StaFi Protocol Monthly — October Community Updates
StaFi has made exciting progress in October. In terms of technology, the StaFi network has been upgraded to v0.3.2. The Ethereum Bridge has also been developed and is now in the security audit phase. It is expected to be launched soon, bringing more quality assets into the Ethereum ecosystem. Community work is becoming more sophisticated. StaFi has released a validator incentive program and launched a governance tool to open the way for community self-governance. The MEME design campaign has also attracted many enthusiastic participants. Furthermore, we have also reached a strategic cooperation with Chainlink, an excellent oracle provider in this sector, to create a new staking derivative solution. In general, StaFi is on the way to developing into a mature ecosystem.
Technical DevelopmentEthereum Bridge Developed
The StaFi #DevelopmentTeam has completed a user interactive product for the Ethereum Bridge. Through the product, users can complete swap operations with just one click. Bugs which were found in the Ethereum bridge have also been fixed. For example, the Event monitoring problem has been solved, and corresponding test cases have been added. Meanwhile, the StaFi team has conducted an in-depth investigation of the staking service of Ethereum 2.0 in order to better design a plan for the interaction of the StaFi chain.
StaFi network v0.3.2 version activated
At 11:00 AM (UTC), October 13, StaFi v0.3.2 was officially activated online. The main updates include:
1) Transaction fees reduced. Only a small amount of fee is needed for a transaction;
2) Adjusted the deposit fee to reduce the number of FIS required to be Staked. For example, set identity, add agent, etc.;
3) Modified the maximum number of valid nominators that a validator can have simultaneously from 64 to 256;
4) Added DefaultVote type in collective modules;
5) Upgraded the basic framework.
Details:
https://docs.stafi.io/network-1/mainnet/releases#changesCommunity DevelopmentValidator incentive plan launched
On October 14, StaFi announced the first group of nominated validators and followed it up with the validator incentive plan. 46 high-quality validators were nominated for the first time ever, who were selected based on the following criteria:
1) An active tester in Sitara incentive test network;
2) A lively community member who answers other people’s questions actively;
3) Organizations or institutions that are experienced in operating nodes;
4) Popular validators who are widely supported in the Wait list;
This nomination can be regarded as an incentive for validators who have contributed to StaFi. As more validators are allowed to co-exist in the system, the nomination rules will also be dynamically adjusted. For more details please visit:
Details：https://medium.com/stafi/stafi-validator-incentive-program-the-first-batch-of-nomination-and-rules-8c7a1d4da60f
StaFi on the way of DAO governanceOn October 16, StaFi announced the start of evolving into DAO governance and launched an online governance tool. The realization of DAO governance is mainly divided into two stages. The first stage will be led by the foundation represented by the StaFi team, with the assistance of the community. We will promptly update the development plan to the community through the Treasury DAO governance forum, and listen to your voice with an open mind. In the second stage, community autonomy will be basically realized and the StaFi team will just be a supplement. The team will transfer the governance of Treasury to the community, and the treasury’s income and expenditure will be made by the community in the future. Moreover, everyone can initiate a proposal through the governance forum.
The DAO governance tool is provided by our partner, Edgeware. It is the most professional DAO solution provider in the Polkadot ecosystem. StaFi would like to thank the team for their advice and help on the governance of the Treasury DAO. We will also carry out more in-depth cooperation in the future.
Link to DAO governance tool：https://commonwealth.im/stafi
Details：https://medium.com/stafi/stafi-dao-enters-exploration-phase-partners-with-commonwealth-and-edgeware-65bcdaaf30a9
MEME Design CompetitionOn October 22, StaFi launched a MEME design competition. Participants who designed and produced StaFi-themed emoticons, pictures and GIFs had a chance to win FIS up to $80. About 60 pieces of work were submitted by nearly 20 contestants. The competition is still in progress. You can join StaFi Telegram, forum, and Twitter to check others’ creations.
Details:
https://t.me/stafi_ann/98Forum:https://commonwealth.im/stafi/proposal/discussion/720-stafi-sticker-memes-and-gifs-design-competition
Partnership and EventsA strategic cooperation with Chainlink
On October 10th, StaFi and Chainlink formally reached a strategic cooperation. In the future, StaFi will integrate Chainlink’s market-leading oracle solution and create a new state-of-the-art Staking derivatives solution. Chainlink’s oracle guarantees that staking users can create, trade, and redeem staking derivatives at a fair market price through the StaFi protocol. We believe that with the help of Chainlink, StaFi can quickly scale to support other PoS networks and release the liquidity of staking assets for ETH, Polkadot and other PoS projects.
For details:https://medium.com/stafi/stafi-protocol-will-integrate-chainlink-oracles-to-price-staking-derivatives-tokens-328b92565a77
StaFi’s appearance in Shanghai Blockchain WeekOn October 24th, StaFi Chief Researcher Blank attended the Polkadot roadshow hosted by Jinse.com, and shared the latest developments and plans of StaFi with friends from Jinse.com, a mainstream media in the crypto world. On October 26, Blank was also invited to the 4th Anniversary Special Event of Jinse.com, delivering a speech on the theme of “ETH2.0 Staking Liquidity Dilemma and Solutions”.
Blank pointed out two problems with ETH2.0 Staking. First, can the Staked principal be redeemed? Second, can the Staked reward be received? Blank proposed a StaFi solution which can address the above 2 problems. StaFi will issue rETH tokens (ERC 20) for ETH stakers, and couple the user’s staking principal with corresponding staking proceeds through rETH. rETH can be exchanged for ETH on DEXs. Users can also initiate Lending/borrowing through a loan protocol. With rETH, StaFi does not need to worry about the liquidity of Staking assets, and can obtain liquidity by trading rToken at any time. Users can also skip the locking period and redeem instantly.
On October 26, StaFi’s Co-founder Liam attended the Web3 BootCamp Demo Day and shared the latest progress and plans of StaFi. On October 29th, Liam was invited to a panel on the theme of “Explore the DeFi scenarios derived from data tokenization, and the opportunities for projects with Oasis as the representative”. Liam and Oasis founder Professor Dawn Song, editor-in-chief of Lianwen Mr. Liu Feng and three other outstanding representatives of the industry discussed what might possibly trend in the blockchain world following DeFi. On October 29, Liam also attended the Web3 conference on the theme of “openness, open source and interconnection”, and exchanged his thoughts on topics such as open finance with Acala from Polkadot, founder of Biforst, co-founder of DODO and CEO of Clover.
Outlook for NovemberThe main tasks in November are listed below:
1) Audit of ETH cross-chain bridge.
2)The development, testing, and auditing of rFIS functions. To develop rFIS virtually accumulates experience of forging rTokens.
3) Research and develop ETH 2.0 Staking mechanism and develop rETH solutions.
4) Release the v2 rToken white paper and the rETH white paper.
5) Release the StaFi Ambassador(Warrior) Program.
We will also announce the new StaFi Ambassadors to the community. With their help, the community will become even more dynamic.
Please stay tuned!
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Topic: [ANN] Staking Finance. StaFi (Read 4110 times)