StaFi is a DeFi network that opens liquidity for the staked assets. It does this by giving stakers a derivative token that is of similar value to the amount they have staked. Users can stake the derivatives on other DeFi applications. The token uses the Substrate modular framework and works with Polkadot to enable cross chain transactions.
This token has received positive feedback from the crypto communities, especially due to the reliability of the network as well as the uniqueness of its solution. Stakers pay 10% of the rewards they get as fees. On the other hand, the cost of a transaction varies depending on the underlying blockchain. This token is available on various leading crypto exchanges.
A Bit About StaFi
StaFi can be described as a staking assets' liquidity solution. It solves the core problem with staking—having the assets locked until the expiry of the stated period. This innovative solution was founded by Young Liam and Tore Zhang. The duo wanted to make it easier for investors to use their staked assets across various DeFi opportunities while still earning staking rewards.
The cryptocurrency stands for investment freedom and is used across DeFi opportunities where staking is required. Users get an alternative coin after staking, which they use on other websites as their stake gets the expected rewards at the end of the staking period.
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StaFi is a decentralized finance protocol (DeFi) that is designed to provide liquidity. It operates on a Substrate framework and is connected to Polkadot. Polkadot connection makes it compatible with several blockchain networks. It also guarantees performance and safety. On the other hand, the substrate framework is a modular blockchain that enables developers to customize the blockchain as the need arises.
One of its unique features is the rTokens (or reward tokens). These are derivative tokens that you get when you stake your cryptocurrencies on this network. The rTokens represent the value of the assets you have staked and can be used in other DeFi applications without any loss of staking rewards. This way, you earn a passive income while using your assets in other DeFi contexts.
Utility of StaFi?
FIS is the native token that the community, as StaFi uses. This token has several functions within the StaFi ecosystem. First, FIS holders participate in making governance decisions for the network. They can vote on vital protocol changes and asset movements.
Second, the holders of these tokens can stake them and earn rewards as a result. They can also participate in the network’s consensus mechanism, which is vital for the stability and security of the network.
Third, FIS is used for the payment of transaction fees within the network. Users pay a fee for such activities as staking and the transfer of cash. Finally, holders of the coin are able to take advantage of any new features that become available on the ecosystems, along with cross-chain staking opportunities.
StaFi Price details
ETH Contract address: 0xef3a930e1ffffacd2fc13434ac81bd278b0ecc8d
›› Details & Tokenomics
Advantages of StaFi
+ The coin allows users to retain the liquidity of staked assets+ StaFi gives users a chance to earn passive income while investing their assets elsewhere
+ The use of the Polkadot network allows for cross-chain transactions
+ With StaFi, you can integrate with other DeFi platforms and invest with ease
+ The modular substrate blockchain ensures speed and safety of transactions
Disadvantages
- The 10% commission on rewards from staked amounts is on the higher side- Integration with some ecosystems like EVM and Cosmos is quite complex, which may hinder adoption
- The fixed supply of FIS tokens has increased its volatility at the marketplace
- There are no utility applications for FIS, which would increase its traded volumes
- The price growth has not been rapid, making it less favorable for speculative trading
Costs
▪ Rated at 8.5/10There are three main types of fees you will pay when using StaFi tokens. The percentage amount paid as a fee depends on which fee you are paying. You get charged a 10% commission when you stake these tokens. The amount is charged on the staking rewards.
On the other hand, holders pay for the cost of the transaction. This fee varies depending on the underlying blockchain for that transaction. The amount covers the cost of validation and processing the transaction. Mostly, this value ranges between 1% and 10% of the amount transacted.
Reputation and Buzz
▪ Reputation rated at 9/10▪ Buzz rated at 7.5/10
FIS has received a positive reception from different stakeholders in the crypto marketplace. DeFi users welcomed the idea as it gives them flexibility to use their assets and still earn rewards from them. The positive feedback was evident with the rapid growth of the token.
Second, its connection with Polkadot has also given legitimacy. Polakdot is one of the most secure and versatile crypto networks on the internet. This has given would-be users some confidence that they would not lose their cash.
News and articles about FIS have been published in many leading crypto news hubs and forums. The coin is also hosted on many leading crypto exchanges like Binance, Coinbase, and Coinex. This is a testament to the reliability of the coin and underlying blockchain.
FAQ
How does the StaFi system work?
StaFi has a token system where users who stake their FIS receive rTokens of similar value in return. The holder of these coins can use them in other DeFi applications for the period that the assets will be staking. This way, the funds are not held in by a single DeFi application.
Are there advantages to staking FIS tokens?
Yes, there are several benefits that come with staking the FIS token. First, you get to stake your assets on a reliable and secure network. Second, the provision of a derivative token provides you with the liquidity to invest the same amount elsewhere, which lowers the need for high capital.
History of StaFi
July 2019 - StaFi was officially launched by Tore Zhang and Liam Young. The protocol aims to address the challenge of liquidity when people are staking within decentralized finance (DeFi).
September 2020 - StaFi introduces its mainnet system and rTokens. Mainnet provides the security and immutable transaction records. From now on, users will be able to receive liquid tokens in exchange for staked assets.
August 2021 - StaFi launches the rDex. This is a decentralized exchange for trading rTokens. It provides a way for stakers to make use of the rTokens with ease.
July 2024 – There is an update on the StaFi whitepaper. The new information includes changes in its protocol and tokenomics. There is also information on how it plans to scale its services in the near future.
Screenshots from StaFi
More sites where to buy/sell/trade StaFi
Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this token. Click on the logo to read our review.
StaFi details and tokenomics
