StaFi March Development Report
Hi everyone, and welcome back to my blog! The month of March saw StaFi protocol witness some monumental developmental progress. Not sure what we’re rambling about? Here’s a leap to all the exciting details:
rTokens Got Some Well-deserved Attention
Though plans for rToken have been in the works, rETH and rFIS application got some well-deserved attention in March. The interplay of these rTokens got a boost with the bridge between StaFi protocol and Ethereum network. This is an indication of the many things to come as more rTokens will be brought into the picture in the months to come.
In March, the rDOT and rATOM solution was rolled out. The aim is to have these applications scrutinized by the community through the testnet launch. Of course, bug hunting is one of the gains of this exercise. Subsequently, these rToken — rDOT, rKSM and rATOM — will become available to the public.
Reputed Auditors Invited
To ensure users navigate the world of rToken safely, StaFi protocol hired the reputed Certik to audit the rDOT and rKSM contracts.
FIS Listed On Top Tier Exchanges
Though the StaFi protocol prioritizes product development, putting FIS on the map entails making inroads into top CEX exchanges that attracts more traders. So it’s a pleasant surprise to have both Binance and HuObi Global list FIS on their reputable exchange — it does wonders for the team’s marketing efforts.
Collaborated With Polkadot
StaFi protocol’s charge to link up multiple chains through rToken has seen collaborations with distinct blockchains. In March, StaFi Protocol collaborated with Polkadot towards the use of rDOT in liquid staking. Beyond this cooperation, StaFi protocol is opened to having parachain projects leverage the endless possibilities possible with our rDOT solution.
rTokens On BSC?
With the growing popularity of the Binance Smart Chain (BSC), StaFi is looking at pushing the application of their armies of rToken towards the latest kid on the block, BSC. So it’s no surprise they have deployed ShuttleFlow in finding ways for a seamless migration of rToken from the Ethereum network to the BSC.
Hopefully, this will see more users — due to the impressively low fees on BSC — interact with these rTokens through the numerous DeFi platforms on the chain.
Partnership With Unmarshal
rToken valuation is crucial in the grand scheme of things. To get around this situation, StaFi Protocol partnered with Unmarshal. This partnership will see the provision of balance API and transaction API for rToken. The duo of wallet and dApps can use these APIs for proper valuation of rTokens.
What Next For StaFi?
Consider the 1st quarter as a sneak peek of what to expect in the 2nd quarter. Having seen the immense potential of rTokens, StaFi will prioritize the development of these assets, ensuring users enjoy as much liberty as any other cryptocurrency out there.
Any Expectations For Quarter 2?
We’re looking at a merrier StaFi Protocol, and that means the addition of more distinct rTokens. If rTokens are to take their rightful place in the staking derivatives market, then more of these assets have to enter the fray. To actualize this vision, StaFi Protocol will aggressively pursue the introduction of more rToken apps in this quarter. You can expect about 6 new rtokens in the second quarter of 2021.
Adding more rTokens to the mix does little or nothing if liquidity remains a problem. Of course, we’re aware of what this means for the widespread adoption of rTokens. To salvage the situation, StaFi Protocol is looking to amplifying the liquidity of rokensT in DEX platforms.
Substrate And Tendermint-based rTokens Incoming
As rTokens continue to play their role in the DeFi space, StaFi is looking to expand the playground of these tokens. One of the ways through which they intend to bring this to fruition is making rToken for substrate-based projects and their tendermint counterpart.
The creation of an rSubstrate solution increases liquidity access for stakers on the Polkadot network. Of course, this solution will prove helpful in ensuring the efficiency of the entire ecosystem.
The rSubstrate solution is expected to unleash the liquidity trapped within projects hinged on the Polkadot chain. ChainX and Equilibrium are some of the projects that will see the rSubstrate solution put to work.
Another expectation for the second quarter is the creation of the rTendermint solution. This targets projects on the Cosmos network. rTendermint solution will make the liquidity locked by staking accessible to stakers. rTokens will be created for projects hosted on Cosmos such as Oasis, Band, Terra and others.
rToken Liquidity Mining
The StaFi Protocol StakingDrop will help make liquidity of rToken locked in DEX platforms available. StaFi will make this a reality through the liquidity mining plan scheduled for the 2nd quarter. While we are anxious to reveal the details of the StakingDrop, jumping the gun is not a trait of the StaFi Protocol.
March has been an amazing month for the development of the StaFi Protocol. But we’re enthusiastic about what the future holds, especially this second quarter. There’re a lot in the pipeline, so keep your eyes peeled for them.
Visit StaFi official website for related updates: https://m.stafi.io/