The Commonwealth Protocol has entered into a brand new strategic partnership with StaFi (Staking Finance). Through this partnership, we’ll be providing StaFi with our advanced tools and platform functionalities to give their community an innovative space to move project initiatives forward.
Commonwealth has built a strong rapport with some of the most promising projects in the crypto space, particularly in the DeFi realm, to give them direct access to the most advanced tools they need to grow and engage their communities.
About StaFi: The Ultimate Derivatives-based DeFi Protocol
StaFi is a Substrate-based DeFi protocol that’s opening the door to the liquidity of staked assets with an innovative token model. The protocol uses rTokens (reward-Tokens) to represent staked assets, so when a user stakes a PoS native token on their protocol, they receive the corresponding rToken as a direct reward - these rTokens can then be staked or traded for greater utility.
rTokens will soon be available for trading on various DEXs (decentralized exchanges) and CEXs (centralized exchanges), introducing greater liquidity to stakers on StaFi.
The protocol is also open-source, allowing developers to run their own node, build staking contracts, and integrate rTokens.
$FIS is the protocol’s native token that can be staked, act as the payment mechanism for fees, and mint/redeem rTokens. The token also helps power and secure the underlying network. Via the rBridge, users can swap either $FIS or rTokens with ERC-20 assets, connecting StaFi community members to Ethereum’s vast DeFi ecosystem.In order to stay updated on all StaFi news, please visit their official website and follow their Twitter and Telegram channels.
StaFi to Leverage Commonwealth Protocol’s Features
Commonwealth is a comprehensive tool where the most important community and governance discussions can take place on-chain which provides a comprehensive online environment for project engagement. It comes with a specific Substrate governance pallet that’s made available to all Substrate-based platforms, making it easier than ever for StaFi to leverage the right tools.
Now, StaFi can harness the full capabilities of the Commonwealth Protocol platform to have more robust and fluid discussions regarding token launches, staking and lending solutions, partnerships, value propositions, and more. In turn, this will allow their team to move forward with project initiatives in a far more decentralized fashion, helping them improve upon their current infrastructure and goals.
Stafi x Commonwealth Q&A
Liam, Co-founder of Stafi, answered the following questions for our Q&A to offer some additional perspective of his thoughts on how Common Protocol can help his project:
How do you think Common Protocol will help your community?
“Commonwealth Labs is the most professional DAO solution provider in the Polkadot ecosystem, the professional advice and assistance on the governance of the Treasury DAO is very helpful for StaFi and our community.
Are there any specific features or functionalities you want to highlight?
“I think the most promising features are going to be the fluid chat rooms and functionalities that will allow us to initiate new token launches and implement new DeFi solutions - everything Commonwealth Labs offers will help us tremendously on our journey.”
What's something you’re looking forward to?
“The cooperation with Commonwealth Labs in building the StaFi Treasury DAO is only the beginning of our close cooperation. We’re looking forward to further cooperation.”
Join the StaFi Commonwealth Forum Discussions
The Commonwealth forum for StaFi is now officially open and active, so their community and team can begin engaging with one another. The StaFi community can now fully engage in fruitful and collaborative discussions that will help push innovation and continue to move the project forward.
Stafi’s forum on Commonwealth can be found at https://commonwealth.im/stafi.