STAFI RELEASES THE rETH MAINNET
INTRODUCTION
Staking of digital currencies is rapidly becoming the order of the day, as nearly every system has put in place a staking program which allows its users to lock-in an amount of the asset on the systems smart contract, for a specified period, and in return get staking rewards from the system.
When a user stakes an asset, it is impossible to spend the asset until withdrawal from the staking contract, only at the end of the staking period.
It would be great if a user staking an asset could make use of the asset even while it is in the staking contract, so as to generate more benefit.
Thats why…
STAFI PROTOCOL WAS CREATED
This decentralized protocol makes it possible for users to actually benefit from their staked asset, as it makes it spendable and tradeable for the users.
With the STAFI protocol, users do not have to wait for the end of the staking period to spend their asset, as they could readily use it anytime they wish, with ease.
It achieves this by issuing out the rToken, a representation of the staked asset, to the user, upon staking. This then gives them the ability of deciding what they want to do with the rToken.
So, if a user chooses to spend or even trade their rToken, STAFI protocol makes that possible, so as to put the users in full control of their asset.
STAFI LAUNCHES rETH MAINNET
rETH is one of the rToken made available by STAFI Protocol, in exchange for staking Eth on the staking contract of the system, which could be used to redeem the Eth staked Eth when need be.
The rEth was created to also make the spending and trading of the staked Eth a possibility for its users, in such a way that they do not necessarily have to wait for the staking period ends before getting more value for the Eth staked on the system, rather they can trade the rEth or use it to redeem the staked Ethereum from the contract.
Luckily for the benefits of the users, STAFI has just launched rEth on mainnet, which creates more and better possibilities for every user, seeing as it makes a lot of things achievable for them.
WHAT rETH MAINNET MEANS FOR STAFI USERS
The deployment of rEth on the mainnet is indeed an added advantage for the users, as they get to have full taste of the benefits which this rToken has to offer.
This mainnet launch opens up ETH 2.0 staking to the users, with an APY (Annual Percentage Yield) of about 8.31%, which is intriguing, compared to the staking returns offered by other platforms. This gives users the opportunity to earn massively from the system, through staking.
Additionally, the launch of rEth mainnet also opens up the trading of rEth to STAFI users, so that they will be able to swap the rEth for Eth right on uniswap, once STAFI opens up trading the trade of rETH against Eth, as its trading pair.
To spice up the STAFI system a bit more, it will be releasing a liquidity farming program, through which the users can claim more rewards simply by taking part in the liquidity farming operation.
CONCLUSION
Bringing the rEth to mainnet is just the beginning of the unlimited benefits which STAFI offers its users, as it will release more rTokens into the system.
With all these being put in place, STAFI makes staking more profitable and efficient to the users, giving them unrestricted access to wealth.
For more information, kindly visit www.stafi.io
Article Written By : Adasofunjo Michael Oluseye
Telegram Username: @Seyeski
