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In September, StaFi Protocol edged closer to salvaging PoS chains from an imminent liquidity crunch through its synthetic staking development activities. Due to the fast-paced release of StaFi’s development report, many community members struggle to keep up. This article provides a recap of StaFi’s development progress in September. Let’s get started!
Incoming: New rToken Apps Launched
If StaFi is to liberate as many PoS chains from illiquidity, then the DeFi protocol needs to expand its dragnet. That’s exactly what StaFi hopes to achieve through the introduction of new rToken apps.
In September, StaFi launched the rBNB and rMATIC app, introducing the rBNB and rMATIC tokens to the DeFi community. This marks the end of the illiquidity issues that have plagued the respective PoS chains. Each synthetic staking derivative holds a little more value than the actual token since a rToken value includes the reward generated on staking.
The launch of these rTokens was accompanied by liquidity mining opportunities. rBNB and rMATIC holders can add liquidity to the relevant trading pair, earning trading fees in the process.
Trading of rBNB can be done on PancakeSwap, offering holders the chance to cash in on their assets whenever they want – no waiting period.
For rMATIC, you can trade the synthetic staking derivative on Quickswap, a DEX on the Polygon Chain.
New Strategic Partnership With Commonwealth
In September, StaFi partnered with Commonwealth, a platform that thrives in creating governance communities for DeFi projects. This partnership is expected to provide the StaFi's community with the innovative tools required for a 21st-century governance model.
Through this partnership, StaFi's community can throw its weight in taking the DeFi project to the next level.
rBNB Integration On Liqee
StaFi isn’t just focused on creating synthetic derivatives of tokens, but the DeFi protocol looks to etch out use cases for these interest-bearing tokens. And rBNB integration on Liqee is one of the ways. Holders of the synthetic staking derivative can use their rBNB as collateral to borrow BNB or other assets. It’s also another route through which StaFi liberates the liquidity trapped in lending platforms.
Validator Grant Release
In September, StaFi released grants to deserving validators. This is the fourth installment of the StaFi validator grant program, which rewards worthy community members with nominations to the elevated validator position.
2021 Q1 Roadmap Unveiled
In September, the StaFi protocol revealed its roadmap for the rest of 2021. For the DeFi protocol, the rest of the year will consist of in-depth research on new rTokens, the creation of a viable platform for staking derivatives, and expanding the utility frontiers of these these rTokens.
Expectations for October
StaFi has a lot planned for October. One of such plans is the launching of rSOL. Solana ecosystem has seen massive traction in recent months, so it’s no surprise that StaFi is unlocking the liquidity in that blockchain.
In October, the rSOL app will go live on the StaFi mainnet. This will provide SOL holders the opportunity to put their assets to work without being held back by locked liquidity.
With StaFi’s numerous collaborations, rSOL holders can maximize the gains of their assets through several available utilities such as borrowing on Liqee, yield farming on Curve, or similar De-Fi protocols.
Conclusion
StaFi protocol had a nice outing in September. The DeFi protocol made significant strides towards putting PoS chains out of their misery. Nevertheless, there’s a lot of work to be done, and StaFi understands the assignment. The onus is on the DeFi project to maintain the status quo, regardless of how turbulent the terrain gets.
For more information, visit these websites below:
Website: www.stafi.io
rToken App: https://app.stafi.io
Twitter: @Stafi_Protocol
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