Dec 15, 2021
StaFi November Development Recap
Staking Finance has had an eventful November. The DeFi protocol development progress continued in November, providing more PoS chains with efficient liquid staking solutions.
Without further ado, let’s delve into the StaFi November development recap.
Exchange Rate Discounting Proposal
In November, Staking Finance submitted a proposal for exchange rate discounting (ERD) for financial providers on its DEX. If the community votes in favour of the proposal, it will improve the liquidity on the decentralized exchange.
Unlike the usual DEX that most users are accustomed to, rSwap uses the exchange-rate discounting method to support the swapping of rTokens. Interestingly, this will change with the second installment of the DEX. rSwap V2 is set to be an AMM-backed DEX, so issues of liquidity crunch won’t arise.
StaFi Chain v0.4.9 Is Here
The latest update to the StaFi Chain — v0.4.9 — was unveiled in November. With this latest update to the chain, the capacity and efficiency of the protocol should go up. For instance, claiming rToken on staking is smoother. Also, you get a fairly better idea of the number of rTokens to expect on swapping on rSwap, StaFi’s rToken DEX.
More Cover!
Handling liquidity is a risky business. So StaFi collaborating with Tidal Finance has been applauded by everyone in the DeFi space. In November, StaFi took it up a notch by increasing the coverage from Tidal Finance to cater to smart contracts on the StaFi Chain. That’s more protection against any undesired incidents.
rSwap V1 Launched
With the passing of the proposal for exchange-rate discounting, rSwap V1 was only a matter of time. In the same month, the rtToken DEX was launched, making it easier to trade rTokens for their underlying asset. Of course, not all rTokens were covered at the onset, but that will change with time.
From afar, rSwap V1 appears to be a makeshift DEX for quick swapping of rTokens on the StaFi chain. In the future, the swap service will be upgraded to the AMM-styled DEX that’s popular in the DeFi space.
UI/UX Improvement
StaFi has always taken performance concerns seriously. The DeFi protocol is pushing for improvements on the user interface of the rToken app. Like any typical community-driven project, these improvements will be voted on. The StaFi team is open to suggestions to ensure users are pleased with the final version.
Status
In November, ‘Status’ went live on the rToken app. The latest addition to the StaFi staking dApp lets users follow the liquid staking action. Through this feature, you get to know the number of tokens staked, redeemed tokens, and other relevant data.
Status is a sort of dashboard for liquidity activities on StaFi protocol. It’s a good metric for judging the usage of the liquid staking solution provider.
Proposal For AVAX Liquid Staking Solution
StaFi isn’t relenting in its devotion to liquid staking solutions for PoS chains. The DeFi protocol showed that resolve with the submission of a proposal for AVAX liquid staking solution. This will allow a countless number of users of that chain the opportunity to access liquidity without losing their staking position.
Votes for the AVAX liquid staking solution proposal took place in November.
Conclusion
November was a good month for Staking Finance Protocol. And this is from a development perspective. The introduction of rSwap, expansion to the Avalanche Chain, and the StaFi chain’s latest upgrade all point to a focused and development-oriented DeFi dapp. If the December prospects captured in the StaFi monthly report are anything to go buy, the DeFi community can raise their expectations for the protocol.
USEFUL LINKS
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
