Background
StaFi was developed with the support of Polkadot grants, and the StaFi Chain is built on Substrate. The support of Polkadot made the birth of StaFi possible, but it also brought some limitations. For example, the Polkadot label is difficult to shake off, even though StaFi has supported LSDs from the EVM and Cosmos ecosystems. Additionally, FIS is the native token of the StaFi Chain, and the current appchain model provides limited protection for rTokens. The inflation of FIS also has limited effects. Therefore, the StaFi 2.0 plan was born. StaFi 2.0 will solve the above problems and release new LSD products. It will also position StaFi as an LSD infrastructure.
What is StaFi 2.0
StaFi 2.0 will be a major upgrade and rebrand. In terms of positioning, StaFi will transform from a multi-chain LSD protocol to an LSD Infra Layer, and the brand will also be upgraded accordingly. In terms of Tokenomics, FIS will introduce a burn mechanism and add new utilities. In terms of security, on top of the existing chain security, it will support contract layer security, including support and frameworks for multiple VMs such as EVM and WASM.
Building 2.0 won't happen overnight. Its multi-faceted upgrades demand a year-long commitment from StaFi, ensuring a truly groundbreaking release.
LSD Infra Layer
Liquidity Staking Derivatives (LSD) are becoming increasingly essential components of Layer-1 blockchains. However, a key challenge lies in swiftly and effectively launching a secure and capital-efficient LSD on a Layer-1 blockchain.
Rollup as a Service (RAAS), embodied by ALT, along with optsack, has significantly streamlined the development of Layer 2 solutions, fostering their rapid advancement.
Regarding LSD development, StaFi will endorse various development frameworks and Liquid Staking as a Service (LSAAS), encompassing ETH LSD, EVM LSD, and CosWasm LSD. The CosmWasm LSD framework supports diverse deployment approaches, including Neutron (a native smart contract platform secured by Cosmos) and native chain deployment. These frameworks promise to greatly expedite LSD development and deployment processes. Furthermore, in the realm of restaking applications for LSD, an innovative LRT Stack will be introduced.
In terms of partnerships, SSV, Chainlink, and others are set to bolster StaFi's LSD Infra Layer, while DVT and CCIP will enjoy default support.
Here are some key dates and plans that have been confirmed. Please stay tuned for specific dates:
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2024 March: The LSD Infra Layer will go live on the testnet, supporting ETH LSD, EVM LSD, and CosmWasm LSD.
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2024 Q2: LRT will also be supported and go live on the testnet.
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2024 Q3: The LSD Infra Layer will go live on the mainnet based on the test results and feedback.
Bitcoin LSD
With the approval of Bitcoin ETFs and the rise of inscriptions, the Bitcoin ecosystem is starting to explode. More and more projects are emerging, including protocols that support BTC staking, similar to Babylon. StaFi will start to cooperate with these protocols to jointly find LSD solutions for Bitcoin, and will also integrate them into the existing LSD Infra Layer. This will further unlock the liquidity of BTC and stimulate the potential of Bitcoin DeFi. More information about this work is expected to be shared in Q2-Q3.
Rebrand
As mentioned before, StaFi's rebranding will be a crucial component of 2.0, reflecting its strategic shift to an LSD Infra Layer. The rebranding will encompass several key aspects:
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Refined product positioning: StaFi will transit from a multi-chain LSD protocol to an LSD Infra Layer, empowering Layer 1s with rapid LSD issuance capabilities.
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Facilitating LSD adoption for Layer 1s: StaFi's LSD Infra Layer will provide a comprehensive platform for Layer 1s to seamlessly launch their own LSD solutions.
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rToken and rLaunchpad integration: rToken will be integrated with rLaunchpad to create a community-driven LST listing and issuance platform.
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FIS Token Rebrand : The FIS token will undergo a rebranding process, including a new name and logo, and the LSD Infra Layer will provide new value capture and utility mechanisms for the rebranded FIS token.
Here are some key dates and plans that have been confirmed. Please stay tuned for specific dates:
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2024 March: Rebrand website launch
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2024 March: Rebrand pr
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2024 Q2: Rebrand Galxe campaign(plan)
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2024 H2: rSEI launch
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2024 Q3: FIS token rebrand(plan)
Tokenomics
The FIS token is currently fully circulating, but the FIS in the inflation address has not been burned. Additionally, regarding the value capture of FIS, it will also change due to the LSD infra layer. Finally, the migration of FIS from a StaFi Chain native token to an ERC20 token will take a long time as it affects the operation of both StaFi Chain and StaFi Hub. Therefore, 2.0 will plan the following adjustments to the tokenomics.
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2024 Q3: FIS burning proposal
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2024 Q3: New value capture and utility mechanisms
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2024 Q4: Activate FIS burn and announce the amount burned.
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2024 Q4: Assess the dependencies of FIS migration.
FAQ
When will the rebrand take place?
The rebrand will take place in phases, with the first phase starting in Q1 2024. The specific dates will be announced soon.
Will the FIS token be renamed and rebranded?
Yes, the FIS token will be renamed and rebranded. The new name and logo will be announced soon. The coin listing platform will also be updated to reflect the new branding.
Will the FIS token be migrated to ERC-20?
The migration of the FIS token to ERC-20 is under active consideration. There are a number of factors to consider, as mentioned above, but this is a goal that we are committed to achieving.
When will the FIS burn start?
The FIS burn will start in Q3 2024. The specific dates will be announced soon.
Will there be airdrops and incentives for the 2.0 launch?
There will be a series of marketing activities, including online and offline events, to promote the 2.0 launch. More details will be announced soon.
About StaFi
StaFi protocol is the first liquid staking protocol for multiple POS blockchains. StaFi aims to solve the contradiction between Mainnet security and token liquidity in PoS consensus.
Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.
To date, the platform has released up to 10 various liquid staking solutions including rETH (StaFi Staked ETH), rMATIC, rBNB, rATOM, among others.