StaFi partners Liqee to bring more utility for rTokens

Liquid staking is the new thing these days as more and more people try to maximize the rewards from the staked assets. We all stake our games to help secure the mainnet. This comes with the benefit of being rewarded for securing the mainnet. StaFi protocol is at the forefront of driving this narrative.

Staking

When you stake, your assets remain locked as they generate rewards for you. That way, you can’t get them out unless you’re ready to forfeit the staking rewards. With StaFi, you’re looking at a way to unlock the liquidity of your staked assets. You might be wondering what this means and how it’s done. It actually implies a user being able to use his/her locked asset for other functions while they are locked. Out of this space??? Of course, yes!!! Liquid staking can help you make use of your locked assets but how exactly is this done? Very easy. When a user stakes his/her Proof-of-Stake token through StaFi protocol, he/she would receive an rToken. With this rToken,they’ll be able to earn staking rewards whilst also using the same assets to carry out activities in the decentralized finance space(trade, borrow, lend) at the same time. This is getting interesting but what role does the rToken play in all these?

rToken

The rToken is coined from the phrase, ‘reward token’. Staking on StaFi Protocol makes you eligible to receive a rToken that’s equal in amount to what the user has staked (with your original assets remaining staked). The rToken shows that you have staked on the StaFi Protocol platform. It is a representative of the staked assets. It goes like this. When a user stakes ETH on the StaFi platform, the platform locks their ETH for staking and thenfives them, rETH. The rETH would have the same value as their staked ETH, both in terms of quantity and worth. With this rETH, you can redeem your staked ETH and much more, push for more rewards in the DeFi ecosystem via trading, lending, borrowing or even farming. That’s the liquidity of your locked assets, unlocked. This is one superb feature that would interest all stakers. Instead of just one way earning, you can use your staked assets to earn more efficiently. You may wonder, “how good is the rToken and what actual features does it have?” First of all your reward token (rToken) can be used to trade your staked assets while they remain staked. With the rToken, you don’t have to wait for the unlocking period to be complete before you can use them. You can dive into any opportunity that avails itself in the DeFi ecosystem while your assets are still locked thus removing the risk of price fluctuations. Secondly with the rToken, you can redeem your staked assets, easily. Remember it’s like a receipt. You bring back your receipt, you reclaim your assets and of course the staking rewards that must have been accrued during the staking period. With the rTokens, the StaFi protocol would ensure the security of the system. Lastly, the rToken serves as a contract that would help connect the user to the blockchain. The user must hold a specific rToken to be able to redeem the staked assets used to create it, thus safeguarding the interest of the users.

More Utility for rToken with Liqee partnership

StaFi protocol is the go-to portal for decentralized staking and with the added liquid staking, you should be nowhere else. With StaFi, the vision is to make the entire staking process more rewarding and efficient. Now rToken holders would have more utility for their staked assets. This is made possible by the fact that StaFi will be collaborating with powerhouses, Liqee and DForce to make this happen. What does this entail? rToken users will experience the staking derivative lending products on Liqee. This is massive as some StaFi rTokens will be used as collateral to borrow certain PoS staking derivatives like supplying rATOM to borrow ATOM as well as minting DForce’s $USX. Liqee was launched on the 27th of August, 2021 in a move that saw three StaFi rTokens integrated into Liqee.

Let’s see how the campaign was planned to go. It’d be coming in three phases.

Phase 1

Incentivized Minting of rETH/rDOT/rATOM Tokens

1. A FIS token reward pool valued at 700,000 USDT would be launched by StaFi Protocol to reward the users who stake the ETH/DOT/ATOM three tokens through StaFi’s rToken App. The allocation for FIS rewards pool would be as follows: a) Minting rETH: FIS tokens worth 200,000 usdt. b) Minting rDOT: 250,000 usdt valued FIS tokens. c) Minting rATOM: 250,000 usdt valued FIS tokens.
2. The amount of FIS token rewards you will receive is proportional to the amount of ETH/DOT/ATOM tokens you stake through StaFi rToken App.
3. As a user, you would directly claim the FIS rewards to your StaFi address on StaFi’s rPool App.
4. There’s a daily vesting period of over 3 months for the FIS rewards.
5. The FIS rewards are on the StaFi chain so you’d need to have the Polkadot JS wallet first before claiming the rewards. Here’s a Guide on Adding Polkadot JS wallet.

Phase 2

Incentives for Supplying rETH/ETH and Borrowing ETH/USX on Liqee Ethereum DApp

1. When you supply rETH and ETH tokens and then borrow ETH or USX stable coins on Liqee Ethereum DApp, you’d be entitled to win the rewards.
2. Rewards would be given for both supplying and borrowing.
3. Started from 1:00pm UTC+1, 27 August, 2021.
4. Users participating in lending, borrowing and minting USX (USD stablecoin launched by dForce) on Liqee will share from a weekly total of 56,000 LQE, 1,260 FIS, 10,000 DF with the following gauge

Phase 3

Incentives for Supplying rTokens/PoS tokens/USX and Borrowing PoS tokens/USX on Liqee BSC DApp

1. Users would be entitled to win the rewards they supply rETH/rDOT/rATOM and ETH/DOT/ATOM tokens, and then borrow ETH/DOT/ATOM or USX stable coins on Liqee BSC DApp.
2. Rewards would be given for both supplying and borrowing
3. Started from 1:00pm UTC+1, 27 August, 2021.
4. Users participating in lending, borrowing and minting USX (USD stablecoin launched by dForce) on Liqee will share from a weekly total of 101,500 LQE, 8,740 FIS, 10,000 DF with the following gauge.

Let’s do more with StaFi as we unlock liquidity

Contact

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