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AMA#20 Recap || PolkaWarriors x StaFi Protocol
Published date: May 19 2021
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On 17/05, StaFi Protocol joined PolkaWarriors for the AMA with our community. StaFi revealed many special things about their project, roadmap update and answered questions from the community about DeFi protocol unlocking liquidity of Staking assets that they are building on the Polkadot ecosystem.

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.

This AMA was held in PolkaWarriors with the participation of Blank Lee - Chief Researcher of StaFi. Many interesting questions about products of StaFi Protocol, Roadmap of project and plan for project’s future were answered by Blank.

Below is a summary of the outstanding questions and answers from the AMA session.

1. StaFi has reached a partnership with PolkaDot to integrate rToken into the PolkaDot platform. So Can you tell us more about rToken integration user scenarios on PolkaDot? As more and more rTokens will be registered on PolkaDot, are there any related plans? 

Blank:

StaFi is developed based on Substrate, so StaFi has built lots of connections with Polkadot Eco projects, which will integrate StaFi’s rTokens. And also, the rTokens are issued on the StaFi chain, so it is very easy to join in the DeFi Apps in Polkadot.

At the same time, StaFi also contributes to the Polkadot Ecosystem. You know we have released the first liquid staking solution for Polkadot and Kusama, so that the $DOT/$KSM holders could stake them through StaFi’s rToken App to enjoy the efficient liquidity and maximized staking rewards.

2. How can rToken incentivize market liquidity? Does rToken have an internal market maker to ensure continued liquidity? What if people are interested in providing liquidity to rToken? 

Blank:

We have multiple ways to ensure efficient liquidity for rTokens:

  1. StaFi has prepared liquidity campaign for rToken LP providers
  2. StaFi has worked with Curve, Stone.defi and WrapFi to launch rToken Liquidity farming programs for rTokens.
  3. Now our partner WrapFi has integrated StaFi’s rTokens, and will Airdrop 10,000,000 $WRA tokens to rToken stakers and LP. providers: https://drop.wrapfi.io/phase1

3. How many cryptocurrencies can be converted to rTokens? Do you support tokens or native currencies from different networks without problem?

Blank:

Now we have release 5 rTokens, and they are:

  1. rETH, liquid staking solution for ETH2.0 Staking.
  2. rFIS, liquid staking solution for StaFi FIS.
  3. rDOT, liquid staking solution for Polkadot.
  4. rKSM, liquid staking solution for Kusama.
  5. rATOM, liquid staking solution for Cosmos.
  6. Now Total TVL is exceeding 20million USD, and the number keeps growing rapidly.

Here is our APP: https://app.stafi.io/rAsset/native

4. There are currently several platforms for unlocking liquidity such as Bifrost, Rocketpool, Ankr... How innovative is StaFi compared to your competitors? What is the unique selling point of StaFi? What's that things that the user would feel to pay good attention to the project?

Blank:

StaFi is the first DeFi protocol that proposes and focuses on providing liquid staking solutions for PoS projects. And StaFi now are leading in this area and have released 5 rTokens solutions on mainnet which are the most among all related projects like you mentioned above.

As for the unique selling points of StaFi, StaFi rToken App can help PoS stakers to solve the following 2 problems:

  1. No more unstake periods. There will be no need to wait for a long unbonding period to transfer or trade staked PoS assets. rToken App users can transfer and trade the staking voucher rToken  at any time on Uniswap to enjoy liquidity and hedge price risks.
  2. Maximized Staking Rewards. There is no need to learn the complicated NPoS or Tendermint  consensus mechanism and their staking reward calculation rules any more. With rToken App, users only need a few simple steps to deposit PoS tokens into the rToken contract, which will automatically select the best validator by executing the staking reward maximization strategy algorithm.

5. Can you tell us some of the latest achievements made by the StaFi project & can you describe in detail the current development efforts,such as market expansion plans,expected applications & new upcoming program of events?

Blank:

In the last week, we have released the first liquid staking solution for Cosmos, and made a proposal on Curve DAO to list $rETH/$ETH trading pairs, which has earned 6.5 million votes from the Curve community.

Now we are working with the WrapFi team on their Genesis Fair Launch program, which will be live in 22 Hours.

StaFi's strategic partner WrapFi will airdrop 7.5% $WRA tokens( 7,500,000 in total) to rToken holders and UNI LP stakers in their Genesis Fair Launch.

In WrapFi’s Genesis Fair Launch, they will distribute 10% WRA tokens in total:

  1. 1%  to rToken stakers, including rETH/rFIS/rDOT/rKSM/rATOM
  2. 6.5% to rToken LP stakers, including rETH/ETH, rFIS/FIS, rDOT/ETH,rKSM/ETH, rATOM/ETH
  3. 2.5% to WRA/ETH LP stakers.

