StaFi Protocol is a Substrate-based DeFi protocol, but it serves multiple chains, as it should. Its liquidity unlocking offer is geared towards servicing all PoS blockchains. So the BSC integration comes as no surprise to many.
SaFi’s integration into the BSC network started with the inclusion of the BEP20 token. With the popularity of the BSC network, this addition of the BEP20 token helps.
The BSC bridge closes the gap between the BINANCE Smart Chain network and the StaFi protocol. Through this bridge, users can leverage the many benefits of the rToken app.
How To Use The rToken App With The BSC Bridge
Using the rToken app with the BSC bridge isn’t difficult. But you must know what you are doing. For those not sure of what they’re doing, this guide is for you.
Start by opening the rToken app using the link. You should use the wallet dApp browser on your device to access the link. Once done, proceed to the rAsset section of the web app.
For instance, you can move rFIS from its Substrate base to the BSC network. Doing this is relatively simple.
After choosing the token standard – those are native and BEP20 – submit the quantity.
The reason behind the integration of the BSC bridge is most evident here – you have to use the bridge swap to switch between token standards.
Once you have entered your preferred quantity, use the Swap option. It’s hard to miss it. The token standard switch isn’t free. There’s a transaction fee attached. StaFi requires having FIS for fees. So if you don’t have enough, then it all comes to naught. Fortunately, the FIS Station Swap Tool can help. However, you must have relevant assets like DOT, ETH, ATOM, or KSM to use this service.
As always, you have to authorize the switch of token standards on the StaFi rToken app. Entering your password in the required space provided makes that happen.
If done right, your transaction is confirmed to be successful. If you have doubts about the completion of the transaction, using the blockchain explorer should clear every doubt.
How Important Is The BSC Bridge Integrations?
Binance Smart Chain (BSC) is home to a lot of DeFi protocols. Most of the protocols have large communities with impressive activities. StaFi intends to collaborate with some of these projects. The endgame is a more useful rToken.
Currently, rToken can be traded and staked for more passive income. The staking opportunities are currently limited to WrapFi and Curve. That’s why partnerships with these BSC-based DeFi protocols can make a difference.
By teaming up with these projects, rToken can function just like any other asset. The array of yield farms, lending protocols and NFT minting platforms on the BSC is a fertile ground for the rToken. Imagine a digital space where you can lend your token, earning rewards in the process.
The BSC bridge is the portal to making all these happen. It’s like the foundation for all these expectations to become a reality.
With the BSC bridge integration, rToken can have a truckload of use cases. Of course, partnerships with some of these projects are needed to make that happen. The StaFi team has confirmed these collaborations will come in the future. Currently, the protocol is focused on supporting more synthetic derivatives – more liquidity trapped in POS chains has to be unlocked.
Conclusion
The BSC bridge integration means a lot for the future of the rToken. Once the StaFi protocol unlocks all the liquidity locked in POS chains, the rToken party will start. It’s just a matter of when. Hodl!
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