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StaFi Protocol Monthly-February Community Updates

StaFi successively delivered rBridge , rFIS, and rETH solution to the market in the month of January, 2021. This month, we launched a series of StakingDrop incentive campaigns centering on rFIS and rETH solutions. These campaigns attracted a host of community members, who increased their understanding of StaFi’s staking derivatives and application scenarios. At the same time, we released the rToken LaunchPad timetable in order to better help the community become aware of StaFi’s subsequent product plans. In addition, we have also reached cooperation with EasyFi and Stone, and will jointly expand the application scenarios of staking derivatives.

The following are details of the latest progress in February.

Technical Update

1.rFIS Solution

February 3, StaFi released the latest data of rFIS product. Till date, a total of 4,428,956 FIS, 261064 ERC 20 rFIS and 4,167,892 Native rFIS have been minted; the exchange rate of rFIS/FIS is 1.023985, and the APR of staked FIS is 22.3%.

2.rETH Solution

1. On February 2, StaFi started the rETH StakingDrop campaign. By 12:00, February 21, 2021 (UTC), Stakers who Staked ETH through StaFi rETH product and OVs who successfully run Mini Staking Pool shared 102,000 FIS (worth 326,400 USDT)

2. On February 24, StaFi released the list of winners for rETH StakingDrop campaign. Meanwhile, the Original Validator (OV) Campaign continued. In the days to come, OVs that successfully run Mini Staking Pool will receive different degrees of incentives according to the time of successful operation.

3.rDOT Solution

On February 25, the deployment of the StaFi rDOT test version on the Seiya network was completed. This version currently does not have a user-friendly UI interface yet. It is mainly suitable for users with technical knowledge, to stake DOT, mint rDOT, check the rDOT/DOT exchange rate, and redeem the staked DOT along with other functions. In addition, StaFi will upgrade to a newer version with UI interface in the near future for a better user experience, and continue to integrate more rDOT product functions. StaFi rDOT is expected to be launched on the mainnet after completing the security audit at the end of March.

Community Building

1.StaFi Warriors

On February 8, StaFi released the incentives for the Warriors Program for January. In that month, StaFi Warriors created varied types of contents with high quality, and through those materials, community members had a better understanding of StaFi products. The StaFi community is growing strongly.

2.rETH StakingDrop promotion rewards

On February 3, StaFi released the winners of the helping celebrate the launch of rETH StakingDrop. The campaign received a total of 741 community members’ support, and 20 lucky participants received the reward.

3.rToken LaunchPad Timetable

On February 21, StaFi released the rToken LaunchPad timetable to better inform the community of StaFi rToken’s launch plan in the next two months. The rDOT developer beta version was launched on February 25. When the audit is completed at the end of March, rDOT and rKSM will be accessible at the same time. rATOM will be rolled out in mid-April.

Events & Partnerships

1.StaFi AMA

1) On February 3, the chief researcher of StaFi, Blank, was invited to Gate AMA, and shared the latest developments of StaFi with the Gate community.

2) On February 8, Liam, the founder of StaFi, was invited to UniLend AMA, and shared the progress of StaFi and his views on the cooperation with UniLend with the latter community.

3) On February 9, Liam was invited to EasyFi AMA, and shared with the EasyFi community the role of StaFi rToken in the DeFi revolution and StaFi’s future development plans.

4) On February 10, StaFi attended the Kucoin AMA, and discussed issues on the auction of the Polkadot Parachain with the core teams of Crust, Darwinia, and Edgeware.

2.StaFi & EasyFi

On February 5th, StaFi reached cooperation with EasyFi, the Layer 2 DeFi lending agreement for the Matic network cryptos. EasyFi lending platform will integrate the StaFi Staking derivative rToken. In the near future, rToken holders will be able to stake rToken on the EasyFi lending platform to obtain StableCoins. This cooperation gives rToken another application in the DeFi sector.

3.StaFi &Tidal

StaFi and Tidal Finance reached strategic cooperation, where Tidal Finance will provide StaFi rETH Original Validators with insurance pool funds to tackle their Slash problem. Tidal Finance is based on Polkadot’s insurance market. Through this cooperation, Tidal Finance will enhance the safety of StaFi rProduct products.

4.StaFi & Stone

On February 11, StaFi and Stone reached cooperation, bringing liquid Staked assets into DeFi 2.0. Stone is a cross-chain revenue aggregation platform centering on PoS liquid tokens. This cooperation integrates the ETH Staked derivative rETH into the Stone platform and generates profits for rETH holders by providing liquidity and lending solutions.

5.StaFi and Dexe held the 1st Decentralized Trading Marathon

StaFi organized the 1st Decentralized Trading Marathon in collaboration with Dexe, Orion Protocol, NEM and Dextools. The prize money of this campaign is up to $30,000, and anyone who is good at DeFi trading can sign in. The FIS-ETH pair on Uniswap will help participants earn more points.

March Prospects

On February 25th, we launched the developer version of rDOT, which, however, still faces many cross-chain challenges. In March, we will focus on solving these problems. We will launch the test version for users in March. In addition, we spent a lot of time optimizing the bottom layer during the development of rATOM, as rATOM and rDOT are two completely different architectures. When completed, rSubstrate and rTendermint will be expanded horizontally. This is undoubtedly exciting. At that time, StaFi will be able to quickly support these two types of underlying projects.

Of course, the implementation logic of rKSM and rDOT is the same, and both products will be launched in late March or early April. Therefore, the development work in March will focus on the refinement of products, full testing, and working with the audit team to fix bugs.

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://rtoken.stafi.io/reth
Twitter:@Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn
Forum: https://commonwealth.im/stafi

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