StaFi Protocol Monthly-August Community Update

8 min readAug 31


Dive into August’s exhilarating journey with StaFi Protocol’s Monthly Community Update! As we navigate through the month, we’ve witnessed significant strides in our technical advancements, community engagements, and collaborative efforts. This report aims to provide a comprehensive overview of our achievements, updates, and future plans.

Product&Development Updates

1. StaFi Weekly Developments

2. Successful Conclusion of StaFi’s rMATIC Bug Bounty Program

On 3rd August, StaFi announced the successful completion of the $rMATIC Bug Bounty program. The initiative identified a total of 20 issues, with 16 functional and 4 smart contract-related. Out of these, 5 were addressed and fixed. For added security, we’ve also commissioned an external audit for $rMATIC from Zellic_io, which found no severe vulnerabilities. The audit and the bug bounty program together underscore StaFi’s dedication to ensuring a secure staking experience for its users. For more insights, refer to the $rMATIC Code.

3. Merged StaFi rToken App Launched

StaFi launched its Merged rToken App, integrating StaFi Chain & StaFiHub on August 4th. This unified platform facilitates staking of 11 distinct tokens across four ecosystems. Key enhancements include a streamlined UI/UX, one-click DeFi with all rTokens, and real-time reward monitoring. More insights can be found on the official proposal.

4. rMATIC & rBNB Integration with Mobile rToken App

On the 22nd August, StaFi expanded its accessibility by integrating $rMATIC and $rBNB with the Mobile rToken App. This integration allows users to effortlessly stake $MATIC & $BNB directly from their metamask. By visiting the StaFi rToken App via the MetaMask Mobile Browser, users can further streamline their staking experience by adding the rToken App to their favorites.

5. StaFi Integrates SSV DVT for rETH on Ethereum Testnet

StaFi has successfully integrated SSV Network’s DVT for $ETH liquid staking on the Ethereum Goerli testnet. During the setup, challenges with operator status were addressed using the SSV API, ensuring smooth operator transitions. As StaFi awaits SSV’s mainnet launch, validators and operators are functioning seamlessly. For more details, view the proposal.

6. Bug Bounty Program for SSV DVT Integration for rETH Launched

On 31st August, following the successful integration of SSV DVT with $rETH on the Goerli testnet, StaFi announced a Bug Bounty Program to identify potential vulnerabilities, particularly those that could result in user fund losses. The program, running from August 30th to September 12th, 2023, offers rewards ranging from $10 to $25,000 (in $FIS tokens) based on the bug’s severity. Participants can access the ETH SSV Client to begin and report any findings on the GitHub Issue Tracker.

New Proposal

1. Proposal to list rBNB/BNB Pool on Wombat’s Voting Gauge Passed

On August 1st, Magpie’s MIP #13 proposal to list the $rBNB/ $BNB pool on Wombat’s Voting Gauge was successfully approved. This green light means $rBNB/ $BNB liquidity providers from StaFi can now earn $WOM emissions from Wombat Exchange, amplifying rewards for the StaFi community.

2. [SIP-6] Proposal for Removal of Unused Bridges On The rBridge

On 10th August, StaFi proposed to enhance its ecosystem by removing specific unused tools from rBridge, mitigating potential risks. The initiative aims to optimize development resources and align with recent updates. Users have a transition window from 15th August to 15th September to bridge their assets. For more details, read our proposal.

3.[SIP-7] StaFi Router and integration of SSV DVT infrastructure

On 22th August, StaFi proposed to integrate SSV DVT infrastructure and introduced StaFi Router to enhance the decentralization and security of Ethereum. For a deeper dive into the technical aspects, please refer to this proposal.

4.[Discussion Draft]StaFi DAO Governance Framework

On 29th August, StaFi introduced the SIP (StaFi Improvement Proposals) Governance Framework to standardize core protocol operations and promote community-driven decisions. Managed by StaFi Governance, Core Units facilitate community proposals and are integrated into the StaFi DAO via governance votes. Budget proposals within SIP emphasize value, deliverables, and detailed fund management. For comprehensive insights, members can review the Draft Proposal, participate in the off-chain vote, or visit the proposal website.

rToken Integration Updates

1.New Round of StaFi rETH Farming Campaign Launched

StaFi has rolled out a fresh $rETH Farming Campaign on 8th August, offering stakers an opportunity to earn enhanced returns on their staked $ETH.

