StaFi network — Generating more DeFi innovation through The Launch of r- SWAP on its Mainnet
StaFi network has brilliantly innovated a lot of schemes and solutions for the entire DeFi community in order to avert the conventional issues faced around the ecosystem. Today on the article we’ll be delving into their recently initiated solution called r- SWAP V1, which is currently live on the platform’s mainnet. Based on the ERD (Exchange Rate Discount) Solution, r- SWAP version 1 will allow r- token operators to receive native tokens instantly with discount on the exchange rate of r- token redemption. r- SWAP is going to support r- ATOM at the initial stage, while the discount parameter will also be placed at Ninety percent in the initial stage. Later on in the future, r- BNB & r- DOT will be added. Before going into the details of StaFi’s r- SWAP, a little knowledge on what StaFi network is about will be stated.
STAFI NETWORK INTRODUCTION
StaFi is basically a decentralized finance ecosystem that focuses on unlocking staked asset or fund Liquidity. Asset holders will be able to stake via staking contracts & earn coins referred to as r- tokens. These r- tokens are known generally as synthetic staking based derivatives which will be issued to users by StaFi when they carry out PoS token staking on the r- token Application.
r- SWAP DESCRIPTION
r- SWAP is simply an ERD based solution that functions as a great way to avert Liquidity issues for r- token quick swaps. As previously stated, 1st version of r- SWAP will permit various users to receive native tokens instantly with discounts. Below will be a guide on how to utilize the system:
First off, users have to put in the r- ATOM amount which is going to be swapped to ATOM.
Once done, they will have to enter Keplr address that will obtain the native atom, then sign transaction.
Finally, the users will then check their Keplr wallets once the transaction is completed.
FINANCIAL PROVIDER SECTOR
r- SWAP will need financial Providers inorder to add native Coins as Liquidity for sellers of r- token. By enabling Liquidity, the financial provider will have the opportunity to gain returns, which will be Ten Percent on the native Coins. If an individual wants to be take part as an r- SWAP financial provider, they can transfer their proposal to the StaFi’s social links.
r- SWAP is just starting off, later on in the future, StaFi’s main developers will optimize the r- SWAP version 2 to be compatible with AMMbacked Decentralized Exchange for the r- tokens. In these 2nd version of r- SWAP, it’s going to be immensely vary from the current ERD solution. It’ll also act as a Uniswap based Decentralized Exchange for the r- tokens, while supporting the trading pairs (r- token/ FIS). StaFi network is really working hard towards facilitating the use cases for the r- tokens. As the developers continue in their endeavor to optimize the 2nd version of r- SWAP, the community will be sure to truly appreciate their innovations while leveraging the benefits.
For more relevant information, visit https://www.stafi.io
Article Written By : Adasofunjo Michael Oluseye