Gearing Up For Cosmos — StaFiHub Testnet
Once in a while, projects come up with new features or platforms through which their use cases are actually felt or experienced by the public. The thing however is that you can’t just launch these platforms or portals without passing them through checks. This is not to discount the fact that these products must have been thoroughly scrutinized by the team’s engineers but then it is not the engineers who these products are made for and consumer needs as diverse as they are insatiable. They however need to bring this product to the public to test. This activity is referred to as a public testnet.
I was drawn to news few days ago that StaFiHub just released its public testnet. First I was a little surprised when I saw that this news wasn’t making as much waves as it should because of its sheer importance and magnitude. Before we go on about the testnet, let’s get a little about what StaFiHub is.
StaFiHub is a product of StaFi protocol that was built to help bring liquid staking derivatives to the cosmos ecosystem. There isn’t any ecosystem now that has as much strength as the cosmos ecosystem these days especially with news of airdrops rewarding holders and stakers these past few months in such a bad market. Cosmos gives users an internet of interconnected blockchains where every blockchain is unique and different and also one where assets can be transferred between them, seamlessly, through the IBC channel. This has particularly allowed projects to thrive as they immediately have access to other cosmos-based projects. The cosmos ecosystem is booming but there is always the desire of man to make things better. StaFi protocol has been in the business of making the staking process more efficient through a process of liquid staking. With only ATOM available for liquid staking among cosmos ecosystem projects, StaFi has decided to go all out for the cosmos ecosystem and they have created StaFiHub to do this. StaFiHub is built on the cosmos SDK and would help fellow projects built there to be able to quickly deploy their own specific liquid staking solutions with StaFi rToken SDK.
With this the main goal of StaFiHub, StaFi protocol has decidedly released the public testnet of StaFiHub so that uses all over can get to look out for bugs so that the best version of StaFiHub can be released. A lot of work has been done by the team internally to test and debug but now it is up to the community to know where and where they would want improvements on the platform. Like many testnets, this particular one is incentivized so you can call on your relatives and colleagues to join the bug bounty. This testnet would come in two phases. Details of the testnet and the bug bounty can be found here.
Let’s get testing. 26,000 USDT up for grabs.
StaFi is a project that’s pioneering the unlocking of liquidity with regards staked assets. When you stake your PoS tokens through StaFi, you get to receive rTokens in return, which you can trade, while still earning staking rewards from the staked assets. rToken is a synthetic staking representative that is issued to users by StaFi when users stake PoS tokens through StaFi rToken App .