Liquidity farming APY of StaFi rETH pool on Curve reaches 455%

On May 25, StaFi started a 120,000-FIS incentive program for the liquidity providers of its Ethereum 2.0 staking derivatives rETH on Curve
On May 25, StaFi started a 120,000-FIS incentive program for the liquidity providers of its Ethereum 2.0 staking derivatives rETH on Curve

On May 25, StaFi started a 120,000-FIS incentive program for the liquidity providers of its Ethereum 2.0 staking derivatives rETH on Curve. We are excited to announce that the annual percentage yield of this program reached an extraordinary 455%.

StaFi integration into Curve

StaFi is a Substrate project that has been focusing on unlocking the liquidity of staked assets for three years. We have now released five liquid staking solutions for proof-of-stake projects, including Eth2, Polkadot, Kusama, Cosmos and StaFi.

The rETH token is a staking derivative of Eth2 issued by StaFi when users stake Ether (ETH) tokens through the StaFi rETH App. The rETH tokens are anchored to staked ETH and the corresponding staking reward. They provide holders the flexibility to trade at any time while still receiving staking rewards. With the rETH App, Eth2 stakers will enjoy efficient liquidity and maximized staking rewards at the same time. 

At present, 1,649 ETH, valued at around $5 million, is staked in the rETH contract. In order to provide the most profitable use cases for rETH holders, StaFi plans to be integrated into Curve, the largest decentralized exchange for trading wrapped tokens with similar values.

StaFi had raised a proposal on Curve DAO to add the rETH/ETH trading pair on April 30, 2021. During the listing proposal vote, StaFi got 6.51 million veCRV votes and passed the vote successfully. This is a great milestone for StaFi’s rToken integration into the top mainstream decentralized finance protocols.

StaFi has now initiated a 120,000-FIS tokens reward pool for Curve’s rETH/ETH liquidity providers, and the rETH/ETH pool APY has now crossed 455%.

StaFi’s further integration

Besides Curve, StaFi is also working with other DeFi protocols to provide the best liquidity and user scenarios for its rToken holders. Examples include working with WrapFi and Stone to provide yield farming programs for rToken holders, working with Tidal to provide issuance for rToken users, working with Matic to explore layer-two solutions for rToken users, and so on. 

StaFi believes that delivering an interest-bearing rToken service is only the first step. The liquidity dilemma of staked assets will not be fully resolved if rToken cannot be freely traded, exchanged or utilized in other financial applications. Therefore, StaFi will strive to create comprehensive use cases, such as a DEX, lending and synthetic assets for rTokens.

What is StaFi?

StaFi is the first DeFi protocol that proposes and focuses on providing liquid staking solutions for PoS projects. StaFi is now leading in this area and has released five rToken solutions (as shown below) on mainnet, which is the most among all related projects:

  1. rETH, liquid staking solution for Eth2 staking.
  2. rFIS, liquid staking solution for StaFi FIS.
  3. rDOT, liquid staking solution for Polkadot.
  4. rKSM, liquid staking solution for Kusama.
  5. rATOM, liquid staking solution for Cosmos.

The total value locked has already exceeded $20 million, and the number keeps growing rapidly.

Why use StaFi to stake

The StaFi rToken App can help PoS stakers to solve the following two problems:

  1. No more unstake periods. There will be no need to wait for a long unbonding period to transfer or trade staked PoS assets. Users of the rToken App can transfer and trade the staking voucher rToken at any time on Uniswap to enjoy liquidity and hedge price risks.
  2. Maximized staking rewards. There is no need to learn the complicated nominated proof-of-stake or Tendermint consensus mechanisms and the associated staking reward calculation rules anymore. With the rToken App, users only need a few simple steps to deposit PoS tokens into the rToken contract, which will automatically select the best validator by executing the staking reward maximization strategy algorithm. 

For more information on StaFi:

Telegram | Twitter | Forum | Discord | GitHub | Website

For more information on rTokens:

rETH | rDOT | rKSM | rATOM | rFIS