StaFi Protocol Monthly Update | November

StaFi Protocol released Monthly Update for November covering launch of rSwap V1 and rDEX V1 proposals & more.

🔹Technical Update

1.rSwap V1(ERD Solution)

1) On Nov 8th, StaFi proposed an Exchange-Rate Discounting (ERD) solution to solve the liquidity problem for rToken quick-swaps.

With ERD solution, users can get the Native Tokens immediately and Finance Provider purchases rToken at a discount.

2) On Nov 16th, rSwap V1 was released on mainnet and supported rATOM first. Based on ERD Solution, rSwap V1 serves as a supplementary way for rToken quick-swaps.

With rSwap V1, rToken holders can get native tokens immediately with a discount (90% in the early stage) on the redemption exchange rate.

3) On Nov 19th, rSwap V1 integrated rDOT which enables rDOT holders to get DOT immediately and the discount parameter is set at 90% in the early stage.

4) On Nov 24th, rBNB was integrated into rSwap V1, users could get BNB immediately and the discount parameter was set at 90% in the early stage.

5) As of Nov 27th, StaFi rSwap V1 had supported rATOM, rDOT, rBNB. The amount of swapped ATOM, DOT, BNB is gradually growing, which shows the demand for quick swap from rToken to native token is being met.

2.New “Status”

On Nov 18th, the new “Status” was live on rToken App. In the new “Status” dashboard, users can clearly see:

1) The amount of redeemable token, staked token, unbonding token and the reward of last era.

2) Historical unbonded records

3.v0.4.9 Version Upgrade

On Nov 8th, StaFi Chain v0.4.9 version was released:

1) Optimize the algorithm of claiming to prevent possible issues when modifying the config of rToken mint.

2) Use rToken rate to calculate before using the swap rate, which makes the DEX accurate when you swap rTokens.

4.rDEX V1

On Nov 25th, StaFi released rDEX V1 solution, the AMM DEX for rToken/FIS pairs built on the StaFi chain. rDEX V1 has the following features:

1) Slippage protection mechanism

2) As the basic asset, FIS can be used to realize the exchange between different rToken assets

3) Support to deposit single or dual currency

It’s the next important App built for StaFi rToken Ecosystem, and will be released on 2022Q1.

🔹Collaborations

1.SubDao AirDrop Bonus

On Nov 3rd, StaFi and SubDao jointly initiated 10,000 GOV airdrop campaign for joining StaFi DAO and vote for governance proposals

2.New addition on Binance

On Nov 19th, Binance add FIS/ BIDR, FIS/ TRY trading pairs.

3.Trading Competition on Binance

On Nov.22nd, the 100K FIS trading competition on Binance was started and it lasted 7 days.

4.Sif’s Expansion

On 25th, Sif’s Expansion was opened, rATOM holders could provide liquidity for ROWAN/ rATOM pool and enjoy 100% APY.

5.Exchange rate of rATOM/ ATOM

On Nov 27th, the exchange rate of rATOM/ ATOM on Sifchain reached 1:1.008813, it’s very close to the real on-chain exchange rate:1.046365:1.

About StaFi

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. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.

📰 INFO

https://medium.com/stafi/stafi-protocol-monthly-november-community-updates-66797196e5b2