StaFi December Development Recap

December might not be the most active month in the crypto space, but the grind doesn’t stop for the StaFi team. And it shows in the progress recorded by the DeFi project in December. Let’s recap the major events of the protocol in December.

New Liquidity Mining Programs

In December, more liquidity mining programs were added for several rTokens, including rBNB, rSOL, and rDOT. Anyone looking to benefit from these programs had to add liquidity for these rToken trading pairs and earn $FIS in the process.

StaFi Chain Upgraded

The StaFi team continues to improve the StaFi Chain to compete favorably in the highly innovative crypto space. And in December, the latest installment of the chain v0.4.10 was released.

This updated StaFi Chain has several improvements over the previous versions. Some of the changes include revamping the features of rSwap, making it possible to trade rFIS for $FIS.

Of course, there are other changes this upgrade brings to the StaFi chain, which should improve the performance of the DeFi protocol.

Support For Tidal Finance Individual Coverage

StaFi has been consistent with protecting users from the harsh realities of the DeFi ecosystem. In December, the Substrate-based platform added support for Tidal’s coverage for rETH holders. With this latest inclusion, rETH holders can now purchase individual insurance coverage.

StaFiHub Proposed

December came with a proposal for the creation of StaFiHub, a parallel chain that will allow for the addition of more rTokens. Staking Finance looks set to provide more projects on Cosmos ECO with the perks of liquid staking and StaFiHub will make that happen.

Though the existence of StaFiHub is still merely a proposal, the StaFi parallel chain is expected to be built on SDK, servicing the Cosmos ECO.

rDEX Nearing Completion

The StaFi team released the status of rDEX in December. According to the DeFi protocol, the rToken decentralized exchange development is nearing completion. For rToken holders, this is good news as they can soon trade all their staking derivatives for the actual token in one place, no more switching DEXs. Also, rToken liquidity, one of the problems haunting the staking derivatives, will be solved with the introduction of rDEX.

Another game-changing attribute of rDEX is its protection of liquidity providers. On this StaFi DEX, liquidity providers won’t have to worry about impermanent loss, one of the biggest issues that LP holders have to deal with.

While we anticipate the unveiling of rDEX in Q1 2022, rToken trading can be carried out on rSwap though not all rTokens are captured. You can enjoy a mouthwatering discount when you use rSwap.

What To Expect In 2022

With December marking the end of the 2021 roadmap, what are the expectations for Staking Finance in 2022? The DeFi protocol is pushing for wider adoption of liquid staking and rToken. StaFiHub will be the vehicle driving this to reality, especially as the Cosmos ECO is ripe for the picking.

In 2022, StaFi’s rDEX will go live. This will bring an end to the illiquidity issues that have bedeviled rToken trading. Activities heralding the launch of the DEX such as the bug bounty are expected in the coming weeks.

2022 will also witness the introduction of more staking derivatives. StaFi isn’t deviating from its purpose of rescuing POS chains from a liquidity crisis, so we should expect more synthetic derivatives in 2022.

Conclusion

2021 was a roller-coaster year for Staking Finance. From $FIS getting listed on the biggest centralized exchanges to unlocking the liquidity trapped in several POS chains, StaFi saw it all. Yet, there’s a lot to be done. With marketing for StaFi to be intensified in 2022, the DeFi protocol looks set to bring massive changes to global finance through liquid staking.

Follow these official websites for updates about StaFi:

Website: www.stafi.io

rFIS Product: https://rtoken.stafi.io/rfis

rETH Product: https://app.stafi.io/rETH/staker/info

rDOT Product: https://app.stafi.io/rDOT/staker/index

rKSM Product: https://app.stafi.io/rKSM/staker/index

rATOM Product: https://app.stafi.io/rATOM/staker/index

Twitter:@Stafi_Protocol

Telegram Chat: https://t.me/stafi_protocol

Telegram Announcements: https://t.me/stafi_ann

Discord: https://discord.com/invite/jB77etn

Forum: https://commonwealth.im/stafi

--

--

--

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Why does ORION use Substrate?

How ChainAction movement was born and why it is needed.

The Galital Environment Architecture

Web2 Vs Web3 the major difference

Running a Things Network Application on a Private Ethereum Blockchain

Handling Disputes at Kickback

EOSX.GAME Asks for Your Vote!

Introduction of new BP node EOSX.GAME

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Adaora Anders

Adaora Anders

More from Medium

StaFi November Development Recap

InvArch Weekly Updates: December 24, 2021.

Introducing The Task Referral Program: Earn More $TASK Token 🚀🚀🚀

ENVELOP secures support for its wNFT technology from Animoca Brands