officially launched on Demex, providing a seamless trading experience with minimal slippage. The best part is the $rATOM incentivizations, allowing users to earn 4x block rewards by committing liquidity to the pool. The incentives went live on February 10th, providing an excellent opportunity for all liquidity providers!
Acquire rATOM: https://app.stafihub.io/rToken/rATOM/stake
Commit liquidity: https://app.dem.exchange/pools
Trade: https://app.dem.exchange/trade/rATOM/ATOM
4.rETH/ETH Pool listed on Aura Finance
The $rETH/$ETH Pool is now listed on Aura Finance as of February 24th. Impressively, the TVL for this pool on Aura has already reached an impressive $1.62 million in just four days, showing the trust and support of the community. What’s more, the $rETH Pool has an APR of 35.17%, the top among all LSD pools.
Aura Finance: https://app.aura.finance/
March Prospects
In March, the StaFi team will be focusing on preparing for the upcoming Ethereum Shanghai Upgrade. To ensure a smooth transition, the withdrawal feature will be meticulously tested on the testnet. Additionally, we are continuously improving the rToken App, and as part of our efforts to increase adoption, will be adjusting our marketing and operational strategies for rETH. This includes the Modifying Commission Fees and incentivized campaigns that will be launched on various platforms such as Balancer, Carbon, and Abitrum.
In addition to these initiatives, the StaFiHub Merge will continue with several ongoing tasks. These include the integration of the rToken App, the integration of forum governance, and the development of rSWTH. As you can see, the work in March is full of exciting developments, and we are eager to see the positive outcomes of our efforts. Thank you for your continuous support and stay tuned for more updates!
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.
