How StaFi Protocol Keeps Abreast A Secured Ecosystem
Decentralized protocols like StaFi are often the subject of attacks. Every unscrupulous fellow wants to exploit these platforms for their good.
The absence of a physical barrier and a reliance on smart contracts make these platforms have that soft target appeal.
With StaFi involved in liquidity unlocking across multiple PoS chains, the stakes are much higher.
Challenges Faced
Despite the safety enjoyed by the StaFi protocol, it has its fair share of challenges. Most of these challenges occur due to the activities of validators. For instance, several StaFi validators run multiple nodes, which endangers the protocol if anything goes wrong with those nodes. It also derails from the decentralization framework of the StaFi protocol.
There’s also the problem of zero on-chain identities of most validators. Such a situation puts a strain on the security of the StaFi protocol. Validator incentivizing is something that needs to be worked on. The catch with greater incentives for validators is an increased dedication to their duty.
More institutional validators are needed to create a balanced pool of validators. Right now, there’s only a handful of these validators.
Avoiding A Shortage of Validators
Since the onset of the StaFi Chain, Validators have steadied the ship against attacks and fraud. Currently, more than 250 Validators help keep StaFi protocol running optimally. Yet, this number isn’t enough.
As the StaFi protocol adds more synthetic derivatives — rTokens to its ecosystem coupled with more intricate smart contracts, a greater number of validators are needed to keep StaFi operating fluidly.
To avoid a shortage of validators which can lead to a porous StaFi protocol — more validators are needed. It’s not rocket science. There’s a lacuna that needs to be filled and fast.
Introducing The StaFi Validator Eco Program
To pave the way for more institutional validators to get on board, StaFi launched its Validator Eco Program. The importance of institutional validators is not lost on anyone. Of course, a robust validator team relies on the strength of the institutional validators.
Stipulations Guiding the StaFi Validator Eco Program
As expected, the StaFi Validator Eco Program has laid down rules guiding it. This helps scrutinize those looking to be validators of the StaFi Chain.
Interested institutional verifiers must be renowned in the validator space. StaFi’s extending of direct invitations to institutional verifiers isn’t to be considered a sign of desperation. These verifiers still have to be above reproach.
These validator positions will be open to non-institutional verifiers as well. However, interested verifiers in this category have to match the requirements — value addition to the growth of the Chain.
Validator voting power also influences the delegation they receive from the StaFi protocol . For instance, if it exceeds the 5% mark, then no delegation from the chain. This is critical towards the decentralization of the StaFi ecosystem.
The Validator position is such a sensitive job. You have to be diligent for the greater good of the protocol. So it’s no surprise that accepted validators are reviewed after three months. This way, validators don’t get complacent.
Validators are expected to contribute to the growth of the StaFi community. Validator contributions depend on their expertise, and this will count in the review process.
Conclusion
Security is vital towards the survival of the StaFi Chain. The protocol is well aware of that. There’s only so much that smart contracts can do. So the input of validators helps provide a balance.
Through its Eco Program, StaFi can both safeguard and grow the protocol in leaps and bounds. Institutional validators are expected to take advantage of this opportunity.
For more information, visit these websites below:
Website: www.stafi.io
rToken App: https://app.stafi.io
Twitter: @Stafi_Protocol
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann
Discord: https://discord.com/invite/jB77etn