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

Forum: https://commonwealth.im/stafi

--

--

--

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

Recommended from Medium

TriipMiles Travel Token Use Cases

How did the Top 5 Cryptocurrencies Perform in 2019?

CoinMENA Articles — How Did the Top 5 Cryptocurrencies Perform in 2019?

Blockchains that SCALE into the BILLIONS

Coinbase suspends purchase orders in India, removes support for UPI days after launch — Website…

Yield Farming: Make Crypto With Crypto

“Bitcoin Profit Bitcoin Profit?” Click here to join!

Why You Need a Crypto Trading Playbook

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

Renaming LSL to ‘Lunacian Sports League’

INTRODUCING ACKNOLEDGER

Digital Renaissance X Decentralized Club Ama Recap From the 23rd of February

LBank AMA Recap with Welups