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StaFi: October Development Recap

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StaFi: October Development Recap

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‘Uptober’ came with a significant change in market sentiment as more people got drawn into the crypto buzz. Interestingly, the ‘moon vibes’ have been no distraction for the StaFi team as protocol development continued in October. 

In this piece, we intend to do a recap of StaFi’s development strides in October. 

rSOL App Launched

Following the successful launch of rBNB and rMATIC apps, StaFi continues to pursue the expansion of its rToken universe by covering as many PoS chains as possible. The latest addition is the Solana ecosystem, and the rSOL app is the portal for participating. 

The rSOL app was launched in October, providing Sol stakers with the gains of staking – maximum APR and greater liquidity – without the bureaucracy limitations associated with the POS chain. rSOL will have all the perks of a rToken while being just as fluid. 

Bigger Coverage Splash

The DeFi space has come a long way and the stakes have increased significantly as well. It wasn’t so long when StaFi partnered with Tidal Finance to ensure insurance coverage for funds within the protocol. 

This October, StaFi increased the budget for coverage to 2 million dollars, ensuring funds remain safu, regardless of the situation. 

New Partnerships

Collaborations with other platforms help grow a protocol, and that’s the line StaFi is toeing. In October, Staking Finance Protocol announced the partnership with Sifchain, a unique decentralized exchange with omni-chain flexibility, supporting the trading of assets across Cosmos and Ethereum blockchains. 

This new partnership led to the listing of rATOM on Sifchain DEX. rATOM holders can now trade their synthetic derivative for ROWAN, Sifchain’s native token. As part of activities to mark this partnership, liquidity mining programs and trading contests were rolled out. 

There are plans to expand this partnership to allow for the ROWAN liquid staking solution. It will help anyone staking ROWAN to enjoy the dividends of liquid staking without fear of asset loss. 

In October, StaFi protocol also partnered with MonoX, a tokenized asset marketplace. This collaboration will improve the liquidity of staked assets, encouraging stakers to put their assets to work. Pools were created to solidify this partnership, and more work will be done in that regard.

Staking Finance Protocol also partnered with SubDAO, letting the StaFi community participate in its testnet. $10,000 worth of GOV has been set aside to be shared among participants of this event. 

rToken App Interface Revamped

StaFi’s developmental progress in October touched on improving the rToken app experience. One introduction to that application is the ability to mint rToken in any of the listed chains – native StaFi chain, ERC-20, and Bep-20 – for use on supported platforms of the relevant chain. 

You can only select the chain of the minted rToken when staking, not afterward. Keep that in mind when using this latest feature of the rToken app. 

More rToken Listings 

rBNB and rDOT got listed on PancakeSwap, Binance Smart Chain’s main DEX. You can now trade your BNB and DOT tokens for their synthetic derivatives – rBNB and rDOT – or vice versa. 

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rAVAX In The Pipeline

October came with news of a new rToken in the works, and StaFi confirmed a proposal has been submitted for rAVAX. Community members are expected to vote on the proposal and share their thoughts on the Protocol’s governance forum. 

Conclusion 

While the crypto space was distracted by bitcoin making a new all-time high in October, StaFi has stayed focused on developing its ecosystem. 

With lots of partnerships, more rTokens and new features added in October, StaFi protocol continued to lead the way in development.

Follow StaFi official Websites below for more information:

Website: www.stafi.io

rFIS Product: https://rtoken.stafi.io/rfis

rETH Product: https://app.stafi.io/rETH/staker/info

rDOT Product: https://app.stafi.io/rDOT/staker/index

rKSM Product: https://app.stafi.io/rKSM/staker/index

rATOM Product: https://app.stafi.io/rATOM/staker/index

Telegram Chat: https://t.me/stafi_protocol

Telegram Announcements: https://t.me/stafi_ann

Discord: https://discord.com/invite/jB77etn

Forum: https://commonwealth.im/stafi

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