The month of November saw some progress and improvements from StaFi. Since inception, StaFi has sought ways to improve its service delivery, especially technologically. For instance rETH and rFIS solutions were introduced to users, and they have proven to be plausible additions to the protocol. In addition to the implementation of rETH and rFIS, rBridge also got tested and went through different audits in preparation for its release officially. Furthermore, the rFIS also carried out an incentive test that lasted two weeks. It is amazing to see that the StaFi community is enjoying unprecedented growth, with StaFi getting involved in new and strategic partnerships.
One problem that plagued a lot of staker was liquidity of the stakes. StaFi noticed that flaw in existing systems, and came up with a solution in the form of ETH 2.0 staking. Users who are interested in participating can do so via StaFi’s staking contract that is available on the Ethereum blockchain. It may interest you to know that the minimum stake amount is 0.01ETH as opposed to the 32 ETH that ETH requires, and when an amount is staked, the equivalent rETH token gets issued to the person staking. Whenever a user invests an amount that is equal to or more than 32 ETH, the OVs (original validators) can request to implement a new node, and when that happens, the OVs will be ranked by their history of activities, and the ones who rank highest will be at an advantage. OVs of rETH are in for the best times within the StaFi community, because they are eligible to get rewards for staking that are way above what is offered by nodes that are self-operating, and that is a big plus for original validators.
One thing that is worthy of note is that the staking income and original tokens have the rETH tied to them. Furthermore, users are at liberty to exchange the rETH for ETH on decentralized exchanges, or opt for the option of lending or investing the tokens via loan contracts. Basically, when a user receives rETH after staking, the tokens can be used for other purposes while their stakes yield. Another thing that StaFi hopes to achieve is to create an ecosystem where users have access to liquidity staking that is both decentralized and real.
A lot has gone into the development of StaFi, and more than 85% of the development has been completed, and this includes the totality of the contract structure, seamless communication between the validators, stakers, and overall user interaction and experience. It may interest you that different checks and tests have been carried out already to ascertain that both the front-end and back-end parts of the system are functioning as expected. The beta part of the protocol was announced on 17th December, 2020. Validators and stakers have been encouraged to actively participate in the beta program, because there are incentives to be gotten and stakers or validators that detect flaws or bugs are in for bounty rewards.
The developers and engineers at StaFi have come together to create a revolutionary innovation, such as has never been seen within the crypto community. They have come up with a solution that serves as a bridge between the Ethereum blockchain and StaFi tokens. This basically means that FIS can be traded seamlessly on the Uniswap platform. It is important to note that by default FIS tokens are not compatible with the Ethereum blockchain because they are not ERC-20 tokens. With the rBridge, it becomes possible for users to swap their FIS tokens and get the equivalent rToken, which in this case is pegged at the ratio 1:1. The whole process of swapping comes with a gas fee that isn’t fixed, and the whole process of swapping takes nothing more than a minute before the swapped tokens get to the owner’sERC-20 wallet. It is also important to note that the user is only required to pay the real-time exchange rate, while StaFi handles the fee attached to ETH handling. It is important to note that at the moment the swap is one way, and that means that FIS can be converted to rTokens and not rTokens to FIS. However, by January it is expected that the swap will become a two-way bridge.
Just as rETH went through series of tests and audits, rBridge has also undergone series of tests, and has been audited by a reputable audit company called CertiK. According to the audit report from CertiK, some minor issues have been addressed in order to ensure that users enjoy seamless services when transacting. Since the implementation of rBridge, the product has gotten nothing but positive reviews from different parts of the community, and furthermore it has attracted more users to the ever expanding StaFi community. The aim is to provide a healthy staking ecosystem for users, as they do not need to bother about the usual locked liquidity on assets.
StaFi is a revolutionary platform with amazing products that can be tagged as being progressive. The idea is to evolve while delivering topnotch and optimally profitable staking opportunities to users. The launch of rBridge will pave the way for the creation of better updates and improved incentives on liquidity. There are plans to bring more development to rKSM and rDOT.
The platform also seeks to partner with some companies, and thus pave the way for more improvements within the StaFi ecosystem. It is hoped that StaFi will work with some key projects within the decentralized finance space, and in turn bring more exposure to grow the community. They have plans to get into partnerships with Curve, Compound, Aave, and Uniswap. Furthermore, while StaFi is concerned about ensuring that users are able to stake their tokens without hassles, the platform also has the intentions to attract more members to the community. They are also keen on updating their followers through different channels. The future looks bright for both rETH and rBridge, and the records are there to speak for the StaFi solution from inception to the present.