StaFi January Development Recap
It’s one month into the new year, and the Staking Finance protocol has continued on the path of development. Of course, the DeFi project has prioritized the building of rDEX and StaFiHub in January, but there’s a lot more happening on the protocol. Let’s go over the StaFi development progress in the first month of 2022.
rToken Liquidity Mining Extended
In January, StaFi extended liquidity mining for several rTokens including rSOL, rBNB, rETH, and rDOT. The APY on these pools is exciting, so anyone holding these rTokens can take advantage of the liquidity mining opportunity.
The exercise is expected to last for 30 days from the start of the liquidity mining program. Interested rtoken holders not yet enjoying these rewards need to hurry before it’s over.
NEAR Liquid Staking Solution Proposed And Got Positive Feedback
Staking Finance created the proposal for the NEAR liquid staking solution in January. Though it has been considered in the past, the proposal was only recently created. If the proposal gets the necessary community’s backing, then the NEAR liquid solution will become available soon.
rNEAR, the rToken of the NEAR liquid solution will be thoroughly researched and evaluated. Afterward, the StaFi team will proceed to create a liquid staking solution consisting of multisig contracts, and more.
rDEX Testing And Bug Bounty
The long-awaited rToken DEX is currently in the testnet phase. StaFi has unveiled the technical details of the decentralized exchange — and it’s focused on providing liquidity for these staking derivatives while minimizing issues of impermanent loss.
A bug bounty for the rDEX is currently in progress. This offers community members and the general public the opportunity to get rewarded for finding vulnerabilities in the decentralized exchange codes. It’s a win-win for both parties — the DEX codes are evaluated by third parties, ensuring it’s impregnable to attacks while bug finders get rewarded.
Once the rDEX survives the scrutiny that comes with the testnet, then it will be deployed live, making it available for use. rToken holders can then trade all their synthetic staking derivatives in one place with the opportunity to add liquidity to any of the pools. And they don’t have to worry about impermanent loss.
StaFi Website Revamped
As part of efforts to put Staking Finance in the driving seat of liquid staking solutions, the StaFi website was revamped in January. Changes to the website include user interface modifications, the addition of the educational videos section, and more.
By revamping its website, StaFi hopes to achieve user education regarding liquid staking, better access to rToken trading, and seamless validator recruitment.
One of the latest additions to the StaFi website is the educational videos. If the DeFi protocol is to become the preferred choice of everyone staking on POS chains, then it has to be easy to use. These educational videos are expected to make that happen. Anyone can view them, follow the pointers on using the protocol and staking their assets on the staking contract to get rTokens.
rETHCRV On The Ballot
StaFi’s rTokens have consistently permeated the top DeFi protocols. Remember how rETH got listed on Curve Finance. Well, Staking Finance is at it again. But this time, rETHCRV is on the ballot. In January, rETHCRV was among those considered to be listed on Idle PYT 11.
As always, voters — IDLE holders and stakers — will decide if the rToken gets integrated on the platform or not. This certainly will be beneficial for rETH liquidity if the rToken gets the vote.
Unfortunately, RETHCRV never made it past the playoffs as it failed to get the top votes from IDLE holders and stakers. Of course, there will be other opportunities as StaFi continues to push for the integration of rTokens in DeFi and beyond.
AMA On Twitter Spaces
In January, StaFi held its first AMA on Twitter Spaces with the co-founder of the DeFi protocol providing some insights on the project’s roadmap for 2022. Everyone interested in learning what the year holds for StaFi can catch up on the AMA recordings on Twitter.
Expectations For February
StaFihub and rDEX are set to be the focus of StaFi in February. This isn’t surprising considering the size of these initiatives. Following a successful testnet that’s devoid of lots of bugs, we can expect the launch of RDEX in February. This timeline isn’t set in stone; a turn of events can change things. The liquidity mining program heralding the launch of rDEX has already been hinted at — 5 million $FIS — so it’s highly likely the rToken DEX will be operational in February.
It has been an interesting start to the year for StaFi as highlighted by the protocol’s January development progress report. From the rNEAR token proposal creation to the status of rDEX, there’s a palpable anticipation of what February brings forth. The month of love can’t come soon enough.
For more information, visit these websites below:
rToken App: https://app.stafi.io
Telegram Chat: https://t.me/stafi_protocol
Telegram Announcements: https://t.me/stafi_ann