Cosmos Derivatives on StaFiHub
The StaFi protocol’s DEX, rDEX, which enables stakers to easily trade their staked derivatives, has received a lot of attention lately. My focus turned to the StaFiHub, a different product that is now in development. We’ll explain what StaFiHub is and the benefits it provides to the blockchain ecosystem.
The most interesting thing about StafiHub is the fact that it is tied to the Cosmos ecosystem. Recently there’s been a blow-up of the Cosmos ecosystem with many projects coming out and really doing great. Almost everyone out there believes that it is Cosmos season and it is great to see that StaFi protocol is aligning itself with the trend . Cosmos is building an open, scalable and intertwined economy for the future. Referred to as the internet of blockchains, cosmos is committed to showing us that interoperability is possible with so many blockchains working almost together and in synergy mostly because of the IBC.
StaFiHub is built based on the cosmos SDK and it is primed at helping users explore the cosmos ecosystem for more benefits, seamlessly. How would it work and what are some of the features?
We all know that the Cosmos SDK is one of the most popular frameworks that can be used for building block heels that are application specific. StafiHub would use the cosmos SDK for its chain function. Like every other proposal on the StaFi foundation, validators would also be voted on by the foundation.
The StafiHub is a platform that opens up more avenues for staking derivatives within the cosmos ecosystem. This includes the various projects within the cosmos ecosystem that offer various degrees of products and services. With this, we will most likely have liquids staking solutions for not only ATOM but many Cosmos-based tokens. Currently, we have liquid staking derivatives for $ATOM (rATOM), $HUAHUA (rHUAHUA), $IRIS (rIRIS) and most recently, we would be seeing representatives for $SWTH (rSWTH).
StafiHub works with the IBC like other Cosmos-based projects. This has enabled swift and seamless inter-blockchain operations between StafiHub and other Cosmos-based blockchains.
Tokens within the cosmos ecosystem would be used to mint StaFiHub-based staking derivatives just as you are able to mint tokens by staking your gems on the StaFi platform. This will give the cosmos community access to a wide range of liquid staking solutions for their lovely products whilst enabling investors and enthusiasts to see and take part in the development of staking derivatives on Cosmos.
A cross-chain bridge connects the StaFi Protocol chain to the StaFiHub chain for easy movement of assets between them.
I’m quite elated at the prospects as we make inroads into the StaFi Protocol ecosystem with more and more Cosmos-based projects onboarding.
StaFi website: https://stafi.io
StaFi Twitter: https://twitter.com/stafi_protocol
StaFiHub Twitter: https://twitter.com/StaFiHub_