StaFi Protocol Monthly-May Community Update
In May, the StaFi Protocol made significant strides, particularly in enhancing its technical prowess and community engagement while fostering strategic collaborations. Notable milestones include our exploration into Distributed Validator Technology (DVT) integration for $rETH, the launch of the StaFi Project Page on Dune Analytics, the introduction of liquid staking for Carbon Network’s $SWTH token on StaFiHub Mainnet, and the establishment of our new DAO Governance Forum. Get ready to dive deep into StaFi’s developments and advancements in May, as we continue to shape a more innovative and inclusive staking ecosystem.
Technical Updates
1.Exploring DVT Integration For StaFi LST’s
On 3rd May, StaFi announced explorations in enhancing its security framework by incorporating Distributed Validator Technology (DVT) for $rETH, Ethereum’s Liquid Staking Token. DVT improves security and transparency by dispersing Ethereum validator duties across multiple nodes, thereby removing single points of failure. This implementation necessitates the division of the validator’s private key among different nodes. StaFi is exploring collaborations and integration with the SSV Network and Obol Network, which already offer DVT implementations.
2.rETH Dashboard Launches on Dune Analytics
StaFi launched a real-time analytics dashboard for its staked Ethereum ($rETH) on Dune Analytics on May 6th. The dashboard provides key metrics such as total rETH supply, total ETH deposit, number of active validators, and total ETH withdrawn from Beacon. It also shows rETH liquidity information for different decentralized exchanges, such as Balancer Pool and CurveFi Pool. The team plans to introduce similar analytics for other rTokens in the future.
3.rSWTH Launch on StaFiHub
On May 9th, StaFi launched liquid staking for Carbon Network’s $SWTH token ($rSWTH) on the StaFiHub Mainnet. Users can now mint $rSWTH and enjoy staking rewards with an APR of 4.25% at the time of writing while retaining liquidity for DeFi applications such as Farming, Lending and Borrowing on Demex and Nitron.
Follow the guide to stake SWTH and mint rSWTH.
4.New StaFi DAO Governance Forum Launches
On May 17th, StaFi launched its new DAO Governance Forum. The StaFi DAO is designed to give our community a voice and is divided into seven key categories: staking experience, proposal, growth, education, integration, research, and community.
5.Signal Proposal To Integrate DVT for StaFi LST’s
StaFi has signaled a proposal on the 25th May to integrate SSV’s Distributed Validator Technology for the $rETH Solution to boost security and decentralization. This includes launching StaFi Router for validator registrations, enhancing validator key management, and introducing Smart Operator Selection for optimal operator choice. Provide your feedback and participate in the decision-making process through voting and discussion.
6.rETH Slow Mode Update
On 29th May, StaFi released an update for the rETH Slow Mode, which has been running for a month will be concluding on June 1st. Most rETH validators have successfully used the designated ejector client, which listens for events requiring validators to exit and sends an exit transaction as necessary. Validators not yet using the ejector client are urged to do so to avoid potential penalties. Upon the Slow Mode’s conclusion, the daily rETH withdrawal cap will increase from 32ETH/day to 100ETH/day to accommodate more withdrawals while maintaining system stability.
Community Updates
1.StaFi Rangers Program Update for April 2023
StaFi Rangers Program Report for April was released on the 4th May which saw a rise in followers for StaFi Protocol and rDEX Finance as well as newly introduced Twitter promotional tasks for Rangers. The program also promoted three Rangers to Warrior Ambassadors, onboarded four new ones.
2.StaFi x DIA CommunityHub Twitter Space AMA
On May 11th, StaFi participated in a Twitter Space AMA session hosted by DIACommunityHub for Liquid Dialogues Episode 2, discussing various topics related to Liquid Staking Tokens (LSTs) alongside Rocket Pool, Stride Zone, and Meta Pool.
3.StaFi Warriors Contribution for April Released
StaFi released its Warrior Contribution Report for April on 15th May. StaFi Warriors and Ambassadors made notable contributions to community growth. The report provides detailed information on the Warriors’ contributions and their assessment for April.
5.StaFi x Demex Twitter Space AMA — Fireside Chat
On May 18th, StaFi participated in a Twitter Spaces AMA hosted by Carbon and Demex. The main topic of the event was rSWTH, which is the liquid staked version of SWTH. The event aimed to provide in-depth information about rSWTH and offer participants the opportunity to engage with representatives from StaFi, Carbon, and Demex.
