February might have been brief, but that hasn’t affected StaFi’s development efforts. The DeFi protocol has a lot going on; the anticipated launch of rDEX and the ongoing development of StaFiHub are getting lots of attention. With that said, let’s delve into some of Staking Finance protocol’s notable development milestones in February.
rDEX Intensified Efforts To Launch On Mainnet
In February, StaFi intensified efforts to get the rDEX operational. The decentralized exchange’s codes have been audited, and the audit report made available to the public. Issues raised in the audit report have been rectified. Peckshield carried out the audit on the rDEX, and they were thorough in their assessment.
With the rDEX's efforts to launch on mainnet, rToken holders will be able to take advantage of the DEX’s many features as users will be able to purchase rTokens using FIS – a much-anticipated attribute of rDEX.
As the rDEX exits the testnet, the community phase of the bug bounty program comes to an end. Of course, this isn’t the end of security measures taken by StaFi to check for bugs in its staking derivatives trading platform.
It’s worth emphasizing that the FIS token is the backbone of trading activities on the rDEX. This is due to the decentralized exchange calling the StaFi chain home.
Liquidity Mining Proposal Created
In February, the StaFi Foundation created a proposal to incentivize liquidity mining on the rDEX with about $5m worth of FIS tokens. If the proposal is ratified and approved, this will result in a surge in liquidity mining on the derivatives exchange. StaFi isn’t new to the concept of incentivizing liquidity mining, but this takes things to another level.
Heavily incentivizing liquidity mining has its perks. One of such benefits is it encourages more users to partake in the liquidity mining process, and that’s something most DEXs need.
Collaboration With Immunefi
StaFi is never shy in the collaboration department; the latest is its partnership with Immunefi in February. This collaboration is geared at providing the right incentives for the rDEX bug bounty campaign. A bug bounty reward of up to $25,000 in $FIS tokens is available to anyone that finds critical bugs in the rDEX codes.
This campaign is another evidence of StaFi’s commitment to ensuring its rDEX is safe to use. It’s commendable that the DeFi protocol hasn’t left its security measures at the Peckshield audit.
StaFi Chain Upgraded
The StaFi chain got upgraded in February. The latest updates are meant to improve the performance of the chain. One of the changes made to the chain is its support for the AMM rDEX and the liquidity mining pools.
Another change made to the StaFi Chain allows rETH holders to use the rBridge to move the rtoken between the Ethereum chain and StaFi’s native chain. This should make it easy to trade the rETH on the rDEX as the DEX is built on the StaFi chain.
With StaFi Chain v0.5.0, the capabilities of the rDEX can be explored to the fullest. The previous installment of the chain might have presented challenges when using the DEX, but that’s settled with this upgrade.
FIS Listed On Coinbase
In February, StaFi’s native token, $FIS, got listed on Coinbase, another popular cryptocurrency exchange. With this latest development, anyone in Coinbase supported areas can buy/sell FIS tokens easily.
This latest listing of the FIS token comes weeks after the StaFi native token got listed on Binance, Huobi, and others. It’s a big boost for the StaFi team to see the native token traded on several, reputable centralized exchanges. You can’t ignore how important this move is towards affirming the progress of the DeFi protocol.
StaFi’s rDEX is built around its native token, FIS. Having the cryptocurrency, you can buy rTokens without actually staking any of the POS native tokens through the StaFi staking contract. You can also use the FIS token to pay for gas fees on transactions done on the rDEX. Little wonder why FIS got the attention of Coinbase.
What’s To Come In March?
There’s a lot in the pipeline for March. StaFi intends to create more visibility for the launch of rDEX, and the DeFi protocol will be doing a lot of marketing for the DEX in March. This will see the TVL of the decentralized exchange grow substantially over the coming weeks.
Development of StaFiHub is in the works, but things will get interesting in March. To ensure the hub meets the expectation of targeted users, StaFi has been consulting with the Cosmos communities, and the feedback will be implemented in StaFiHub.
Conclusion
The shortest month of the year has been great from the StaFi point of view. Having the rDEX live on the mainnet is a memorable event for the DeFi protocol and its community. Now, everyone can trade rTokens in an environment built specifically for these staking derivatives.
Besides the launch of the rDEX, the collaboration with Immunefi is another noteworthy event for StaFi in February. StaFi is no stranger to partnerships, so this might not have surprised many, but the bug bounty offer (up to $25,000) is a lot to take in.
As February comes to an end, attention shifts to March. With the latter having a few more days than the former, we should see a lot more development milestones completed in March. Perhaps StaFiHub will arrive unexpectedly to the cheers of the many.
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