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 the UniLend Finance has been making huge progress, both attaining huge ATH beating records and making DeFi available to everyone.
On the 06th of February, 2021, Liam Young, the founder of StaFi Protocol was hosted by UniLend Finance, few questions were asked and the conversation was thus:
Ayush| UniLend Finance: Welcome @kamiesheep to the community!
Liam Young|StaFi Protocol: Hello UniLend Community, thank you for having me!
Q1.
Ayush| UniLend Finance: Liam we would love to hear from you about your journey so far and a brief introduction about StaFi.
Liam Young|StaFi Protocol: Thanks Ayush! My name is Liam and I am the Founder & CEO of StaFi. StaFi Team has been providing staking services since 2018, we know validating and always cultivate in staking space. I wrote a book named Mastering PoS consensus, and more than 100+ articles related to staking have been published during the past 2 years. We would love to dive deep into the staking and provide better staking services and staking finance to the staker and for the StaFi (staking derivative 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. rToken (e.g rETH, rDOT, rATOM and rFIS,etc)is a redeemable token for the staked assets issued by StaFi protocol that can be traded, lent, or borrowed in a variety of venues. Whenever a user stakes a native token through the relevant Staking Contract, a certain amount of rTokens will be issued per amount of the native tokens staked in the Staking Contract and the real-time exchange rate for the rToken. The exchange rate for the rToken will gradually increase, as staking rewards for that native token accumulate, and so will the amount of native tokens that can be redeemed. Now we have released rETH and rFIS liquidity solutions for ETH2.0 staking and StaFi native token FIS in the last few days. The total value locked reached around 5 millions dollars in less than a week. Here is the snapshot of our rToken products, and welcome to use this creative staking liquidity derivative.
Ayush| UniLend Finance: That’s very interesting. Will definitely find sometime to read your book. And would recommend our community to check that out too. Indeed, this is one of the USP of StaFi too! Everyone’s super excited about rTokens’ Lending and Borrowing in future on UniLend’s platform
Liam Young|StaFi Protocol: We are excited about this integration as well, really looking forward to it, gonna be huge in crypto.
Q2.
Ayush| UniLend Finance: So my next question is what do you think are the main advantages of StaFi?
Liam Young|StaFi Protocol: Great question, StaFi is leading in Staking derivatives space, and we have many unique designs to unlocking staked assets, we released our rToken paper (https://docs.stafi.io/stafi-whitepaper/rtoken-paper) months ago, you can read the details of our solutions there. We do think each staking derivative is not a copy paste solution, we need to know its consensus and how it runs, we have many rich experiences in validating, so this would be one of our advantages. Code is not a enter barrier anymore, cuz Open Source is necessary, competitors can fork you code once you release, so community will be the key. We have a great community and it is growing, we call it StaFi warriors, ppl in the group offer great help for StaFi. This is a interesting MEME created by our warriors, and it describe the value proposition very well:
Ayush| UniLend Finance: Interesting take here.
Liam Young|StaFi Protocol: Hah, interesting, it means we are more focus on rToken building.
Q3.
Ayush| UniLend Finance: Liam, we know that StaFi has just released the ETH Staking liquidity solution rETH.Could you talk about StaFi’s rETH solution and competitive edge?
Liam Young|StaFi Protocol: Sure, ETH staking is hot. The illiquidity of staked ETH may deter user participation and calls for an immediate solution. As a project dedicated to addressing the liquidity issue of staked assets, Stafi team hereby propose the rETH solution, which allows for Ethereum 2.0 liquid staking at ease.
1) Stakers: Stakers will be able to participate in ETH Staking through the Staking Contract deployed on Ethereum 1.0 by StaFi, and one would only need as little as 0.01 ETH to start, or any amount at his own discretion, instead of committing a fixed amount of 32 ETH. Stakers are not required to run validator nodes nor spend time and costs maintaining them. StaFi’s Staking Contract (SC) deployed on Ethereum 1.0 will automatically match a staker’s ETH to “well-performing” validators that are in the “Available” state.
2) Validators: StaFi will allocate staked ETH in SC to a batch of well-performing original validators, who would establish and maintain appropriate amounts of validator nodes to provide staking rewards to stakers net of fees.
3) Solving the Liquidity Dilemma for Both Stakers and Validators. For a specific staker, whenever he stakes ETH to the SC, she will automatically receive a certain amount of rETH Tokens (ERC20 version) in return, which is a synthetic representation of her staked ETH balance and corresponding staking rewards. The rETH token may then be traded on a variety of trading venues, and can be used in other DeFi protocols. For validators, StaFi will initiate a Liquidity Program, through which they could also sell part of their ETH staked in the SC back to StaFi. Relevant details are specified in the Original Validator portion.
Competitive Edge: StaFi has its own competitive edge compared with other ETH2.0 staking liquidity solutions. We mainly compared our solutions with Rocket Pool and Ankr (Stkr platform) in order to make it easier for ETH 2.0 staking communities, stakers and validators to understand. Simply put，StaFi’s rETH solution will have more liquidity for stakers, relatively reasonable lower pledge and more liquidy for Validators, and most importantly the safety solutions of both stakers and validators’ staked funds. Here is an interesting infographic which compares different ETH2.0 staking solutions with StaFi
By the same way, we have released rETH Airdrop Campaign, every stakers could earn Airdrop. Welcome to join in our rETH product.
Ayush| UniLend Finance: Thats a lot of information here, I would suggest everyone to save the link to this answer as I believe a lot of our community will be interested in ETH staking.
Liam Young|StaFi Protocol: Hoping ETH staking derivative is integrated into Unilend soon
Q4.
Ayush| UniLend Finance: Moving on, my next question is also about the partnership between UniLend and StaFi, what do you think about it? Why did you choose UniLend as a platform for unlocking lending and borrowing for FIS and rTokens?
Liam Young|StaFi Protocol: UniLend is one of the DeFi protocols with great potential, it is a permission-less decentralized protocol that combines spot trading services and money markets with lending and services through smart contracts. We hope to work with Unilend on bringing the brand-new reward-generating asset rToken into the Unilend ecosystem, and enabling users holding any of these reward-generating tokens to be used as collateral to take loans on Unilend. Not only we include rFIS and rETH, with more rTokens like rDOT, rATOM, rXTZ are generated, all can be integrated into the lending platform. We will see the great synergies between Unilend and StaFi in the near future.
Ayush| UniLend Finance: So Liam, this is all great and congratulation for a great journey so far!
Liam Young|StaFi Protocol: Hoping ETH staking derivative is integrated into Unilend soon
Q5.
Ayush| UniLend Finance: Tell us, what’s next in store for StaFi?
Liam Young|StaFi Protocol: Yea, we are pushing hard! In the past January, we successfully launched 2-way rBridge, rFIS and rETH products, which is a great step for StaFi. We are glad to see 1,425,648 ERC-20 FIS are swapped through rBridge product, and 512,084 FIS are staked in rFIS product, but this is far from enough. In February, we will continue to promote the adoption of rFIS and rETH by being integrated into third-party crypto wallets and launching StakingDrop campaigns. At the same time, we will speed up the development of rDOT/rKSM, rXTZ and rATOM, and strive to deploy rDOT and rKSM on the testnet in February. Let’s keep moving and rocking in Staking derivatives
Ayush| UniLend Finance: Amazing! I believe now is the time for us to open flood gates for the community to ask their questions.
Liam Young|StaFi Protocol: Cool
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 UniLend Finance:
Website: http://unilend.finance/
Telegram Group: https://t.me/UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Reddit: https://www.reddit.com/r/UniLend
Medium: https://medium.com/unilend
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