6.StaFi x Quickswap Twitter Space AMA — All Roads Lead To Polygon
StaFi participated in a Twitter Spaces AMA organized by Quickswap on May 19th. The focus of the discussion was on Community and SocialFi as part of the “All Roads Lead To Polygon” series. The event provided an opportunity for participants to engage in conversations about these topics with StaFi and up to 22 other industry players including Polygon, EverRise, Voxies and more!
7.StaFi Project Page Goes Live on Dune Analytics
StaFi has launched its Project Page on Dune Analytics on 22nd May, providing access to real-time data and dashboards for rETH and rMATIC with more rTokens on the way. Users can explore tokenomics, active validators, and other valuable information on a single page. The project page offers insights into the mint rate, burn rate, LP pools, and more, empowering users to make informed decisions.
8. Community Call For June Scheduled
The StaFi Protocol has scheduled its 6th Community Call for June 1st, 2023 at 8AM UTC. The call, hosted on Google Meet, will focus on the integration of DVT into StaFi LSTs. The agenda includes a recap of progress and targets, community speeches, product updates, insights on DVT integration, and an open Q&A session. All community members are invited to join the call, which offers an opportunity to learn more about StaFi and its products, interact with the team, and share feedback. Questions about StaFi, StaFi LSTs, and the DVT integration can be submitted in advance via a forum thread.
9.Twitter Polls
https://twitter.com/StaFiHub_/status/1654826310106251265
https://twitter.com/StaFiHub_/status/1659527825454678018
https://twitter.com/StaFiHub_/status/1662751589721939968
https://twitter.com/rDEX_Finance/status/1656963389384720384
Collaborations
1.1inch Lists $rETH With Limit Orders
On 2nd May, StaFi rETH was listed on 1inch, a decentralized exchange platform. Users can explore various trading modes, including swap, limit, and P2P, to trade $rETH on 1inch. The integration aims to provide a seamless and convenient trading experience for $rETH, allowing users to easily mint, swap, and set limit orders for $rETH on the Ethereum network.
2.StakeDAO Farming Campaign for Curve $rETH/ $ETH LP token
StakeDAO launched a farming campaign for the Curve rETH/ETH LP token on 4th May. By staking LP tokens, users can earn $CRV and $SDT. The campaign involves three steps: acquiring rETH through the provided link, adding liquidity on Curve using the designated pool, and finally staking the LP token on StakeDAO.
3.$rETH/ $ETH Farming Campaign Launches On VelodromeFi
On 5th May, VelodromeFi launched a farming campaign for the $rETH/$ETH pair on the Optimism Network. Participants can unlock liquidity by minting rETH, bridging it to Optimism, and adding liquidity to the campaign.
4.Liquidity Farming Campaign for $rMATIC/ $MATIC Live on QuickSwap
QuickswapDEX has launched a liquidity farming campaign for the $rMATIC/$MATIC pair on 10th May. Participants can stake their LP tokens to earn $FIS and $dQUICK rewards.
5.Demex Launches $rSWTH with a Liquidity Pool
Onn 11th May, Demex, the DEX on Carbon, launched the $rSWTH/$SWTH trading pair, offering users the ability to swap between the $rSWTH and $SWTH tokens with deep liquidity and minimal slippages.
6.Nitron Launches Incentivized $rSWTH/$SWTH LP Lending
On the 11th May, StaFi, in partnership with Demex, introduced an incentivized rSWTH/SWTH LP token lending program On Nitron. Users can participate by providing liquidity to the rSWTH/SWTH pool and lending their rSWTH-SWTH LP tokens. In return, they can collateralize their LP to mint USC or borrow up to 18 different assets.
7. StaFi Gets Listed On Token Terminal
StaFi Protocol has been newly listed on Token Terminal on 29th May. This listing offers StaFi exposure to a larger audience and provides potential investors with easily accessible and valuable data about the project. Users can now track StaFi’s key metrics such as the price, market cap, total value locked, assets staked, and the number of active users and developers, among other data.
June Prospects
In June, our attention will primarily be devoted to a range of facets, predominantly concentrating on the expansion of our rETH DVT technology, delving into the exploration of Cosmos LSM module, and embarking on an EVM LST module security audit, beginning with the migration from rBNB and rMATIC. Operationally, our endeavor will be to extend collaborations with LSDFi, with the specific aim of broadening the application scenarios for StaFi rTokens.
Concurrently, we will be committed to product enhancements, where our rToken app will initiate support for mobile platforms, in addition to aligning new optimizations with existing applications. As we continue to explore a multitude of domains, the anticipation of further expansion of the StaFi Ecosystem is a thrilling prospect. We look forward to collectively navigating this journey of constant evolution and innovation.
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.
