StaFi Protocol Monthly-May Community Update
During the recently concluded May, various initiatives at StaFi have been steadily progressing. The StaFi LSaaS Stack has supported the Eigenlayer LRT to enhance the efficiency of LRT development and the overall acceptance of restaking. As the winner of rLaunchpad season 1 and developed by the LSaaS stack, rSEI was launched on Sei v2, and the Mint Drop Campaign followed shortly after the vote by the community. Additionally, some progress has also been made for the LSD Stack dashboard and the BTC LSD Stack. Let’s delve into the key highlights of the progress made during this month.
Product & Development
1.StaFi 2.0 Update
2.BNB Staking Reopened
On May 7th, rBNB upgrade on BSC chain completed and related functions reopened, bringing improvements to StaFi and providing users with a more seamless and secure experience.
Key Highlights:
- Streamline Network: rBNB technical solution adopts BSC Native Staking module(BEP-294), which is incorporating staking logic into the BSC and moving this responsibility off the BNB Beacon Chain.
- Improve Efficiency: Staking on the BSC no longer requires cross-chain transactions, with higher efficiency and lower cost, to offer a smoother and more seamless staking experience.
3.StaFi LSaaS Stack Supports EigenLayer LRT
On May 10th, StaFi LSaaS Stack announced it support to supported Eigenlayer LRT, this would greatly enhance the efficiency of LRT development and overall acceptance of restaking.
Functionality:
- Restake/unrestake/withdraw
- Mint/burn LRT
- Restaking pool
- Delegate/undelegate restaking operator
Note: These functionalities will be iterated upon with the upgrade of EigenLayer.
4.rSEI Launch on Sei V2
On May 29th, rSEI announced it support was supported on Sei v2. rSEI App enables users to stake SEI and receive rSEI in return. rSEI is anchored to the staked SEI & the corresponding staking rewards and can be transferred & traded at any time.
- Guide: https://docs.stafi.io/stakingsei
- More details: https://medium.com/stafi/stafi-supports-rsei-on-sei-v2-13ba79d0be2b
Community Updates & Collaborations
1.StaFi DAO April 2024 Report & May 2024 Budget Plan
On May 11th, StaFi DAO April 2024 report and the budget plan for May 2024 were released.
March report showcases the following key developments:
- Commissions ranging from 5% to 10% collected by StaFi from various LSDs will be directed to the treasury pool as protocol revenue.
- DeFi liquidity incentives of 23,734 FIS were distributed across key trading pairs on platforms like Curve and QuickSwap.
- The costs of integrating Chainlink CCIP and SSV DVT were covered by 1.52 LINK and 8.38 SSV.
- As of May 11th, 7.77M $FIS has been transferred to the multisig address & staked on the StaFi network.
May budget plan included integration fees and LP incentives:
- Integration fees: The service fee for integrating Chainlink CCIP and SSV DVT would be covered by approximately 20 LINK and 20 SSV.
- LSaaS Adoption: StaFi DAO proposes to offer a budget worth $100,000 in May. DeFi liquidity incentive will not be listed separately thereafter, instead it will be part of the LSaaS adoption marketing spend.
More details will be provided in upcoming reports.
2.A New Round of rETH Lend/Borrow Pool Launched
On May 9th, a new round of rETH lend/borrow pool on Timeswap to support Ethereum was launched, allowing the borrow and lend of ETH against rETH and earn FIS and $TIME rewards.
Details: https://x.com/StaFi_Protocol/status/1788478098947912126
3.LRT Stack for Eigenlayer and Karak
On May 14th, StaFi posted a thread regarding the key differences of Eigenlayer and Karak in the supported assets/networks & tech implementation based on the due diligence on restaking protocols.
More details: https://dao.stafi.io/t/lrt-stack-for-eigenlayer-and-karak/170
4.Incentive Proposal for Launching rSEI and Boosting Adoption
On May 21th, StaFi released the incentive proposal for launching rSEI and boosting adoption.
3 incentive strategies will be implemented for rSEI pre-launch including:
- rSEI mint drop
- Initial liquidity provision for the rSEI/SEI pair.
- Incentives for rSEI/SEI pair LP
Considering multiple factors, 4 executable options are as follows:
- Option1: Allocate 33,000 FIS for mint drop, 160,000 FIS for initial liquidity, and 10,000 FIS for LP incentives. All rewards will be in FIS. Mint drop rewards will be linearly released over 40 days, while LP incentives will be distributed directly.
- Option 2: Allocate 33,000 FIS for the mint drop, exchange 155,000 FIS for SEI, and provide LP incentive rewards in SEI. Mint drop rewards will be linearly released over 40 days, and LP incentives will be distributed directly.
- Option 3: Allocate 33,000 FIS for mint drop, 150,000 FIS for initial liquidity, and 10,000 FIS for LP incentives. Mint drop rewards will be in FIS, linearly released over 40 days, while LP incentives will be in SEI with an 8-week vesting period.
- Option 4: Allocate 33,000 FIS for mint drop, 150,000 FIS for initial liquidity, and 10,000 FIS for LP incentives. Mint drop rewards will be in FIS, linearly released over 40 days, while LP incentives will be in SEI with a 16-week vesting period.
A total of 3.55K votes from the community are placed and option 3 gained the most support.
5.rDOT & rKSM Unstaking Reminder
On May 28th, a friendly reminder was posted to remind stakers to reach out to us on StaFi Discord to provide native FIS address and unstake their rDOT & rKSM as 586.89 rDOT and 25.7 rKSM that have not been unstaked yet.
6.rSEI Mint Drop Campaign
On May 30th, 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 airdrops from Sei ecosystem.
Guide: https://docs.stafi.io/stakingsei/
June Prospects
The focus in June is to advance the development of the Bitcoin LSD Stack and the deployment on the testnet and internal testing of Karak LRT Stack. Meanwhile, the modularized components of StaFi AI within the LSaaS will be further explored and developed. The second round of rLauncpad will be advanced after rSEI launch. New rToken objects will be collected and voted by StaFi community.
Regarding the rebranding that our community is concerned about, the StaFi 2.0 LSaaS is steadily progressing. The development of LST Stack and LRT Stack is completed, and the BTC Stack is also under development. LSaaS App V1.1 and StaFi AI for validators will also be integrated soon. Once the mainstream Stacks are completed, the next stage of the rebranding, including co-building new LST/LRT and FIS rebrands with projects, will begin.
About StaFi 2.0
StaFi 2.0 will be a major upgrade and rebrand. 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.
Read more about StaFi 2.0.
