StaFi Protocol Monthly-November Community Updates
In November, StaFi released ERD solution (rSwap V1) and rDEX V1 proposals to build multi-scenario solutions for rToken liquidity.
rSwap V1 successively supported the swapping of rATOM, rBNB and rDOT, and other rTokens will be integrated into rSwap V1 in the coming days.
rDEX V1 is an AMM DEX for rToken/FIS pairs built on StaFi chain and it allows users to deposit any single token or dual tokens asymmetrically to provide liquidity. rDEX V1 will be launched on mainnet in 2022Q1.
Here are the details of November’s progress.
Technical Update
1.rSwap V1(ERD Solution)
1) On Nov 8th, StaFi proposed an Exchange-Rate Discounting (ERD) solution to solve the liquidity problem for rToken quick-swaps.
With ERD solution, users can get the Native Tokens immediately and Finance Provider purchases rToken at a discount.
2) On Nov 16th, rSwap V1 was released on mainnet and supported rATOM first. Based on ERD Solution, rSwap V1 serves as a supplementary way for rToken quick-swaps.
With rSwap V1, rToken holders can get native tokens immediately with a discount (90% in the early stage) on the redemption exchange rate.
3) On Nov 19th, rSwap V1 integrated rDOT which enables rDOT holders to get DOT immediately and the discount parameter is set at 90% in the early stage.
4) On Nov 24th, rBNB was integrated into rSwap V1, users could get BNB immediately and the discount parameter was set at 90% in the early stage.
5) As of Nov 27th, StaFi rSwap V1 had supported rATOM, rDOT, rBNB. The amount of swapped ATOM, DOT, BNB is gradually growing, which shows the demand for quick swap from rToken to native token is being met.
2.New “Status”
On Nov 18th, the new “Status” was live on rToken App. In the new “Status” dashboard, users can clearly see:
1) The amount of redeemable token, staked token, unbonding token and the reward of last era.
2) Historical unbonded records
3.v0.4.9 Version Upgrade
On Nov 8th, StaFi Chain v0.4.9 version was released:
1) Optimize the algorithm of claiming to prevent possible issues when modifying the config of rToken mint.
2) Use rToken rate to calculate before using the swap rate, which makes the DEX accurate when you swap rTokens.
4.rDEX V1
On Nov 25th, StaFi released rDEX V1 solution, the AMM DEX for rToken/FIS pairs built on the StaFi chain. rDEX V1 has the following features:
1) Slippage protection mechanism
2) As the basic asset, FIS can be used to realize the exchange between different rToken assets
3) Support to deposit single or dual currency
It’s the next important App built for StaFi rToken Ecosystem, and will be released on 2022Q1.
Community Building
1.AVAX for Avalanche Liquid Staking Solution
On Nov 4th, StaFi raised a proposal of the liquid staking solution rAVAX, which would help AVAX stakers enjoy the staking rewards while still with high liquidity.
Check the details: https://twitter.com/StaFi_Protocol/status/1456099401990959107
2.StaFi Warriors Campaign
On Nov 12nd, the contribution in October came out. Various forms of content continuously help improve StaFi brand awareness, and 8 excellent articles by our warriors stood head.
Check excellent articles: https://twitter.com/StaFi_Protocol/status/1459132720894775302
Collaborations
1.SubDao AirDrop Bonus
On Nov 3rd, StaFi and SubDao jointly initiated 10,000 GOV airdrop campaign for joining StaFi DAO and vote for governance proposals
2.New addition on Binance
On Nov 19th, Binance add FIS/ BIDR, FIS/ TRY trading pairs.
3.Trading Competition on Binance
On Nov.22nd, the 100K FIS trading competition on Binance was started and it lasted 7 days.
4.Sif’s Expansion
On 25th, Sif’s Expansion was opened, rATOM holders could provide liquidity for ROWAN/ rATOM pool and enjoy 100% APY.
5.Exchange rate of rATOM/ ATOM
On Nov 27th, the exchange rate of rATOM/ ATOM on Sifchain reached 1:1.008813, it’s very close to the real on-chain exchange rate:1.046365:1.
Stake: https://app.stafi.io/rATOM/staker/index
Swap:https://dex.sifchain.finance/#/swap?from=cratom&to=uatom&slippage=1.0
December Prospects
In November, the StaFi team was still focused on providing more solutions for rToken liquidity.
The liquidity mining incentives on Curve changed due to the Gauge weight voting, and it caused the exchange rate of rETH not match with the real on-chain exchange rate. We are also actively trying to attract more votes.
The launch of rATOM, rBNB, rDOT on rSwap has solved some urgent liquidity problems, but rTokens need more liquidity to meet large exchanges. The rDEX under development will work with rSwap to jointly solve the liquidity problem of rTokens in the future.
In addition, we explained these existing problems and how we are going to solve them before releasing the DApp. Hope all the community members could actively participate in it.
In December, StaFi would still focus on the liquidity solutions and the integration of rTokens. In addition to rDEX, Cosmos Hub is also developing. StaFi is creating a comprehensive solution for cross chain staking, please stay tuned!
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.
