Hi Everyone, despite the gloomy market situation in May, StaFi protocol experienced some developmental gains that are worth mentioning.
Before we look at the many StaFi protocol developmental events in May 2021, here’s a recap of some of the activities in April.
Recap of StaFi’s April Development
rKSM App Was Launched
Following the release of the audit report, issues raised were fixed, and the rKSM app was launched. Users can now get the KSM staking derivative, rKSM when they use the StaFi protocol for their KSM staking. The rKSM can be moved between chains through the StaFi rbridge.
rDOT App Went Live
In April, another staking derivative, rDOT was launched. It’s set to bring liquidity to DOT staking. With StaFi being a part of the Polkadot DAO alliance, this is bound to be big.
The rBridge was modified to support the transacting of this rtoken on Uniswap, ETH’s main DEX.
rAsset Was Launched
Besides the launching of rToken apps – rDOT and rKSM – the rAsset app went live in April. This allows rToken holders to manage their rTokens just like they’d manage their crypto assets. Through the rAsset app, you can confirm the actual value of the staking derivatives, know the quantity of the actual cryptocurrency you’d get for your rToken holdings, and more.
The rBridge was also integrated into the rAsset app during this timeline, making it possible to move rTokens from the StaFi protocol to the Ethereum chain.
The rDOT and rKSM apps
These two launchings took center stage in April. Considering how important these staking derivatives are to the StaFi protocol, it’s no surprise they took the spotlight in April.
May Development Report
rATOM Launch
rDOT and rKSM might have grabbed the spotlight in April, but the rATOM launch ushered started the month of May.
Through the rATOM launch, the liquidity crunch on the Cosmos POS is finally over. ATOM holders can stake their tokens on the StaFi protocol, and get the highest possible APY with the addition of the equivalent staking derivatives, rATOM.
To spice things up, the rBridge has been upgraded to allow the swapping of rATOMs for their ERC counterpart, making it possible to trade them.
FIS Got Listed
Also in May, StaFi protocol native token, FIS got listed on Coinone, one of the biggest Korean exchanges. This is great news for the StaFi users, especially the Korean community as they can now trade FIS on a big centralized exchange.
Staking Finance protocol’s FIS also got listed on Hotbit Korea. It might not have grabbed headlines, but this points to a growing awareness of what StaFi represents, which is good for the progress of the protocol.
Recall that earlier this year, FIS got listed on top-tier centralized exchanges, BINANCE and Huobi, putting StaFi protocol's native token right in the faces of a larger crypto crowd.
$WRA Farming Started
In May, StaFi protocol’s partner, WrapFi commenced the biggest yield farming opportunity for interest-bearing tokens, including rTokens. This is part of the WrapFi Genesis Fair Launch for its $WRA tokens.
Unsurprisingly, rTokens got the biggest slice of the pie. Out of the 10 million $WRA set aside for the exercise, 7.5 million is exclusively available to rToken stakers. This is due to the partnership between StaFi and WrapFi.
rToken holders stake their staking derivatives and gradually reap $WRA over a certain period. Of course, the yield continues to decrease as more rtoken holders maximize this freebie.
The exercise is set to last for a few weeks, providing rToken holders the opportunity of a lifetime.
rETH/ETH Listed On Curve
Also in May, a proposal was pushed on Curve’s DAO for the listing of the rETH/ETH trading pair. Following a favorable vote in the decentralized community, the trading pair got listed.
This means users can convert their rETH to ETH easily on Curve. In addition to the convenience this provides rToken holders, there’s the visibility angle for the StaFi protocol and its rToken – more people get to know about the Staking Finance protocol.
Conclusion
Regardless of the topsy-turvy nature of the market in May, the StaFi team continues to build the platform, as they should. It’s an indication of their commitment towards ensuring users get the service they seek – liquidity unlocking and the many privileges the protocol has to offer.
Follow up to date information about StaFi by visiting their website: https://m.stafi.io/
