What is StaFi Protocol? StaFi Protocol is a DeFi protocol that unlocks the liquidity of assets being staked. So, if there is anything interesting about StaFi Protocol, let’s find out together in the article below.
To better understand StaFi Protocol, people can read some of the articles below:
- Episode 6: What is Liquid Staking? Develop Forever With L1 Wars
- What is Proof Of Stake (PoS)? Advantages & Disadvantages Compared to Proof Of Work (PoW)
StaFi Protocol Overview
What is StaFi Protocol?
StaFi is the first multi-chain liquidity staking protocol that unlocks the liquidity of staking assets. StaFi allows users to stake their tokens without locking up assets while still being able to participate in on-chain activities.
The temporary lock mechanism is created to ensure the commitment between Stakers and the system that they do not commit any fraudulent or destructive actions. It can be said that this is a safe mechanism, but in the long run it will not be very popular. Therefore, StaFi Protocol was born with the purpose of overcoming the above problems. Users participating in StaFi Protocol can stake their assets according to the PoS (Proof-Of-Stake) mechanism to receive rToken. rToken is a form of asset conversion and users will receive staking rewards and trade staking tokens even though they are in a temporarily locked state.
Operation mechanism of StaFi Protocol
StaFi Protocol develops the following products:
- rToken App: HSupports staking features for the following tokens: ETH(Ethereum), FIS(StaFi), BNB(BSC), MATIC(Polygon), ATOM(Cosmos), SOL(Solana). Users can easily deposit their tokens into the stake pool in the rToken App.
- rPool:
Users who stake their tokens through the StaFi rToken app can participate in rPool and earn FIS token according to their shareholding ratio. - Mint Program: Lis a staking incentive program that rewards users for staking their tokens in StaFi and minting new rTokens.
- DeFi Integration:
StaFi will cooperate with many DeFi protocols and use FIS tokens as incentive fees for a group of purposes that can stimulate users to add to the project’s liquidity pool. - Bridge: Allows users to swap their assets from one ecosystem to another.
- Asset:
is a dashboard product for rToken holders. It allows rToken holders to manage their rToken assets, including the number of rTokens in their wallet, the total rToken value they hold, and the number of redeemable native tokens.
Differences of StaFi Protocol
The differences of StaFi Protocol include the following factors:
- rToken is an abbreviation for the phrase: “reward Token”. When owning rToken, users will be allowed to exchange the corresponding amount of locked tokens and receive staking rewards. Besides, you can trade rToken instead of staking tokens.
- Users can stake tokens through staking contracts built on the StaFi platform. To participate in this service, you just need to use the tool to stake tokens, which will be exchanged on DeX and CeX exchanges in the future.
- Users can mint rToken by staking on staking contracts. After that, rToken will be destroyed when the investor buys back the original token. Of course, you can sell rTokens on the exchange or hold rTokens to receive corresponding staking rewards.
StaFi Protocol development roadmap
- Q1 2022: Development of Stafihub, RDEX and other products.
- Q2 2022: Build open Stafi infrastructure.
- Q3 2022: Robust system implementation for rToken.
- Q4 2022: Support users to explore the open stake derivatives platform.
- Q1 2023: Support users to explore new system features.
- Q2 2023: Deployment LSD for EVM Compatible Chain.
Investors
- February 2020: StarFi Protocol successfully raised $371,000 at Seed Round at a price of $0.065
- April 2020: StarFi Protocol continues to raise $200,000 at Private Round 1 at a price of $0.082
- June 2020: Raised $309,000 in Private Round 2 at $0.085
- September 10, 2020 Raised $110,000 at Public Sale at $0.13
Core Team
- Young Liam (Founder): He has more than 8 years of experience working in the traditional Internet field, with experience in product management and development. He is also the founder of mining pool Wetez and Wetez wallet and author of the book “Mastering Proof of Stake”.
- Tore Zhang (Co-Founder): Formerly a software engineer for Alibaba, Has been involved in blockchain development for a long time. In-depth experience with platforms such as Ethereum, Tezos, Cosmos and Polkadot.
Tokenomics
Information about StaFi Protocol tokens
- Token Name: FIS token
- Ticker: FIS
- Blockchain: Ethereum
- Token Standard: POLKADOT
- Contract: 0xef3a930e1ffffacd2fc13434ac81bd278b0ecc8d
- Total Supply: 114,082,560
Tempus Token Allocation
- Community Rewards: 40%
- Foundation: 21.4%
- Team: 15%
- Private Round: 6.1%
- Advisors: 6%
- Seed Round: 5.7%
- Ecosystem Growth: 5%
- Public IEO: 0.8%
Token Release
- Community Rewards (40%) – 10% unlocked after the first month, the remaining amount will be used for staking rewards.
- Foundation (21.4%) – 10% are unlocked after 6 months, the remaining are unlocked regularly every day for 12 months.
- Team (15%) – 10% are unlocked after 9 months, the rest are unlocked regularly every day for 9 months.
- Private Round (6.1%) – 25% is unlocked when listed, the remainder is unlocked daily after the first month for 8 months.
- Advisors (6%) -10% unlocked after 3 months, remaining unlocked daily after the first month for 6 months.
- Seed Round (5.7%) – 25% is unlocked when listed, the remainder is unlocked daily after the first month for 8 months.
- Ecosystem Growth (5%) – 40% is unlocked when listing, the rest is used as incentive.
- Public IEO (0.8%) – No lock.
Token Use Case
- Staking: Is the criteria to allow Validators to participate in the Stafi network, and for nominator nominations.
- Transaction fees: Use to pay for computing resources, helping to eliminate spam or unnecessary transactions.
- Administration: FIS token holders can participate and vote on decisions related to the StaFi project.
Exchanges
Currently $TEMP token is being traded on exchanges: Binance, Bitget, Gate.
Project Information Channel
- Twitter: https://twitter.com/StaFi_Protocol
- Telegram: https://t.me/stafi_protocol
- Discord: https://discord.com/invite/jB77etn
- Github: https://github.com/stafiprotocol
Summary
StaFi Protocol is a DeFi protocol that unlocks the liquidity of groundbreaking staking assets for other projects and users can utilize their assets in the most optimal way.