Oct 31, 2022

6 min read

StaFi Protocol Monthly — October Community Update

StaFi continues to progress forward with its technical updates and community involvement in the month of October. Many important updates were shared such as the 2022Q4 Roadmap, rETH V2 deployment and the StaFi Moderator Incentive Program. Not to mention, 3 additional Validators have joined StaFiHub. Here are the highlights of major events and updates that occurred in October.

Technical Updates

1.2022Q4 Roadmap Released

On October 4th, StaFi released its latest roadmap for 2022Q4. The main goal of the team this quarter is to optimize and scale rToken solutions currently available. Many new rTokens we’re launched on StaFiHub in 2022Q3 such as rATOM, rIRIS and rHUAHUA. The entire quarter can be summarized into the following key events:

1) Smart Delegation Strategy V2

2) rETH V2 and V2.1

3) rBridge V2 and rToken App V4

StaFi will be looking to explore the following during the current quarter:

1) Enhanced and improved UI/UX on rDEX V2

2) New rTokens such as rAPTOS & rSUI

3) Onboarding more projects onto StaFiHub

4) Exploring the idea of a rToken Launchpad on StaFiHub

More details: https://medium.com/stafi/2022q4-roadmap-optimize-and-scale-rtoken-solutions-to-new-91605f3770d1

2.StaFiHub Now Available on Mintscan.io Explorer

On the 5th October, StaFiHub was launched on the Mintscan.io Explorer. Users can now track the following data:

1) Validators

2) Blocks

3) Proposals

4) IBC Relayers

Launch Explorer: https://www.mintscan.io/stafi/

3.rATOM Integration Proposal on Umee

On the 8th October, rATOM was proposed by the StaFi Core Team to be integrated into the Umee network. Once integrated, rATOM users will be able to utilize Leveraged Staking on the Umee lending market.

More details: https://commonwealth.im/umee/discussion/7205-stafihubs-ratom-integration-proposal

4.StaFiHub Dragonberry Security Patch

On October 17th, the StaFi team encountered complications during the Dragonberry Security Patch Upgrade of the StaFiHub network. The chain was halted for 48 hours before being patched and now resumes optimal operation.

StaFiHub Dragonberry Update: https://twitter.com/StaFiHub_/status/1582037705654865920

Dragonberry Patch Details: https://forum.cosmos.network/t/ibc-security-advisory-dragonberry/7702

5. rETH V2 Deployed Successfully

On October 26th, we released an upgraded version of the rETH Solution. This upgrade comes with many improvements which includes:

1) Enhanced UI/UX for stakers

2) Decreased deposit requirement for Original Validators

3) Reduced gas fees during ETH2 node deployment on StaFi

4) Multiple node deposits and file uploads in a single Tx

5) Integration of Distributed Validator Technology (DVT) (SSV.network / Obol)

6) Priority Fee Distribution Mechanism

7) Auto re-staking feature to compound rewards

More details: https://medium.com/stafi/introducing-the-reth-v2-after-the-ethereum-merge-967c4be94bd7

Community Updates

1. StaFi Chain Validator Grant Program Updates and Analytics

On 10th October, the StaFi Team released an update of the StaFi Chain Validator Grant Program after 3 years of the mainnet running smoothly. The team regularly analyzes the program to further improve and increase the amount of validator applications received.

Some key stats of the program:

1) Selected Validator: 160

2) Minimum elected amount of FIS: 15,930.10 FIS

3) Validators with commission below 10%: 143

4) Validators with self-bound below 10 FIS: 96

5) Validators who get the nomination from less 2 nominators: 101

StaFi will continue to select validators from the following:

1) Invitations to Institutional Validators

2) Waiting list selection

3) Community Applications

Issues found:

1) Multiple nodes being run by the same validators pose centralizations risks

2) There is a lack of Institutional Investors

3) Many validators are yet to setup on-chain identities

4) Commissions set by certain validators are too high

2. StaFiHub Quiz Contest

On the 10th October, The StaFiHub Quiz Contest ended. The first 20 winners will share a prize pool of 500 FIS. Thank you for all the participants we have received during this time. We hope to have more quizzes and quick contests in the future.

The winners of the contest are shared in the list below:

3.StaFi Moderator Incentive Program

StaFi first launched its ambassador Recruitment Program in November 2020 and received over 500 community member applications, 40 of which were selected to be StaFi Warriors. We would like to show our gratitude to our current moderators by launching the StaFi Moderator Program which includes.

Moderator Recruitment Plan for the following positions:

1) Twitter Operator

2) Forum Manager

3) Video Producer

4) Researche

5)Testing Moderator

6) Meme Creator

Moderator Incentive Program which will provide:

1)Short term incentives ($500 FIS on 24th November 2022)

2) Long term Incentives (5,000 FIS for moderators working for at least a year)

Moderators will also gain financial support, training and participate in StaFi decision making during the launch of new products. If you are a suitable fit for the positions shown, feel free to apply to be a StaFi Moderator.

4.Twitter Polls

In October, StaFi released a series of polls to explore the community‘s views on the StaFi Ecosystem, please find them listed below:

1) https://twitter.com/StaFi_Protocol/status/1586291477809795072

2) https://twitter.com/StaFi_Protocol/status/1583747982511394816

3) https://twitter.com/StaFi_Protocol/status/1581219315109371907

4) https://twitter.com/StaFi_Protocol/status/1578663207320682496

5) https://twitter.com/StaFi_Protocol/status/1576190101268271105

6) https://twitter.com/StaFiHub_/status/1583747546702565381

7) https://twitter.com/StaFiHub_/status/1581219688864157696

8) https://twitter.com/rDEX_Finance/status/1586291870040150016

Collaborations

1.StaFiHub Integration on CitadelDAO App

On the 3rd of October, CitadelDAO integrated StaFiHub onto its platform which will enable users to manage their StaFiHub assets, send tokens and view their transaction history.

2.Twitter Space AMA with Umee and Cosmostation

On October 14th, an AMA was held with Umee and Cosmostation to discuss the future prospects of ATOM 2.0 and it’s effect on the entire Cosmos Ecosystem.

Play recording: https://twitter.com/StaFiHub_/status/1580461650628313088

3.StaFiHub Mainnet Validator: StakingCabin

On the 19th of October, we introduced StakingCabin as our new validator on StaFiHub mainnet. StakingCabin aims to offer time-saving and easy ways for clients to stake their digital assets safely.

4.StaFiHub Mainnet Validator: NodeStake

On the 24th of October, we introduced NodeStake as our new validator on StaFiHub mainnet. NodeStake is a professional validator, node service provider and IBC relayer operating since 2017 aiming to provide blockchain services with the best convenience for its customers.

November Prospects

In October, prior to the launch of rETH V2, more than 95% of unmatched ETH before were staked successfully. As for November, rToken App V4 which includes optimizing the UIUX of the rToken App is still the main development goal for the StaFi Dev team. Additionally, the StaFi Development Team has completed technical research on rATPOS and its feasibility as a rToken. The Team will also be working towards organizing rTokens on the StaFi Ecosystem and strive to launch new Liquid Staking Products as efficiently as possible.

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.