In the Phase 1 of $WRA Genesis, there will be six farming pools:

  1. rETH Pool: stake rETH tokens to farm;
  2. rFIS Pool: stake ERC-20 rFIS tokens to farm;
  3. rDOT Pool: stake ERC-20 rDOT tokens to farm;
  4. rKSM Pool:stake ERC-20 rKSM tokens to farm;
  5. rATOM Pool:stake ERC-20 rATOM tokens to farm;
  6. rETH Validator Pool, run rETH validators to farm;

More details

▶️ WrapFi Genesis Fair Launch: 

https://wrapped-finance.medium.com/wrapfi-tokenomics-and-genesis-fair-launch-plan-a2b09a904fa

▶️ WrapFi Website:

https://drop.wrapfi.io

In the live questions sections, Blank did answer several short questions from the Polka Warriors community.

1. Can you tell me how many features rToken has? What features are those? Did it play an important role in the development of StaFi?

Blank:

Q3: What are the Features of StaFi’s rToken?

  1. You can transfer it at any time.
  2. You can trade it for ETH or USDT tokens at Uniswap at any time.
  3. You could always redeem more staked PoS tokens with staking rewards generated more and more in the StaFi's staking contracts.

2. StaFi allows the users to create an "alternative token ( rToken)" that replaces the staked tokens, and also are able to be tradeable on exchanges, but how many assets can be used to create rTokens?

Blank:

Now we have release 5 rTokens, and they are:

  1. rETH, liquid staking solution for ETH2.0 Staking.
  2. rFIS, liquid staking solution for StaFi FIS.
  3. rDOT, liquid staking solution for Polkadot.
  4. rKSM, liquid staking solution for Kusama.
  5. rATOM, liquid staking solution for Cosmos.

Now Total  TVL is exceeding 20million USD, and the number keeps growing rapidly. So welcome $DOT/$KSM holders to stake your tokens through  StaFi, and  Farm 10,000,000 $WRA tokens:https://wrapfi.io/.

3. What is so special about FIS compared to other projects? Can you give some reasons to convince users to choose FIS ?

Blank:

StaFi is the  first DeFi protocol that  proposes and  focuses on providing  liquid  staking solutions for  PoS projects. And StaFi now are  leading in this area and have  released 5  rTokens solutions on  mainnet which are the  most among all related projects like you mentioned above.

As for the unique  selling points of StaFi, I think they are:

StaFi rToken App can help PoS stakers to solve the following 2 problems:

  1. No more  unstake periods. There will be no need to wait for a long unbonding period to transfer or trade staked PoS assets. rToken App users can transfer and trade the staking voucher rToken  at any time on Uniswap to enjoy liquidity and hedge price risks.
  2. Maximized Staking Rewards. There is no need to learn the complicated NPoS or Tendermint  consensus mechanism and their staking reward calculation rules any more. With the rToken App, users only need a few simple steps to deposit PoS tokens into the rToken contract, which will  automatically select the  best validator by executing the staking reward maximization strategy  algorithm.

4. how do you plan to attract users, incentivize them in the early stages of deployment?

Blank:

Now we are working with the WrapFi team on their Genesis Fair Launch program, which will be live in 24 Hours.

StaFi's strategic partner WrapFi will airdrop 7.5% $WRA tokens( 7,500,000 in total) to rToken holders and UNI LP stakers in their Genesis Fair Launch.

In WrapFi’s Genesis Fair Launch, they will distribute 10% WRA tokens in total:

1️⃣1%  to  rToken stakers, including rETH/rFIS/rDOT/rKSM/rATOM

2️⃣6.5% to  rToken  LP stakers, including rETH/ETH, rFIS/FIS, rDOT/ETH,rKSM/ETH, rATOM/ETH

3️⃣2.5% to  WRA/ETH LP stakers.

In the  Phase 1 of $WRA Genesis, there will be  six farming pools:

  1. rETH Pool: stake rETH tokens to farm;
  2. rFIS Pool: stake ERC-20 rFIS tokens to farm;
  3. rDOT Pool: stake ERC-20 rDOT tokens to farm;
  4. rKSM Pool:stake ERC-20 rKSM tokens to farm;
  5. rATOM Pool:stake ERC-20 rATOM tokens to farm;
  6. rETH Validator Pool, run rETH validators to farm;

More details:

▶️ WrapFi Genesis Fair Launch: 

https://t.me/wrapped_finance

▶️ WrapFi Website:

Portal: https://drop.wrapfi.io

5. Are you planning to Burn / Buyback FIS Tokens to increase their value and What is your Utility Token in the ecosystem?

Blank:

Yes, we plan to use 70% revenue to buy-burn FIS. And here is the utility of FIS:

  1. Gas fee on StaFi chain.
  2. Paying services fee for rToken Apps.
  3. Participating in the StaFi DAO governance.

StaFi Protocol Community

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