In July, StaFi protocol took some giant strides towards meeting the needs of the staking world. For those not sure of the work being done, let’s get you up to speed on the journey so far.
July Development Recap
Here’s a brief recap of the July progress report for StaFi protocol.
More rTokens Developed
The success of the existing rTokens and the increasing demand for more rTokens gas got the StaFi team to do the needful. rSOL and rMATIC have gone beyond the development phase. Testing of these synthetic derivatives is done and dusted as well.
The interest-bearing tokens release will be released soon. So if you have always wanted rSOL and rMATIC, you will be able to get them soon enough. Remember, you will get these synthetic derivatives if you stake the actual token using the StaFi rTokens app. More rTokens are in the pipeline.
rFIS Version Two Launched
StaFi protocol continues to grow, supporting different synthetic derivatives. rFIS is one of these interest-bearing tokens.
To ensure users get an effective, user-friendly rFIS app, StaFi has upgraded the app to a higher version. Here, you can keep track of rewards using the Reward Record section. The app also has its UI/UX upgraded to a whole new level that most rToken users will find interesting.
imToken Integration For rETH
The presence of the rETH app on the imToken wallet was another milestone for StaFi in July. Through this addition, you can access the rETH app easily on the imToken wallet.
It was such a big deal for StaFi that anyone that stakes ETH through the app on imToken wallet got rewarded with FIS through the StakingDrop bonanza.
Collaboration With Tidal
Also, in July, StaFi partnered with Tidal towards the creation of an insurance pool for the rETH contract. Through this pool, rETH holders are provided coverage for their digital assets.
The insurance coverage applies to rbridge contracts as well.
StaFi Chain v0.4.5 Released
The StaFi Chain v0.4.5 was recently released in July. The latest update to the chain allows the configuration of relaxers for the supported chains.
On the updated StaFi Chain, you can swap rTokens to and fro the BSC blockchain.
Got The Polygon Foundation Grant
Though StaFi applied for the Polygon Foundation grant earlier, it was in July that the Staking Finance protocol won the grant. StaFi is expected to deploy the funds towards the development of the synthetic derivative for MATIC, which is rMATIC.
The Polygon Foundation will provide the needed guidance towards making rMATIC a success.
Expectations For August
Just like in July, StaFi has a lot planned for August. Here’s a sneak peek into what to expect from the Substrate-based platform this August.
rToken Liquidity Boost
As more synthetic derivatives enter the foray, liquidity becomes a major challenge.
In August, StaFi will be working on developing products that improve rToken liquidity in the coming days.
More Partnerships
Growth in the crypto space requires strategic partnerships with other relevant projects. StaFi will be playing this route in August. All loose ends in the Tidal partnership deal will be resolved in August.
Besides the Tidal collaboration, StaFi is looking to partner with De-Fi projects with the BSC blockchain this August. So if you have always wondered when StaFi will collaborate with your favorite BSC-based project, it might just happen this August.
Conclusion
As always, StaFi protocol saw lots of developmental progress in July. Much more is expected in August as the market outlook changes. The StaFi team has been relentless in ensuring the project is never stagnant in development. And this is reflected in the popularity of StaFi. The key to a successful project in the digital space is to continue to build, collaborate and communicate. StaFi checks all three boxes and more.
Follow StaFi official website for more information
