StaFi Protocol Monthly-July Community Update
In the past month, the main focus of our work is StaFiHub. The community testing and UI/UX optimization are also in progress. We have released the StaFiHub Validator Recruitment Program and an Airdrop Campaign valued at 210,320 $FIS for the early StaFiHub supporters to prepare for the mainnet launch. Also we are still communicating with Cosmos Eco projects to reach the corporations on the liquid staking solutions.
Below is the highlight of events and milestones reached on the StaFi ecosystem.
Technical Update
StaFiHub
1.rToken Delegation Algorithm Introduced on StaFiHub
On the 4th of July, we introduced the rToken Delegation Algorithm and design mechanism on StaFiHub which favors StaFiHub users in maximizing staking yield, mitigating potential losses and decentralizing delegations.
rToken Delegation Algorithm infographics:
1) https://twitter.com/StaFiHub_/status/1545329836536782848
2) https://twitter.com/StaFiHub_/status/1544910650073292800
2.New Version of StaFiHub Public Testnet
On the 5th of July, StaFiHub public testnet documentation was updated to include information like Hardware requirements, Installation steps, etc.
Update Highlights:
1) Add rDEX functions, which users can trade rToken or participate in mining programs to get rewards.
2) Add a validator management module of the target chain.
3.StaFiHub Validator Program
On the 12th of July, StaFiHub Validator Program went live and the application to become a StaFiHub Validator commenced immediately. StaFiHub brings on its mainnet, the need to scrutinize its genesis validator is necessary. In its plan to bring in 11 validators into its Genesis validator program. To ensure network security, stability, decentralization, and sustainability, StaFiHub Validators will be recruited in three stages based on the StaFiHub validator network design.
4.StaFiHub Airdrop Campaign
In celebration of the upcoming StaFiHub mainnet, we launched a 210,320 $FIS Token reward airdrop campaign for our early supporters on the 28th of July.
Airdrop Eligibility and Allocation:
StaFiHub testnet participants: 57,200 FIS
StaFiHub testnet validators: 103,600 FIS
Voted YES on Cosmos On-chain Governance Proposal #72: 49,520 FIS
rDEX
1.rDEX V2 Deployed on StaFiHub Testnet
On the 5th of July, rDEX V2 went live on StaFiHub Public Testnet. We also urge our community members to participate in the incentivized bug bounty campaign to help detect bugs, lapses, and vulnerabilities and also give feedback.
Features of rDEX V2:
1) Trading rTokens against base tokens
2) Continuous liquidity
3) Lower Slippage
4) Asymmetrical Deposit
Learn more: rDEX on StaFiHub Testnet
Community Building
1.Sponsor for the Binance 5th Anniversary campaign
On the 1st of July, StaFi was excited to be among the sponsors of the Binance fifth anniversary mystery boxes campaign.
2.Twitter Poll about the advice to Crypto Newcomers
On the 2nd of July, StaFi created a poll to get feedback about the advice to crypto newcomers. Compared with keep buying, stop buying and hold, and sell off, our community prefers staking and getting staking rewards judging from the voting results.
3.rDEX Quiz Contest
On the 6th of July, rDEX launched a Quiz contest in celebration of rDex V2 deployment on StaFiHub Testnet, and on July 16th, the winners’ list of the Quiz contest was released.
4.StaFi Warriors Contribution report for June dispatched
On the 14th of July, the StaFi warriors report was released. As always, our StaFi ambassador continued to get creative with contents on StaFi protocol, rDEX, StaFiHub and rTokens. They also continued to spread the word about the StaFi ecosystem across various social media.
Collaborations
StaFiHub Genesis Validator on Mainnet
1) We added 6 StaFiHub genesis validators. On the 20th of July, IRISnet was announced as one of StaFiHub’s Genesis Validators.
2) On the 22nd of July, WETEZ joined the league of StaFiHub Genesis validators.
3) On the 26th of July, we announced Citadel.one as one of our StaFiHub Genesis Validators.
4) On the 27th of July, StakeLab joined the team of StaFiHub Genesis Validators on Mainnet.
5) On the 28th of July, Forbole was announced as one of StaFiHub Genesis Validators.
6) On the 29th of July, Easy2Stake was announced as one of StaFiHub GenesisValidator.
August Prospects
With the community testing and debug work in July, we will continue to push the developments of StaFiHub mainnet in August, such as onboarding Genesis validators, launching StaFiHub mainnet beta and expanding more partnerships on StaFiHub’s liquid staking solution. Meanwhile, the developments of rETH V2, delegation algorithm V2 and rToken V4 are also the focus of our work in the coming month.
Looking forward to the achievements in August.
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.
