StaFi Protocol Monthly-March Community Update
The March Community Update from StaFi highlights various technical advancements, community updates, and partnership developments. The team has been focused on the Shanghai Ethereum Upgrade and has made significant progress in the Withdrawal Design Progress, as well as adjustments to Staking Rates and Commission Fee structures. Additionally, StaFi has launched multiple liquidity mining campaigns and collaborations to further our growth. Below, you will find the key highlights of the month of March.
1. Ethereum Shanghai Upgrade $rETH Withdrawal Testing Progress
1) The progress update on March 1st includes:
- Full Testing of Withdraw Contract.
- Optimization of Distributor Contract.
- Modification of Staking Deposit CLI.
2) The progress update on March 9th includes:
- Finished off-chain service statistics and API.
- Developed and debugged basic functions.
- Auditing companies contacted to audit Withdrawal Contract.
3) The progress update on March 14th includes:
- Lowered the commission fee to 5%.
- Developed and tested a withdrawal mechanism for ETH and rETH.
4) The progress update on March 24th includes:
- rETH Withdrawal Contract Audit report by Peckshield.
- Finished the first two rounds of test issues.
5) The progress update on March 31th includes:
- Successful testing on the withdrawal credential in the deposit cli tool with 0x01 format on Zhejiang Testnet.
- Completing the third round of testing, debugged and optimized our contracts.
2. Commission Fee Adjustment Proposal
StaFi has proposed adjusting its commission fee structure on the 1st March for its Staking Derivatives in order to expand its reach and remain competitive in the Liquid Staking Derivatives (LSD) market.
Commission Fee Before Adjusting: 19% staking rewards
(10% allocated to Treasury DAO and remaining 10% to validators)
Commission Fee After Adjusting: 10% staking rewards
(5% allocated to validators and 5% to Treasury DAO)
3. Staking Rate Adjustment to 12 ETH for Solo Validators
StaFi has proposed to adjust the staking rates for ETH validators from 4 ETH to 12 ETH on the 13th March to ensure the security and stability of the protocol. The increase in staking rates will make the protocol more attractive to institutional stakers, leading to an increase in decentralization and security. The adjustment will help to strike a balance between validator entry barriers and protocol security levels and ultimately improve the protocol’s security and incentivize long-term supporters of the protocol.
4. Ethereum Shanghai Upgrade Page Launched
On 14th March, StaFi launched its Ethereum Shanghai Upgrade page on its rToken App, detailing its milestones and plans for the upcoming upgrade with a focus on security, decentralization, and user experience. Among the measures StaFi is taking to strengthen security are increasing the deposit amount of Ethereum, optimizing our withdrawal mechanism, and auditing the rETH upgrade code. Read more on our page.
Ethereum Shanghai Upgrade Page: https://reth-upgrade.stafi.io/
1.Binance Learn & Trade Promotion
StaFi $FIS participated in a Binance Learn & Trade Promotion where users could share $120,000 in ALCX, QI, KNC & FIS token voucher rewards. The promotion ran between March 2nd and March 12th (UTC).
2.StaFi x Cosmos Club AMA — Developing Staking Derivatives on the Cosmos Ecosystem
StaFi Protocol held an AMA session with Cosmos Club to discuss its Liquid Staking solution on Twitter Space.The focus of the discussion was on StaFi’s Liquid Staking solution and how it aims to enhance the staking experience for token holders while increasing liquidity. The AMA also touched on topics such as cross-chain integration and the future direction of the project.
3.StaFi Monthly Community Call for March
In the StaFi Community Meeting held on March 9th, 2023, the progress made in February was discussed, which included the launch of the rToken and StaFi Protocol data analysis page, integration of Ledger for seamless wallet connections, and upgraded features on the StaFi rToken App. The community call also included a summary of the product development work done by StaFi in February and various operational activities to ensure the success of StaFi in the Ethereum staking space.
Youtube Recording: https://www.youtube.com/watch?v=ONPGIpOFwOk
4.StaFi Warriors Contribution for February released
On 14th March, StaFi released its February report on the contribution made by its Warriors. The report expresses gratitude towards the dedication shown by the Warriors in the liquid staking derivatives market, which has been instrumental in promoting StaFi’s vision and contributing to its success. The report provides detailed information on the Warriors’ contributions and their assessment for February.
