StaFi Project — Developments Accomplished For the Month of November
Welcome to all Crypto analysts and investors. Today in the article, we will be dealing with the different developments that the StaFi project has achieved so far in the month of November. The article will outline various accomplishments, from r- ATOM v1 release to the Binance FIS token trading competition, in order to display the network’s dedication towards incentives and Ecosystem development. Before the topics are being stated, a little info on StaFi Project will be mentioned below:
PROJECT DESCRIPTION
StaFi network is simply a Decentralized finance protocol based on the liberation of staked asset Liquidity. Through the StaFi project, global operators can now stake PoS based tokens in order to gain r- tokens. r- tokens are simply synthetic staking derivatives which will be issued to users through the StaFi network when they stake PoS coins on the r- token Application. These r- tokens include: r- ATOM, r- ETH, r- DOT and so on.
The StaFi platform has accomplished various developments for the month of November, more information about them will be stated below:
ERD SOLUTION PROPOSAL
Over the course of the month, the platform initiated the ERD solution Proposal to the community, this solution will be initiated as a supplementary means of solving Liquidity issues for r- token quickswaps. In order to develop the r- token Liquidity scenario, the platform will enable ERD solution in order to facilitate the redemption of Native tokens for the users.
The ERD solution also helps various r- token operators to trade Liquidity at a convenient rate of exchange even when under extreme times like Alice’s dilemma, while enabling for the r- token trading rate on third-party DeXs.
The StaFi platform has already completed most of the development schemes for the ERD solution, however it’s all in the hands of the community for whether it should be implemented or not. The platform is going to hold the release of the Solution until a positive response is provided by the community.
r- SWAP V1 MAINNET LAUNCH
The network’s team, on the 16th of November, announced to their community that the r- Swap V1 has been released on mainnet. Based on the Exchange Rate Discount (ERD) solution, r- SWAP V1 enabled r- token holders to obtain native tokens immediately with a discount on the r- token redemption exchange Rate.
r- SWAP is going to support r- ATOM first and the discount parameter is set at 90% in the early stage (r- BNB will join later). They welcomed the community to apply and be the financial Providers to earn yields by providing Liquidity. r- SWAP v1 is just the beginning, r- SWAP v2 will be upgraded to support an AMM backed DEX for all r- tokens.
r- DOT INTEGRATION ON r- SWAP
On the 19th of November, StaFi network integrated r- DOT into r- SWAP v1 on mainnet which enables r- DOT holders to get DOT immediately and the discount parameter is set at 90% in the early stage. Besides r- DOT, r- SWAP V1 has supported the swapping of r- ATOM. Also, r- BNB was in process at the time of this release.
r- BNB INTEGRATION ON r- SWAP
On the 24th of November, r- BNB had been integrated into r- SWAP V1, users could get BNB immediately and the discount parameter is set at 90% in the early stage
Up till now, r- SWAP V1 supports the swapping of r- ATOM, r- DOT, r- BNB. r- FIS will be deployed soon.
r- DEX V1 INITIATION
On the 26th of November, StaFi platform also announced the Initiation of r- Dex V1 solution. It will serve as an AMM DeX for r- tokens/ FIS pairs. The poll for r- Dex is currently open, users can now vote for it. With r- DEX V1, r-token holders could enjoy various benefits:
- First off, no more cross chains to gain Liquidity
- Efficient Liquidity will be granted to all r- tokens
- Impermanent loss protection.
BINANCE FIS TRADING COMPETITION
On the 22nd of November, StaFi announced that the $100k FIS trading competition on Binance is live, with multiple trading pairs involved. It’ll take place from the 22nd — 28th of November.
SIF EXPANSION
Users can now provide Liquidity for ROWAN/r- ATOM pool in order to enjoy 100% APY.
All they have to do is stake ATOM to get ERC20 r- ATOM, then bridge r- ATOM into Sifchain. Once done, pool ATOM and claim the rewards.
CONCLUSION
StaFi network is working hard towards developing or upgrading their Ecosystem while updating & incentivizing their Community. As the platform ends November and moves into the next month, more prospects will be updated to facilitate the user experience.
For more relevant information, visit https://www.stafi.io
Article Written By : Adasofunjo Michael Oluseye
