The StaFi Protocol is known for being a Staking Derivatives of staked assets had an AMA session with one of the best permission-less decentralized protocols known for Unlocking the True Potential of Decentralized Finance.
The StaFi Protocol and Stone DeFi have been making huge progress since their partnership together. A Total Value Locked (#TVL) of Stone USDC pool reached about 3,500,000 within 1 hour during the pool launch and the rETH Staking Pool and rETH/ETH Uniswap LP farming is coming very soon, anticipate patiently.
The AMA was split into 2 segments, giving rooms to create massive participation between the telegram community and the Stone DeFi Platform. The path taken for the AMA is as follows:
SEGMENT A: Questions asked to the Marketing Lead, Stone on the Introduction, Updates, and Use Cases
SEGMENT B: Questions from the StaFi Protocol telegram community
On the 11th of March, 2021, Vincent Khoo, Marketing Lead at Stone was hosted by StaFi Protocol, few questions were asked and the conversation was thus:
Venue: https://t.me/stafi_protocol
SEGMENT A
Moderator|StaFi Protocol: Let me introduce myself, I am Sara, from the StaFi core team. I am very honored to have this opportunity to talk with Vincent Khoo, the marketing lead at Stone about the exciting synergies between Stone and StaFi. Welcome, Vincent!
Marketing Lead|Stone: Hi! And thank you, Sara. It’s my pleasure to attend the AMA and share about STONE to everyone today and how we work together with StaFi. Before that, pls allow me to do a brief introduction for myself. My name is Vincent, everyone can call me VK. I used to work in traditional financial institutions in Malaysia and then posted as a Head of Business Development in a Venture Capital. Now I am in Stone and that’s why I am here to share more about Stone tonight
Q1.
Moderator|StaFi Protocol: Thanks Vincent for the introduction, welcome again! So let’s get started! Firstly, please briefly introduce Stone Defi? What motivated you to build this platform and what is the main purpose of Stone Defi?
Marketing Lead|Stone: Sure. STONE is the only yield management protocol focused on creating “Rock Solid Yield” for all the users in the DeFi ecosystem. Stone is positioned as the anchor yield aggregation platform that aims to expand the current DeFi yield market and include the yields from the staking assets. As the beginning of yield market is positioned at erc20 assets, which still takes small portion of whole crypto market cap, Stone is uncovering the opportunities of into the phase 2 at the Proof of Stake (“PoS”) assets, and Stone has the vision to be the global yield marketplace with the inclusion of multi-chain PoS assets. When u talked about what motivated us to do STONE, I would like to say we wanted to leverage the capability of substrate and Polkadot, Stone is also looking to provide more innovative products based on a wide range of yield-bearing assets to users across multiple blockchains.
Q2.
Moderator|StaFi Protocol: Alright thats cool. Could you please tell us about market pie you are trying to conquer, your competitors and your SWOT analysis for your offerings?
Marketing Lead|Stone: Yup sure. Actually the staking market is massively huge cake and it’s about 10x higher than current DeFi valuation. To unlock these assets is our first target, same goes to StaFi, we all looking forward on it. For the competitor wise, there are many yield aggregators in the space, YFI as the most well-known one. However, we have not seen one protocol that have prioritized rock solid yield before anything else. Most protocols are trying out risky strategies for high yield while risking funds. And we have not seen yield aggregators tap into liquid staking assets like Stone does. Stone is the first one to announce such innovative strategy. Instead of competing with others, Stone will stay focused on Rock Solid Yield with stablecoins and ERC20 AUM. And as you can see, there is no one out there to compete with Stone for liquid staked assets, like DOT, ETH 2.0, etc. Our idea is to cover much more or even comprehensive in DeFi space instead of current market. We have right now stablecoins yield farming and ERC20 yield farming. These are like FOREX yield farming and stock yield farming. And for our SWOT in short: We are good on team structure/technique, alpha that has products finished (S), good version and cooperators & partners (O); though we may released later than some other projects (WT).
Q3.
Moderator|StaFi Protocol: Thank you. What are the major milestones Stone Defi have achieved until now? And are there any other upcoming hot news for Stone Defi?
Marketing Lead|Stone: Yes, and this could be the most excited problem for me. Why? As we have progressed ourself consistently and would like to do a quick update on Stone Defi Alpha Test Mining Program. We have done with our Smart Contract Audit and the Alpha Test Mining currently got Total Value Locked (TVL) of USDC vault reached $26 mil and TVL of USDT vault reached $19 mil since alpha launched. This is a good sign for STONE and I believe those are participating STONE Mining are the real supporters for Stone. Why I could say so, this is because STN currently is still yet to be buy or sell in the market. People mine with uncertain APY but they still wish to continue and stay with us. This proved that people tend to believe Stone and they will continue grow with us no matter the Stone progression or in term of capital.
For product, We will focus on ERC 20, firstly, which will add more assets, like AETH, RETH and Veth, we will add other chains as well, all of those will be done in Q1. Sooner we will develop our Polkadot grant in the meanwhile, and start Polkadot cross chain works in Q2. Other information like TGE might fall by early next month and depends on market and more situations which TBC. And coming news for STONE will be more collaboration & partnerships will be announced and everyone can stay tune with our tg group named “STONE.FORTRESS” as well as our official twitter @DefiStone.
Q4.
Moderator|StaFi Protocol: Great! The next question is about the cooperation between Stone and StaFi. Everyone here might be excited about the partnership between Stone and StaFi. Can you briefly tell about the yield farming programs for rETH token?
