In August, StaFi protocol made significant progress as the DeFi platform continues to tackle the challenges haunting PoS chains.
August has been a month to remember for StaFi and the DeFi community in general. Here’s a recap of the StaFi developmental progress report for August.
BSC Comes to StaFi
The integration of the BSC network has been in the works for a while. In August, it finally happened.
StaFi protocol used the rToken BSC bridge to support the expansion of the rToken universe into the Binance Smart Chain network. Using the rToken BSC bridge on the rAPP, you can now swap rToken into the BSC network.
The expansion into the BSC network will herald StaFi’s partnerships with BSC-based projects, creating a vibrant economy for the interest-bearing tokens (rToken).
StaFi: rETH Integration On Hyperpay Wallet
August also witnessed the integration of the rETH app on Hyperpay Wallet. This means ETH holders can stake ETH and get rETH tokens using their Hyperpay Wallet.
This partnership with Hyperpay comes weeks after the protocol collaborated with imToken wallet on ETH 2.0 staking using the rETH app.
As always, a StakingDrop followed to incentivize the ETH 2.0 staking for those using the rETH app on Hyperpay Wallet.
Eco-Building Program Launched
A flourishing DeFi ecosystem requires institutional validators. Add the ever-increasing number of intricate smart contracts, and the need for institutional validators goes higher.
The StaFi Eco Program was launched in August to compensate for this gap in validators for the StaFi Chain. However, stringent criteria have been put in place to ensure the recruitment of only qualified institutional validators.
Strategic Partnership With RockX
The month of August also saw StaFi going into a strategic partnership with RockX. As the protocol continues to expand its rToken multiverse, more professional validators are needed. This explains the collaboration with RockX.
The reputation of RockX precedes it; the staking service provider works with several blockchains like Polkadot, Solana, and others.
RockX’s role is to fine-tune the performance of original Validators. This will impact the protocol and its rToken multiverse positively.
RockX is one of the many institutional validators that are coming in through the StaFi Eco-Building Program.
rMATIC Product Is Ready
StaFi stays committed to liberating all PoS chains; the development of the rMATIC liquid staking solution is proof of that. Holders of MATIC can stake MATIC tokens through the rAPP and get tradable rMATIC.
As always, the rMATIC liquid staking solution offers a way out of the unbonding timeline that makes staking unattractive. There’s also the reward angle where MATIC stakers through rMATIC products get the highest possible reward.
Launch Of Lending Products Using rTokens
In August, a major first happened: synthetic staking derivatives can now serve as collateral for borrowing. The StaFi protocol makes this possible through its partnership with Liqee.
StaFi teamed up with Liqee lending platform to support the lending of certain assets to holders of liquid staking synthetics. Thanks to the lending platform, you can borrow specific tokens of the POS chains using your rToken as collateral.
StaFi has always been bullish about creating multiple utilities for rTokens; this partnership with Liqee brings that to fruition.
StaFi v0.4.6 Went Live
The month of August saw the upgrade of the rAPP to its more accommodating v0.4.6 installment. Through that update, users can access more products through the rAPP.
StaFi protocol had an eventful August. Lots of life-changing activities took place in that month. Yet, the DeFi project remains steadfast in building a sustainable rToken ecosystem. Will the protocol deliver on its promises? Time will tell.