STAFI ACTIVATES FIS STAKING AND RDOT ON SEIYA TESTNET TO IMPROVE ADOPTION

INTRODUCTION

The use of cryptocurrency has swept across almost every known industry around the globe, creating more usability for the legal tender than what was obtainable in the traditional financial solution, cryptocurrency facilitates an efficient, reliable, secure, transparent and scalable approach to carrying out payments.

Despite digital tokens gaining momentum since introduction, it is still at a developing stage of adoption, this financial system presents a lot of opportunities for stakeholders within the industry to leverage on their assets to generate maximum benefits. one of the major ways of passively accruing more income from one’s crypto holdings is through staking.

WHAT IS STAKING?

Staking is the act of holding funds in a cryptocurrency wallet in order to contribute to the security and 0operations of a blockchain network, it entails locking up digital tokens in a wallet to receive rewards in return. One can conveniently stake his desired cryptos directly from his wallet and wait for the lock up period to be completed before redeeming both his reward and staked tokens. the idea of staking in the crypto industry has always been to help users augment their earnings, however, most staking pools are far less lucrative, besides many users may not be patient enough to wait out the lock up period, this and other issues has created resistance regarding the participation in staking, to solve this issue, STAKING FINANCE was introduced.

STAKING FINANCE

Staking Finance or StaFi is an innovative decentralized staking platform designed to provide the liquidity of staking, it is a substrate that liquidate as well as gives users access to their assets such that they are spendable and tradable without necessarily waiting for the lock up period to be completed,the idea is to eliminate the risk of price fluctuation considering how volatile cryptos are. a user who desires to stake can stake his tokens via a staking contract on the stafi protocol and be issued with an alternative token (rtoken) which can be exchanged while assets are still locked up.

stafi decentralized contract helps users to conveniently earn dividends on shares and completely control staking assets while the security of locked assets can only be redeemed by holders of rtoken. with this innovative staking contract, the rtoken issued is made

• Redeemable
• Tradable
• Contractable

rDOT LAUNCHED ON SEIYA TESTNET

Aside from using the unique rtoken to unlock the liquidity if staking assets, StaFi is still widening its scope to create room for more development and utility of the network, recently, this innovative network has successfully launched the rDot on Seiya testnet, with this development, users can be able to mint rDot by staking their tokens, meanwhile, an rtoken application is proposed to hit the ground running quite soon while a fully audited rDot is expected to go live on mainnet in a couple of weeks. These developments are evident that the StaFi team is highly dedicated to bringing innovations into the DeFi industry.

STAFI OFFERS STAKING OF FIS

Dis is the native token on StaFi Chain. It is required to help secure the network, it also is utilized as settlement for transaction fees on the StaFi chain as well as minting or redemption of the rTokens. StaFi offers a very lucrative approach to making passive income within its ecosystem by staking rFis, stakers are set to enjoy very high liquidity and up to 39.9% APR on their assets.

CONCLUSION

There is possibly still a long way to go, still StaFi is making good on its promises of bringing the whole package for users when it comes to staking and leveraging crypto holdings for maximum benefits. It has also activated the staking of Fis which is the native token of the network with up to 39.9% APR as well as launched rDot on Seiya testnet, there are more developments to come in the future and this reinforces the fact that STAFI is the future of staking.

For more relevant information, kindly visit https://www.stafi.io

Article Written By: Adasofunjo Michael Oluseye