StaFi joined hands with Coinswap
StaFi and Coinswap have teamed up to make their networks and assets more fully compatible with each other. StaFi and Coinswap will work together to introduce the brand-new asset rATOM token, the staking derivative of ATOM, into Coinswap, and launch related co-incentive programs for the liquidity providers.
Coinswap is the cross-chain AMM DEX created by the core development team of IRISnet. Coinswap module is the first AMM module in the Cosmos ecosystem. Coinswap app launched this year has the unique ability to support multiple “coins” and cross-chain protocols (e.g. IBC) and be combined with functions like NFT and oracle.
This partnership unlocks the following features:
rTokens Traded on Coinswap
Coinswap will list StaFi’s rATOM tokens so that the Cosmos ecosystem users could directly trade the staking derivative rATOM token, the brand-new interest-bearing assets, on Coinswap, the DEX of Cosmos cross-chain Ecosystem. And rIRIS tokens will also be considered in the next development plan and to be listed on Coinswap in the future. This is of great meaning for both StaFi and Coinswap.
Co-incentive Programs on Coinswap
StaFi will work with Coinswap to launch co-incentive programs for the liquidity providers of rATOM on Coinswap. StaFi will add generous FIS tokens into the reward pool, to reward the Coinswap users.
“Doubled” Rewards
Since rTokens are minted after users staking, users can get “doubled” rewards on Coinswap if they are using rTokens: liquidity farming rewards for providing rTokens’ LP token and PoS staking rewards after rTokens redeemed
Improving Security for IRIS Hub & Cosmos Hub
As Coinswap provides liquidity farming functions, tokens staked and tokens in farming pools need to be balanced to provide high DeFi incentives while keeping PoS network safe. StaFi enables a new way by providing staking derivatives that users can still stake their native tokens (ATOM, IRIS, etc.) and use the rTokens to be swapped and farmed on Coinswap.
About Coinswap
Coinswap is built by the core development team of IRISnet. With cross-chain AMM as its core feature, Coinswap is dedicated to providing a vanguard innovation platform for DeFi applications in the Cosmos ecosystem. Coinswap has the ability to support multiple “coins” and cross-chain protocols, and also be combined with functions like NFT and oracle.
About StaFi Protocol
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.
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