StaFi Network — Collaboration with Pancakeswap for the Liquidity based Mining Program
Good day Everyone, Welcome. In today’s article we’ll be highlighting the details on the liquidity mining program for Pancakeswap network’s r- BNB and r- DOT based pools. For users who want to be involved with the program, these aforementioned pools are going to be live on StaFi network’s r- POOL application. Before delving into the topic and guide for users, a little Description will be stated about the two platforms (StaFi & Pancakeswap) and what liquidity mining based program is all about.
STAFI NETWORK DESCRIPTION
StaFi network, around the digital space, is known as the first Decentralized commercial protocol that is based on unlocking various staked asset Liquidity. Digital finance users globally can now stake PoS based tokens on the network in order to yield r- tokens, which will be available for various trades, while gaining stake based rewards. This r- token is basically a staking based derivative created by StaFi network in order to be given to users. Users are granted this r- token when they stake PoS based tokens on the network’s r- token application. The r- tokens are also anchored to this PoS coins which was staked by individuals & the corresponding stake based rewards. StaFi’s long term plan is to enable Liquidity solutions for all PoS based projects out there, which will then provide an efficient way to gain 7 different r- token solutions, they include; r- ETH, r- FIS, r- ATOM, r- KSM, r- MATIC and of course the two main r- tokens (r- DOT & r- BNB) that have been placed for the Liquidity mining program for Pancakeswap on StaFi network.
What are Liquidity Mining Programs?
Liquidity based Mining is a term utilized for DeFi based applications, where various individuals provide Liquidity to DeFi apps and gain special rewards for the task. In the context of a network like Uniswap, the liquidity mining basically refers to every users (LPs) providing funds to a specified tradingpair openmarket in order for the protocols to execute exchanges.
PANCAKESWAP NETWORK DESCRIPTION AND OPERATIONS WITH STAFI
In order to really comprehend this Partnership between the network and Pancakeswap, descriptions of it’s functions are necessary.The platform was launched on the 20th of September, 2020 and it mainly functions as a Decentralized Exchange medium on the Binance Smart chain through permissionless Liquidity based pools which are automated & Algorithm- directed.
StaFi recently announced to their community, that they’ll be launching a liquidity mining based program for two exchange pairs, which are; r- BNB| BNB with r- DOT| DOT, for various Liquidity based providers on Pancake.
This particular program will be activated on the 27th of October, 2021 and will be live for 4 weeks straight. The mining APY of both r- DOT & r- BNB pools are specifically recorded with 183.71 percent & 403.26 percent. All users are welcome to stake their individual LP based tokens of both r- DOT|DOT & r- BNB|BNB on StaFi network’s r- POOL application to enable FIS based reward farming. In order to claim these FIS based rewards, a few simple steps are taken:
1- Stake DOT|BNB and obtain BEP-20 r- DOT| r- BNB
2- Trade or Add Liquidity for r- DOT on Pancakeswap network
3- Once done, Stake the LP based Tokens on r- POOL
4- And Claim the FIS based rewards.
StaFi network has really worked hard to partner with top decentralized Exchange mediums such as Pancakeswap and Sifchain, to provide every user with an efficient way of gaining rewards and tokens. With more research and development schemes which will made by the team, StaFi’s r- token solution is going to extremely Prominent and important for the DeFi society.
For more relevant information, visit https://www.stafi.io
Article Written By : Adasofunjo Michael Oluseye