StaFi Warrior February Contribution Report: https://commonwealth.im/stafi/discussion/10224-stafi-warriors-contribution-submission-assessment-2023-february
5.StaFi x Huobi Twitter Space AMA — Shanghai Ethereum Upgrade and how will it impact $ETH liquidity
StaFi Protocol attended Twitter AMA with Huobi Global on the 23rd March, which focused on the Ethereum Shanghai Upgrade and its impact on its liquidity. The AMA featured StaFi’s product manager Shirley, as well as representatives from Polygon Labs, SSV Network, and ResearchNothing. The discussion covered all things Ethereum, and the playback can be found below.
6.StaFi 2023Q2 Roadmap — LSD For EVM Compatible Chains Released
StaFi’s quarterly roadmap for Q2 2023 includes several exciting updates for StaFi, a DeFi protocol. The team has accomplished several milestones in Q1, such as releasing a new version of the rToken App and launching a new Analytics Dashboard. In Q2, they plan to release the Shanghai upgrade and introduce an LSD for EVM compatible chains. They also aim to explore DVT technology and launch new rTokens, a new website, and merge their two existing rToken apps into a single interface. Overall, StaFi is focused on creating a more accessible and user-friendly DeFi ecosystem.
7.StaFi x Kyber Network Twitter Space AMA — LSD’s, Layer 2’s and Liquidity Farming
StaFi and Kyber Network joined forces to host a Twitter Space AMA on March 29th, coinciding with the launch of three new trading pairs and a liquidity mining program on KyberSwap. The AMA focused on the potential of liquid staking derivatives (LSDs), the multi-chain vision of both protocols, and the benefits of liquidity farming for users and communities. The session was attended by Shane, head of Kyber Network and DAO, who shared his insights and perspectives on the industry.
1. BNB/ rBNB pool launches on Thena Finance along with Yield Farming!
StaFi has partnered with Thena Finance with the launch of a $BNB/$rBNB pool on the 16th March, offering a liquidity incentive program with an APR of 58.56% at the time of writing. This makes it one of the most profitable pools available in the market. To start earning, users need to stake $BNB via the StaFi rToken App to receive $rBNB and add liquidity to the BNB/rBNB pool on Thena.
Stake BNB: https://app.stafi.io/rtoken/stake/BNB
Add Liquidity: https://thena.fi/liquidity
2.StaFi x Camelot Lists $ETH/ $rETH, $FIS/ $rETH and launches a Liquidity Mining Campaign
On 21st March, StaFi partnered with Camelot DEX to bring trading pairs of $ETH/ $rETH and FIS/rETH to Arbitrum, a prestigious DEX with high TVL and volume. A liquidity farming campaign was launched on March 23rd, with a massive APR of up to 70% for $ETH/ $rETH and 69% for $FIS/ $rETH at the time of writing. The farming campaign will last from March 23 to April 23. StaFi aims to make rETH available on more Layer2 networks to enable further use cases and DeFi integrations in the future.
1)Mint $rETH: https://app.stafi.io/rtoken/stake/ETH
2️)Bridge to Arbitrum: https://bridge.arbitrum.io
3️)Add to Liquidity Pools: https://app.camelot.exchange/farms
3.StaFi x Kyber Network Lists rMATIC/ MATIC, rMATIC/ USDC, and FIS/ USDC on KyberSwap
StaFi has partnered with Kyber Network on March 24th to list $rMATIC/$MATIC, $rMATIC/$USDC, and $FIS/$USDC pairs on KyberSwap. To celebrate the launch, a liquidity mining campaign was launched on the 29th March on the polygon network. With KyberSwap, swapping is easy and provides the best rates in DeFi, which will enable rTokens to have deep liquidity on Ethereum network and beyond.
1.Mint ERC20 $rMATIC: https://app.stafi.io/rtoken/stake/MATIC
2.Bridge to #Polygon
3.Start Farming: https://kyberswap.com/pools/polygon
The upcoming Ethereum Shanghai Upgrade in April will be a major milestone for our project, as we will be launching our highly anticipated rETH Withdrawal feature. This feature is currently undergoing rigorous testing and audit, and we expect to release it soon.
Along with this, we will also work on merging the rToken app and making it compatible with mobile devices, which will enable us to collaborate with more channels and platforms. Another important initiative that we will start in April is the new LSD AppChain for EVM chains, which will adopt an open architecture that allows us to partner with other projects and protocols.
In addition to these developments, we will continue to optimize the rToken app and increase the adoption of rTokens across various ecosystems. We will also launch more incentive activities to reward our loyal and active users. Stay tuned for more updates and exciting news from us!
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.