LIQUID STAKING FOR COSMOS’ IRIS NETWORK — StaFiHub lands rIRIS
When talk of StaFiHub came up, it was clear what StaFi Protocol were trying to do. Expand into the ever-blossoming ecosystem and give its plethora of users access to liquid staking. You might wonder why liquid staking is so important. With liquid staking solution already available for several blockchain tokens like Polkadot, Kusama Ethereum, Binance, and even the Cosmos token, ATOM, the StaFi team have decided to delve further into the Cosmos ecosystem. Why Cosmos however?
It will be a wrong assumption to think that StaFi Protocol is only after the Cosmos ecosystem. The blockchain ecosystem goes way beyond Cosmos. StaFi is looking at the Polkadot ecosystem with its network of parachains. There is also talk about delving into the Avalanche ecosystem and its network of subnets. Cosmos just happens to be one of the very first blockchain ecosystems that StaFi protocol is looking at but why would they be so eager to get to Cosmos? Isn’t ATOM enough? Why build a separate platform to help push the narrative for derivatives in the cosmos ecosystem. The answer is simple. Cosmos is important. First look at its predecessors and what it is trying to achieve and you’d see why StaFi are not out of place to do this. The Bitcoin setup is very unique in that without it we might never have seen the opportunity to talk about cosmos. Built on the Proof-of-work consensus, it had his own limitations which includes high energy consumption and an interface that is limited and not user-friendly. Fast forward to Ethereum, and you will see another blockchain setup built on the Proof-of-stake consensus that tried to shift the narrative from the high energy-consuming setup of Bitcoin. It is much faster but still has these limitations of scalability and usability and reliance on Ethereum for governance. Cosmos however is known as the internet of blockchains and provides an enabling environment where different blockchains can interact seamlessly with one another in a very fast and secure way while maintaining the right to make decisions on their own. Many projects moved to build on Cosmos and this caused a boom. Coupled with the fact that most of these projects sought to reward the cosmos community with airdrops, the growth became exponential.
In a bid to key into the frenzy, StaFi protocol launched StafiHub. One key feature of the Cosmos frenzy has been airdrops. These airdrops however are given out to community members who must have been staking certain tokens at a snapshot date. We’ve always known that while users might want to stake, they worry about liquidity too. Since you don’t know when the snapshot would be taken or you don’t know how many airdrops you could qualify to get for staking a particular token, unlocking liquidity would seem a stroke of genius. How please? Yeah user A can stake his $JUNO for as long as possible if he believes that he can still make use of it (while it’s staked) to seek other yield opportunities. That is what liquid staking does. It makes you forget about the unbonding period while making profit from DeFi and qualifying for the plethora of available airdrops. That is why StaFiHub is here for us. Working hand-in-hand with various cosmos projects to bring liquid staking derivatives that are based on the StaFiHub liquid staking SDK. The big news is that we now have the first partnership with a cosmos project (aside ATOM) and this is with IRIS network.
Liquid staking for IRIS
I must say I was left in awe when I realised that IRIS network’s token, IRIS, will be the first Cosmos-based token (asides ATOM) to have liquid staking derivatives on StaFiHub. With IRIS network, you’re looking at a project that enables NFT cross-chain interoperability. They also provide modules in a bid to support decentralized finance. This means that we could soon begin to see the rToken, rIRIS. If you hold IRIS, you will soon be able to stake your IRIS (for staking rewards) and get staked representatives with which you can seek further yields after trading on any of the IBC chains.
Both StaFiHub and IRIS would work together to ensure that there is enough liquidity for rIRIS as well as partnerships and integrations with various platforms that would give IRIS the potential to be used for different purposes. Together they would promote the adoption of rIRIS. We know it’s not ending there. There are many other Cosmos projects lined up. I am overly pumped up for this new wave that is hitting the cosmos ecosystem.
The future of cosmos is bright and StaFiHub is playing a crucial part in it.
IRISnet is a Cosmos-SDK based interchain NFT Hub for new generation dApps. IRISnet enables cross-chain interoperability and interchain NFT capabilities while also providing modules to support distributed business systems, establishing itself as a key pioneer and player in the Cosmos Ecosystem.
StaFi website: https://stafi.io
StaFi Twitter: https://twitter.com/stafi_protocol