The Stafi Protocol’s mainnet is finally live. The company took to Twitter to make an official announcement on September 7th. Stafi is the first DeFi protocol which unlocks liquidity of staked assets. Users can stake PoS tokens through Stafi and get rTokens in return. These are available for trading and at the same ensures that users earn staking rewards. FIS is the native token on the Stafi chain which essentially augments the security to the network by staking, mint, and redeem rTokens.
Official twitter account of Stafi protocol
The Stafi mainnet was successfully launched on 7th September 2020 at 12:00 UTC. It is important to know the core functions of the version which include:
FIS Staking: Holders of the native token FIS can participate in the NPoS consensus through staking and win rewards.
Token Vesting & Transfer: The Vesting app will support token support vesting to Staking drop participants namely Sitara winner, Investor, etc. The Mainnet will also enable smooth transfer of FIS.
Both staking contracts and rToken are not supportive in the new version. These functions will be differently tested on full mode and audited on Seiya and Sitara testnet. It will be then upgraded to the mainnet. It also should be noted that the different modules of the Smart contract and staking contract stand deleted and removed. The basic features are already built with the substrate. Along the lines of Polkadot, there will not be any additional audit for the new version.
Additional FIS will be minted as a form of reward for validators and delegators of the protocol. Emission is 110% APR of the total amount staked in the protocol.
Distribution of community reward
To boost the usage rate of Stafi, it will be launching a campaign called StakingDrop. The StakingDrop will be divided into several stages. Stage 1 was already launched before the Mainnet while Stage X will be launched according to the launch of Staking contracts. The StakingDrop campaigns just ended on 31’ st August. More than $205 worth of staked assets has been bonded across 1767 addresses.
A mainnet launch is a clear defining time for a blockchain project to open to the public and initiate mass adoption. Stafi protocol is now ready to roll out its official end product now that the mainnet launch has been concluded putting the actual product into production and operation.
While considering investing in a project, the mainnet holds a great deal of value. Mainnet launch is one of the many factors that will have a great impact on the value of a digital asset. The launch of the Staffi protocol may increase the value of the asset which will in turn determine that the project team has successfully delivered the key deliverables in their whitepaper and are spot on stuck on their roadmap. But Stafi Protocol is aware that mainnet launch is not the end of the story. It believes that in order to take the project forward, continuous upgrades and integrations on the mainnet will be crucial.