StaFi Protocol Monthly-April Community Update
April has been a busy month with significant progress in various areas. First, rSEI, the first LST developed with the SEI EVM and leveraging the EVM LSD Stack in StaFi 2.0, was released on the testnet. Additionally, rATOM, which is built on the CosmWasm LSD Stack, was launched on the Neutron testnet. This further expands the capabilities of the LSD Stacks. Furthermore, educational threads were shared to increase the awareness of LSaaS among community members about the technical key points behind LSaaS. Overall, April has seen notable achievements in the development and promotion of LSaaS and the LSD Stacks.
Product & Development
1.StaFi 2.0 Update
2.rSEI Launch on the Testnet
On April 2nd, rSEI, the first liquid staking token for Sei Network developed with the SEI EVM, was released on the testnet. The development of rSEI leverages StaFi 2.0 EVM LSD development framework and LSaaS, facilitating rapid development and deployment of LSD solutions.
rSEI Testnet App: https://test-app.stafi.io/gallery/evm/SEI/?net=SEI
Details: https://medium.com/stafi/stafi-now-supports-rsei-on-sei-testnest-662ed8117c30
3.rATOM Launch on Neutron Testnet
On April 4th, rATOM, the StaFi‘s liquid staking token for Cosmos, was launched on the Neutron testnet. Neutron is a blockchain network that brings smart contracts into the Cosmos ecosystem using CosmWasm, and rATOM is developed based on it. And CosmWasm has been packaged into a development framework and integrated into LSaaS, known as CosmWasm LSD Stack, to simplify LSD creation in the Cosmos ecosystem.
rATOM Testnet App: https://test-app.stafi.io/gallery/cosmos/ATOM/
Details: https://medium.com/stafi/stafi-now-supports-ratom-on-neutron-testnet-94972b04d226
4.StaFi LRT Stack Technical Key Points
On April 17th, StaFi detailed the technical key points of the LRT Stack in an educational thread. The StaFi LRT Stack is a straightforward, scalable, and open-source development stack that supports Eigenlayer LRT providers. Developers can effortlessly launch an LRT using this stack. The thread provided in-depth explanations on related smart contracts, two staking flow scenarios, and the process for unstaking and withdrawing funds.
Details: https://twitter.com/StaFi_Protocol/status/1780535762741838076
5.Technical Spell behind StaFi LSaaS’s LSD Stacks
On April 24th, StaFi outlined the technical key aspects of the LSD Stacks of StaFi in an educational thread. LSD Stacks are available for mainstream chains such as Ethereum, EVM-compatible chains, and Cosmos. This simplifies the staking project process, making it user-friendly. The thread elaborates on how the LSD Stacks operates in three parts: smart contracts framework, off-chain relay service, and user interface App.
Details: https://twitter.com/StaFi_Protocol/status/1783069939747946616
Community Updates & Collaborations
1. Continuing the StaFi 2.0 Journey: LSaaS Testnet Launch
The April StaFi Community Call, held on April 2nd, centered around the release of StaFi LSaaS on the testnet. During the sessions led by StaFi DAO members, discussions delved into the details of StaFi 2.0, particularly focusing on LSD Stacks and providing an in-depth explanation of the technical implementation of LSD Stacks within StaFi 2.0.
Recording: https://www.youtube.com/watch?v=7FXBRAaPy64
Summary: https://dao.stafi.io/t/stafi-community-call-for-april-11/166/2
2.StaFi DAO March 2024 Report & April 2024 Budget Plan
On April 3rd, StaFi DAO March 2023 report and the budget plan for April 2024 were released.
March report showcases the following key developments:
1) Commissions ranging from 5% to 10% collected by StaFi from various LSDs will be directed to the treasury pool as protocol revenue.
2) DeFi liquidity incentives of 92,524 FIS were distributed across key trading pairs on platforms like Osmosis and CakePie.
3) The costs of integrating Chainlink CCIP and SSV DVT were covered by 27 LINK and 7.57 SSV.
4) Governance strides included StaFi Staking Letter#3 released, vote for MetisLSB proposal passed and so on.
April budget plan included integration fees and LP incentives:
1) Integration fees: The service fee for integrating Chainlink CCIP and SSV DVT would be covered by approximately 80 LINK and 50 SSV.
2) LP incentives: StaFi would propose to allocate a total of 60,000 FIS to incentivize liquidity pools on various DEXes including Osmosis, CakePie, and Curve.
Details: https://twitter.com/StaFi_Protocol/status/1775516023577551074
3.SSV DVT Integration with StaFi LSaaS
On April 10th, StaFi detailed how to integrate SSV DVT with StaFi LSaaS without requiring any extra development work with an educational thread.
Explore more: https://twitter.com/StaFi_Protocol/status/1778047523602780614
4.StaFi FIS & rToken Status Update
5.FIS Status Update On Coingecko
On April 15th, the status of FIS on Coingecko was updated.
6.Temporary Suspension of rBNB-Related Functions
On April 24th, all rBNB-related functions on the StaFi rToken App were temporarily suspended. Stakers’ assets remain fully SAFU during the entire migration process, and all BNB-related functionalities will be re-enabled once the migration is completed. Please stay tuned for more updates.
Details: https://www.bnbchain.org/en/bnb-chain-fusion
Any question pls contact us: https://discord.com/invite/Up6vdp8fWx
7.Introduce rSEI to Boost Sei Eco
On April 26th, StaFi announced the introduction of rSEI to the Sei community in association with Sei Network. rSEI, developed based on the SEI EVM, represents a significant innovation in LST development. This initiative also benefits from the EVM LSD Stack in StaFi 2.0.
rSEI App on the Sei v2 Testnet: https://test-app.stafi.io/gallery/evm/SEI/?net=SEI
May Prospects
In May, the focus will be on the LRT Stack for Eigenlayer, Karak and potentially Bouncebit. There is some cross-engineering between Bouncebit and the BTC Stack, which will enhance the applicability of LSaaS. The LRT Stack is set to achieve an important milestone in May. On the LST Stack, we will proceed with the launch of rSEI and coordinate with the incentive proposal for rLaunchpad. Additionally, the migration of rBNB to follow the migration of BSC will be completed for staking. Overall, the development focus in May will be on the LRT Stack and Bitcoin Stack.
About StaFi 2.0
StaFi 2.0 will be a major upgrade and rebrand. In terms of positioning, StaFi will transform from a multi-chain LSD protocol to an LSD Infra Layer, and the brand will also be upgraded accordingly. In terms of tokenomics, FIS will introduce a burn mechanism and add new utilities. In terms of security, on top of the existing chain security, it will support contract layer security, including support and frameworks for multiple VMs such as EVM and WASM.
Read more about StaFi 2.0.
