StaFi Protocol Monthly-June Community Update

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StaFi

6 min readJul 1, 2024

During the recently concluded June, various initiatives at StaFi were steadily progressing. Notably, the StaFi LSaaS stack has supported EigenLayer and Karak LRT. However, the launch of Karak LRT testing was contingent upon the progress of the Karak testnet. Additionally, BNB and SEI LST were supported on the EVM branch, further expanding the LSaaS‘s capabilities.

Continuous community education remained a top priority. Efforts were made to draft a comprehensive series of LST/LRT deployment guides, aimed at empowering developers with the knowledge and tools to effectively utilize StaFi LSaaS for their LST/LRT projects. These guides would serve as valuable resources to facilitate seamless deployment.

Now, let’s delve into the key highlights of the progress made during June.

Product & Development

1.StaFi 2.0 Progres Update

2.StaFi LSaaS Stack Supported Karak LRT

On June 7th, StaFi LSaaS Stack announced it support to Karak LRT, this would greatly enhance the efficiency of LRT development and overall acceptance of restaking. Given that the Karak testnet has not been released yet, the testing of Karak LRT stack would be opened once its testnet commences.

3.StaFi LSaaS Stack Supported BNB and SEI

On June 27th, StaFi released its announcement that StaFi LSaaS Stack has supported BNB and SEI on the EVM branch, which enables developers to deploy their own LST for BNB and SEI with minimal additional development effort and greatly enhance the LST deployment efficiency.

Highlights

One-click parameter setting: facilitate the seamless configuration of related parameters with a single click.
Deployment history display: provide a clear overview of the deployment history, presenting important parameters in an easily accessible manner.

Details: https://stafi-protocol.medium.com/stafi-lsaas-stack-now-supports-bnb-and-sei-be825b78dadc

Community Updates & Collaborations

1.StaFi DAO May 2024 Report & June 2024 Budget Plan

On June 4th, StaFi DAO May 2024 report and the budget plan for June 2024 were released.

May report showcases the follow key developments:

Commissions ranging from 5% to 10% collected by StaFi from various LSDs will be directed to the treasury pool as protocol revenue.
StaFi provided 71,329.23 FIS in liquidity incentives for rETH/ETH pair & rETH on Curve/TimeSwap and marketing service for LSaaS.
The costs of integrating Chainlink CCIP and SSV DVT were covered by 69.8786 LINK and 17.1562 SSV.
As of June 4th, 7.77M FIS has been transferred to the multisig address & staked on the StaFi network.
The vote for rSEI incentive proposal is was released and passed: 3 incentive strategies will be implemented for rSEI pre-launch. A total of 3.55K votes from the community are placed and option 3 gained the most support.

June budget plan included integration fees and LSaaS adoption budget:

Integration Fees: In June, the budget for integrating Chainlink CCIP and SSV DVT would be approximately 80 LINK and 20 SSV.
LSaaS Adoption Budget: StaFi DAO proposed to offer a budget worth $100,000 in May. DeFi liquidity incentive would not be listed separately thereafter, instead it would be part of the LSaaS adoption marketing spend.

2.rSEI Launch: The first use case of StaFi LSaaS Stack

The June community call, held on June 4th, centered around the release of rSEI, the first use case of StaFi LSaaS Stack. During the sessions led by StaFi DAO members, discussions delved into more details of rSEI, particularly focusing on the following incentive plans and its technical implementation.

Recording: https://youtu.be/V9i-wksqjwI?si=7dd8ExWXwG4eFy94

Summary: https://dao.stafi.io/t/stafi-community-call-for-june-12/175/1

3.New updates for rSEI

On June 6th, StaFi released some new updates in the upcoming plan for rSEI, including:

Unstaking: rSEI unstaking will be open once SEI v2 phase 3 is ready, offering users a better staking experience.
rSEI Integration on DEX: The rSEI/SEI liquidity pool will be live on Dragonswap in the near future.
Incentive for rSEI/SEI: The rSEI/SEI pool LP incentive will be SEI instead of FIS.
rSEI Mint Drop Campaign: The APR for the rSEI mint drop campaign is up to 22.66%.

4.rSEI Mint Drop Campaign Live

On June 10th, rSEI mint drop campaign was launched on the StaFi rToken App.

Everyone can stake SEI to get:

A share of the FIS reward pool.
Maximizing staking rewards with a target APR of 20.51%.
Potential airdrop from #Sei ecosystem.

Stake SEI: https://app.stafi.io/pool/evm/?net=SEI&poolTab=Mint

5.Exploring Babylon’s Innovations in BTC Staking and its Liquid Staking Challenges

On June 12th, StaFi released the research on Babylon‘s BTC staking solutions and its liquid staking challenges. Babylon enables staking directly on the BTC chain to avoid complicated bridging methods. Staking rewards are given in BBN or tokens from other projects using its security services, distributed on the BBN chain.

Check more details about the research: https://mirror.xyz/0xBABf7e6b5bcE0BD749FD3C527374bEf8919cC7A9/p2NQu4T04Q1KpkPVr89ulSz0bOyA8qYwB0wkH7LtmCM

6.New Updates for StaFi LSaaS Stack

On June 13th, StaFi released some new updates for StaFi LSaaS Stack , including:

Karak LRT was supported by StaFi LSaaS stack, the testing will be opened once Karak testnet commenced.
The dashboards for the supported stacks of StaFi LSaaS were launched, which clearly display the deployment history and the important parameters. Moreover, developers can modify the related parameters efficiently via it, such as stack fee & min deposit amount.

7.LST/LRT Deployment Guide

To illustrate how developers could use StaFi LSaaS to deploy LST/LRT, StaFi took EVM and EigenLayer as examples to demonstrate the step-by-step process of deploying LST/LRT.

8.Updates For Treasury FIS Migration to Multisig Addresses

18.74M FIS has been transferred to the multisig address and staked on the StaFi network for now. The migration for rFIS will be taken in the coming months.

Details: https://docs.stafi.io/treasury/

9.StaFi rLaunchpad Season1 Recap

On June 26th, StaFi reviewed the various stages of rLaunchpad season1, including received proposals, Vote, rSEI Launch and its campaign. With the launch of rSEI, the progress of rLaunchpad Season1 would come to a conclusion. Moving forward, rLaunchpad Season2 will be advanced, where new project tokens will be collected and voted by the StaFi community.

July Prospects

With the integration of SEI and BNB, StaFi LSaaS has expanded its range of LST solutions. Additionally, the development of BTC LST is dependent on the progress of Babylon. In July, StaFi will be focusing on advancing the implementation of the BTC LST solution, particularly integrating Cobo’s MPC solution. The development progress of EigenLayer and Karak LRT relies on the progress of AVS, and we will integrate them once the details of AVS Reward and Slash are finalized.

Furthermore, StaFi will be pushing forward with rLaunchpad Season 2 and advancing the modularity framework of LSaaS. We will also be developing and integrating some modules such as StaFi AI and Point. On the business development front, promoting the adoption of LSaaS will be the main focus. In terms of marketing, we will employ various methods including education and funding hackathons.

About StaFi 2.0

StaFi 2.0 will be a major upgrade and rebranding. In terms of positioning, StaFi will transform from a multi-chain LSD protocol to an LSD Infra Layer, and the brand will also be upgraded accordingly. In terms of tokenomics, FIS will introduce a burn mechanism and add new utilities. In terms of security, on top of the existing chain security, it will support contract layer security, including support and frameworks for multiple VMs such as EVM and WASM.