Follow the steps to join: 1) Mint rETH 2) Farm

2. Wombex Integrates StaFi’s rBNB LP Pools — Boosted Yields Now Live

Wombex has integrated StaFi Protocol’s $rBNB — $BNB Liquidity Pools on its BSC LP Staking platform on August 2nd. This integration allows Wombex community members to enjoy enhanced yields through $rBNB LPs. The platform offers various pools and boosted WOM rewards for staking.

Ready to Add Liquidity? Head Over to Wombex

3. rETH Pool on Timeswap Reopens With New Pool

StaFi’s $rETH lending/borrowing pool has resumed on Timeswap, now featuring an extended maturity period until October 3rd, 2023. Users can lend to achieve an impressive APY of up to 3.2% and borrow at a rate of 0.5% APR.

Start lending/borrowing in 3 steps: 1️) Mint rETH 2️) Bridge rETH to Arbitrum 3️) Lend/Borrow on Timeswap

4. rMATIC Pool on KyberSwap Reinitiated with Attractive Yields

StaFi’s $rMATIC pool has been refilled with incentives on KyberSwap, presenting an opportunity for users to add liquidity and potentially earn a remarkable APR of up to 1653.42%.

Begin farming: 1️) Mint ERC20 rMATIC 2️) Bridge to Polygon 3️) Farm

Community Updates & Collaborations

1. StaFi DAO July Monthly Report

On 3rd August, StaFi introduced its monthly DAO Report to enhance transparency and engage the community in governance. The July report showcases the protocol’s progress, financials, and community initiatives. StaFi emphasizes its commitment to openness, detailing financial situations and DAO advancements. For an in-depth look, refer to the full report.

2. StaFi Community Call for August — rToken Merger of StaFi & StaFiHub

StaFi’s Community Call on August 7th unveiled the StaFi Tokenomics V2, $rBNB & $rMATIC’s migration to EVM LSD, and plans for SSV integration. The community was introduced to the StaFi Warrior Star Awards and the successful Rangers Program. Monthly DAO reports for transparency, EVM LSD product advancements, and rToken merger insights were also discussed.

Read Summary:
Watch Recording:

3. Twitter Space AMA with MC²Fi: Economic Incentives & Staking Rewards

On 9th August, StaFi Protocol participated in a deep dive discussion on Blockchain & Crypto, focusing on Economic Incentives & Staking Rewards. The event, hosted by @mcsquaredfi, featured an impressive lineup of speakers from various crypto projects.

Listen to the recording here:

4. StaFi Warriors’ July 2023 Contributions Released

On August 11th, StaFi released the contributions of its dedicated Warriors for July 2023. These Warriors, including notable contributors like Jupiter, Zanthony, AlphaTower, and Kelvin, have been instrumental in promoting StaFi Protocol’s mission and the transition of $rMATIC to the EVM LSD Architecture. Their combined efforts in content creation, partnerships, and community building, amplified by StaFi Ambassadors on platforms like Twitter, have significantly advanced StaFi’s objectives.

5. Twitter Space AMA with TimeswapLabs: rETH Integration

On 25th August, StaFi hosted a Twitter Space AMA with @TimeswapLabs, where we discussed the introduction of $rETH on Timeswap, highlighted cutting-edge innovations, rewarding incentives, and delved into the intricacies of bi-directional lending and borrowing.

6. StaFi and Tidal Launch Ethereum Validator Slashing Insurance

StaFi has partnered with Tidal Finance to roll out Validator Slashing Insurance for Ethereum 2.0 users, offering protection from slashing risks. The insurance, live from August 15th, covers slashing losses on StaFi’s protocol and compensates up to 3.3% of staked $ETH.

September Prospects

For September, our focus will be on integrating the SSV and Cosmos LSM modules. We will also launch Wallet Connect to extend the reach of the rToken app across diverse channels and to a broader user base. Furthermore, we will continue the development of the Chainlink CCIP and EVM LSD modules, aiming to boost the scalability and interoperability of rToken in upcoming phases.

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.

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