Image for post
Image for post

In December, StaFi made significant progress in all aspects of work. In terms of technology development, StaFi launched rETH and rFIS solutions. rBridge is currently accessible on the mainnet. The rFIS incentive test has been completed, and the code has been submitted to the audit agency. The rETH incentive test is underway. The StaFi Community is also flourishing. The StaFi “Warriors Program” has attracted a large number of members, and new ambassadors are joining us steadily. Moreover, StaFi has also reached strategic cooperation with Oasis and Unilend.

The details of the December monthly report are as follows:

Technical Update

1) On 30th November, StaFi officially released rFIS, the staking liquidity solution for the mainnet FIS. rFIS is the first rToken launched by StaFi. Through rFIS, StaFi not only solves the liquidity problem for FIS stakers but also increases node revenue for validators and increases StaFi’s staking rate. …


Image for post
Image for post

Summary

ETH 2.0 has a harsh rule when it comes to Slash — a validator may face up to a Slash of 16 ETH from his balance. In extreme cases, the entire Staking principal of the validator may be confiscated. This situation poses a great challenge for the design of rETH from the validator’s perspective. If the validator does not pay the deposit, he/she may feel free to act in a dishonest manner, but if the deposit is too high, it will damage the willingness of participation in the rETH ecosystem.

In this article, the following issues will be discussed:

1) The Slash rules for ETH…


Image for post
Image for post

Overview

After pulling many all-nighters, the StaFi team has finally developed rETH, a solution to the liquidity of ETH2.0 staking, with the help of community contributors. Once accessible, Stakers will be able to Stake freely in the ETH2.0 ecosystem. More importantly, the minimum Staking amount will be lowered to 0.01 ETH instead of the 32 ETH required by ETH. The rETH a user obtains after Staking can circulate, and he or she can virtually enjoy the real decentralized Liquidity Staking.

On the other hand, any validator can deposit 8ETH in the StaFi rETH contract in order to run a node in the ETH 1.0 Deposit contract. This is because a validator’s deposit will be combined with another 24ETH from StaFi users’ funds. The above validator will virtually become an Original Validator of rETH, enjoying staking rewards that are much higher than that of self-operating nodes. …


Image for post
Image for post

Abstract

Proof of Stake (PoS) has become one of the mainstream consensus algorithms. Since 2012, with the combined efforts of different researchers and teams, many technical problems have been solved, such as Nothing at Stake, Long Range Attack, etc. By 2018, the PoS consensus algorithm gradually matured. In June of the same year, PoS (PoS-like) projects represented by EOS and Tezos, began to go live, marking the beginning of a new generation of PoS consensus-driven technologies. Over the next two years of development, PoS has ushered in a golden development period. …


Image for post
Image for post

In the month of November, StaFi has made great progress in all aspects. In terms of technology, StaFi rolled out rETH and rFIS solutions. rBridge has undergone alpha test, open beta, and security audits, and is now preparing for the official release. rFIS has also initiated a two-week incentive test. Our community is growing too, and a lot of newcomers have been attracted by The StaFi “Warriors Program”. There are 40 warriors who have made their valuable contributions in their expertise fields. Also this week, StaFi has reached strategic cooperation with Reef Finance and Injective Protocol.

StaFi’s exciting progress in November is detailed below. …


Image for post
Image for post

Community Translations: Spanish | Filipino

The Oasis Protocol Foundation and StaFi Protocol reached a strategic cooperation on December 1st. Both parties seek to ease the process of importing personal data into an exchange by data generators, which is based on Staking Derivatives(rToken). This will support the “Authorization” of personal private data in a decentralized way, which can be used by data generators to obtain revenue.

Data Staking Derivatives

We are living in a ‘Big Data’ world. As long as we are using electronic terminals, data is being generated endlessly. However, the usage and ownership of this data has been a controversial issue. The most obvious problem is that the ownership of personal data by the data generators exists in name only. …


Image for post
Image for post

Overview

It is the mission of StaFi to unleash the liquidity of all Staked assets. The team has worked tirelessly towards this mission since Day One, pulling all-nighters one after another. We are finally ready to announce a substantial progress that we have made: the development of the main functions of rFIS have been completed. rFIS product is ready to enter Open Beta: https://test-apps.stafi.io/?rpc=wss%3A%2F%2Fstafi-seiya.stafi.io#/accounts


Image for post
Image for post

If you don’t have the time to read through the entire article you can check out the short version:

TL;DR

  • rFIS could help FIS nominators unlock the liquidity of staked FIS by trading rFIS any time they want;
  • Original validators:have to run validator nodes of StaFi first before they can apply;
  • Related Fees: 0 for minting, 20% staking reward commission split by StaFi and validators, 0.2% redemption fee;

Overview

By the design of rFIS, users only need to conduct FIS Staking through the FIS Staking contract deployed by StaFi in order to obtain rFIS token, which anchors the Staked FIS as well as the Staking income. As the first-ever rToken asset issued on the StaFi chain, rFIS not only acts as an liquidity-releaser for nominators on StaFi mainnet, but also as a test field and a representative case for other rToken solutions in the future. The new normal of rFIS will be an outset for all explorations in the future, such as options, loans and other derivatives. Therefore, the release of the rFIS beta version has great practical significance for StaFi, with regards to the realization of rETH, rDOT and other rToken solutions. …


Image for post
Image for post

Summary

In the past month, the core engineers of StaFi have pulled many all-nighters to complete the development of rBridge. A cross-chain bridge on Ethereum, rBridge will act as a channel linking StaFi mainnet assets and Ethereum chains. Users can exchange FIS for ERC 20 FIS at a 1:1 rate by using rBridge. Thereafter, they will be able to access transactions, lending and other applications of the DeFi world of Ethereum.

What is the use of rBridge? It can enable FIS tokens to be traded on Uniswap. This is, of course, just one of its many applications. rBridge will help with the cross-chain inter-operation between assets on the StaFi mainnet and other ecosystems, including Ethereum, Polkadot, and Cosmos. Therefore, we will keep updating rBridge products in the future, so that FIS tokens and rToken assets issued by SatFi can freely circulate across different public chains at a low cost. …


Image for post
Image for post

Ethereum 2.0: A Liquidity Dilemma

On November 4 15:00 UTC, Ethereum 2.0’s deposit contract went live, and the countdown to Ethereum 2.0 Phase 0 has begun — ETH staking is finally right on the corner. According to official documents released by the Ethereum Foundation, a fixed amount of 32 ETH is required for staking, with an expected annualized yield between 5% and 20%. Though lucrative (a lot higher than yields provided by Decentralized Finance (DeFi) applications for ETH specifically), currently, ETH staking is far from being easy due to the following facts:

  • High entry barrier. According to Ethereum 2.0, delegation is not allowed and stakers must run a validator node to start earning. In this case, stakers must possess a lot of knowledge about nodes before actually hosting a validator client. In addition, validator nodes must maintain high uptime and avoid behaviors such as double signing, both of which demands further resources and costs from stakers. If not managed properly, stakers might miss out on their rewards and even face halving on their staked 32 ETH. …

About

Stafi_Protocol

Stafi_Protocol A Decentralize Protocol to Provide the liquidity of Your Staking Assets

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