Marketing Lead|Stone: Well it’s our honour to partner up and work together with StaFi. As everyone should know, StaFi is among the first-ever decentralized protocols that help unlock the liquidity of staked assets via its own platform. This means users can stake their proof of stake (PoS) tokens (which are untradable until they are staked) and get a “rToken” (reward-Token) in return. These rTokens enable users to both get the staking reward and trade the locked staking token at the same time. Therefore, you can stake your PoS tokens through Staking Contracts built by StaFi. StaFi aim to have more and more users to come out with rETH or stake PoS token through StaFi and get reward Token (rTokens) and this allow users to claim or redeem their corresponding amount of staked tokens at any time.
As I have mentioned earlier, STONE will focus on ERC20 in Q1. We will add more assets, like rETH very soon on our site. Therefore, user can stake their rETH on STONE and get rewards in term of STONE token (STN). The rewards for program will be finalised soon and everyone can stay tune for the good news on our official channel.
Q5.
Moderator|StaFi Protocol: Thanks Vincent. One more question to end the session. What is the future use cases between StaFi rToken and STONE.
Marketing Lead|Stone: Well this is very good question. Most people will concern on this definitely. We (STONE) can act as the platform or we can say application for the rETH and rTokens. We want to provide liquidity and create more practical scene for rETH and rTokens. User can stake your rETH on STONE’s protocol and participating in STONE ecosystem. For example, we can have lending borrowing market, trading market, indices, structured products and others. In short, Stone has strategies in this space and our strategies will also address two major markets — liquid staking strategies and data yield strategies that are untouched to date. What we are looking at is well over US$120B market size of staking market cap and I believe this number is growing consistenly. We want to capture this massive market together with StaFi and wish everyone here in group will be part of us for always. I believe you would like to see things can be done and come true. Once it happens, you will also have sense of accomplishment like us.
Moderator|StaFi Protocol: Thank you Vincent for answering several questions from us. That’s all for the fixed Q&A part.
SEGMENT B
Q1: STONE, aims to work with ecosystem builders to create a highly liquid market for the tokens they bet on… In the face of this, is their liquidity from where it comes, independent? Or do you want to partner with “ecosystem builders” to acquire such liquidity?
Marketing Lead|Stone: Instead of saying bet, those token suppose was staking in smart contract of others. When people can liquid their staked assets and use the rToken into a new market for another rewards, that’s dual effect. Which is good for everyone. And we will work together with more projects to ensure liquidity is sth we must have on STONE. It’s just the beginning.
Q2: Ambassadors play a very important role in every project, Do you have an ambassador program? If yes, how can I be one ? What is the idea behind naming STONE for the Project? how does the STONE project survive and grow bigger, all know there is a lot of competition in this crypto world?
Marketing Lead|Stone: Yes we have volunteers to help with our community. Which we welcome everyone and u can dm with our community in charge to talk about it. Name of Stone I think we have a medium was talking about principle of STONE. You can refer to article. https://stonedefi.medium.com/stone-rock-solid-yield-93f22adb4265
Q3: You recently partnered with STAFI RPOTOCOL. What do you benefit from and what do they gain from it?
Marketing Lead|Stone: Both StaFi and STONE Benefits as both of our community can over cross and users can explore into new market. As I have mentioned, Stone can act as application for rTokens and we will have liquidity on our platform for multiple chains asset. This benefit both of us
Q4: Why do you really think that “DEFI and yield farming should be fun”???? Is not fun and fantasy just advertising media but little performance???? is attracting users who want to have fun what Stone is looking for?
Marketing Lead|Stone: We are not attracting people who looks for fun. Instead, we stay focus on what we wanted to do which is provide Rock Solid Yield for DeFi users as we saw DeFi could be sth strange to newbie and we wish to have a friendly platform or gateway for people to access or join into this DeFi space
Q5: NFT is considered the next trend of the crypto industry after DeFi. Could you share your opinion about NFT? Where do you see the future evolution of NFT features and capabilities in the next few years?
Marketing Lead|Stone: Yes this is a good question and we all know that NFT is really Hot topics. Digital collectibles on blockchains are driving the retail mania for crypto higher right now, in part because they are cool and in part because the market seems to have finally come to this consensus: Provable ownership of digital items can accrue real value.
When there is real value, there is finance. The marriage between NFTs and DeFi is an important collaboration that can be instrumental to more DeFi adoption and adoption of cryptocurrencies in general.
We, STONE is a DeFi based project who aimed to look forward to the time NFTs will serve as collateral for loans or more products on Stone platform and we could provide Rock Solid Yield on those NFT instead of super high or crazy price on NFT.
About Stone DeFi
Stone Protocol is the only yield management protocol focused on creating a ‘Rock Solid Yield’ for all users in the DeFi ecosystem. The focus is developing innovative asset pools that maximize return while keeping liquidity provider capital as safe and secure as possible.
For More Information about Stone DeFi:
Website: https://www.stonedefi.io/
Telegram Group: https://t.me/stonefortress
Twitter: https://twitter.com/DefiStone
About StaFi Protocol
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. FIS is the native token on StaFi Chain. FIS is required to provide security to the network by staking, pay for transaction fees on the StaFi chain, and mint & redeem rTokens.
For More Information about StaFi Protocol:
Website: https://www.stafi.io/
Telegram Group: https://t.me/stafi_protocol
Twitter: https://twitter.com/Stafi_Protocol
Discord: https://discord.com/invite/jB77etn
Medium: https://medium.com/stafi
