[SIP-9]Remove rDOT and rKSM from StaFiChain, migrate rSOL to the Solana

Abstraction

As described in StaFi Tokenimic V2 , continuously decoupling rTokens from appchain security is essential to scale StaFi LSD solution. rBNB and rMatic have completed the decoupling, gained security from BSC and Polygon directly, and the whole process is going well. Next step is to migrate rDOT, rKSM and rSOL. After deeply reviewing the stat of the contributions at a protocol level, I propose to remove rDOT/rKSM, while migrating rSOL to Solana only.

With the coming launch of rLaunchpad, a product that sustains the development of rTokens in the future LSD market, StaFi protocol will extend the capability to roll on the new release of the rToken, hence, keep the StaFi Tokenomic scalable.

In a nutshell, this is a proposal to migrate the remaining rTokens in the StaFi chain to the target chain while making sure the future plan can support the developing growth in the LSD industry.

Motivation

While considering the migration, we think the value added from the migration, as this migration will be a heavy workload arranged to the dev team. To save the limited development resource, we have to think about the following factors, which should be reasonable to benefit the protocol:

  • Protocol contribution

Staked TVL and gained reward are two important factors to evaluate the contribution. Those 2 factors are positively related, rewards are from a percentage of staking reward, while staking reward is proportional to its staked value, which means a big staked TVL will lead to more rewards. It is clear to check the rTokens contribution and make a decision.

  • Tech possibility

In order to be more decentralized, decoupling needs technical support from protocol level. rToken solution, theoretically speaking, can be deployed in any PoS layer1s, while the solution has to sacrifice some meaningful specifications to some extent, such as decentralization, UIUX and security. Most of the decouplings are aiming for interoperability and scalability, hence, an EVM-based rToken in target chain is ideal. Migration should think about its relaunch and see if it can be well supported and make sure the top priorities can be guaranteed.

  • Future development

We also have to think about its future development if we input the dev resources. Without the TVL and reward, and even there is no foresee on its growth potential, removal should be the right direction. There are trending projects in the marketing, especially in Crypto, technology is growing rapidly, always following the trends can expose StaFi to more and more communities.

Taking these 3 aspects into account, I can come to a conclusion on the migration, rDOT and rKSM should be removed, rSOL should be migrated.

Reasonable Aspect rDOT rKSM rSOL
Staked TVL Relatively low Low Relatively low
Contribution Relatively low Low Relatively low
Tech support Inaccessible Inaccessible Accessible
Development Relatively Inactive Inactive Active

Furthermore, seeing from the the analytics, rKSM has $3.993K in staked and rDOT $72.129K, both contribute relatively low that can be even ignored in a day(marked at the end day of Oct). rSOL has $58.018K in staked and contribute a relatively low in a daily base as well, an average reward can be calculated, StaFi protocol collects rKSM 0.003 ksm/ day, rDOT 0.5334966225 dot/day, and rSOL 0.126804645 sol /day. However, the tech possibility is accessible and the development activities in Solana are still active. If you compare the Polkadot/Kusama, I can foresee the future development of rSOL while I can’t see the rDOT and rKSM.

More importantly, there is no direct solution that rDOT and rKSM can be deployed in Polkadot or Kusama as their relay-parachain module. The EVM compatible parachain, such as Moonbean is the option, but the rToken solution will be more distorted in a decentralization manner, if rDOT deployed in Moonbean, so even someone has different scene of Polkadot and Kusama in the future, the second aspect is an obstacle for the migration.

Specification

The strategy of migration and removal are similar to before operations, migration can follow the same route of rBNB, while removal can follow the route of rBridge.

Migrate rSOL to Solona

Same strategy to rBNB and rMATIC, rSOL will be rebuilt, then redeployed to Solana. As the Solana is EVM compatible, there will be 2 options to deploy rSOL. The first is to deploy the Solana chain directly, the second option is to deploy in Neon, an EVM with the scalability and liquidity of Solana. The second solution is similar to rBNB and rMatic, but it depends on the growth of the projects in the Neon ecosystem, not Solana itself. I think the dev team still needs to balance the development resource and growth demands, then determine a final solution.

Once decided, the rSOL will enter into a development stage, the bridge migration will follow this direction as well. A detailed plan will be released if the proposal gets passed.

Remove rDOT and rKSM

An unstaked period is set to enable the removal from the users side. Considering the unstake period of rDOT is about 28-day long, the unstaked period will last for months.

Beside that, we will follow the rule set in the migration of rBridge, there will a deadline for unstaking rDOT and rKSM, the frontend service will be removed firstly and then the back end, there will be no service for the non-unstaked user to redeem their staked DOT and KSM after the deadline.

Risk

There is no foreseeable risk seen in this proposal. The migration of rSOL is a relaunch, so a new audit is needed.

Next Step

This is a proposal to collect feedback from the community, any ideas are welcome. The StaFi Governance is building alongside with the proposing, there is no certainty which process will be launched beforehand, we will wait and see if this proposal can be voted from the governance.

rLaunchpad

rLaunchpad needs to be introduced to develop the new rToken in a scalable way, more detailed plans should be planned and get approved by the community.

1 Like

Dear StaFi Community Team,

I sincerely appreciate the detailed proposal provided by your team. As a member of the StaFi community, I have carefully read through the proposal and would like to share my feedback and thoughts:

Firstly, I agree with the decision to remove rDOT and rKSM as outlined in the proposal. Based on the analysis presented, it is evident that rDOT and rKSM have relatively low contributions and technical support, while rSOL shows promising prospects. Given our limited development resources, focusing on the migration of rSOL seems like a prudent choice.

Secondly, I support the plan to migrate rSOL to the Solana blockchain. Solana, offers robust technical support for rSOL, and the active development within the Solana ecosystem is highly encouraging. I look forward to witnessing the achievements of rSOL on the Solana network.

Lastly, I hope the team continues to maintain transparency and open communication while advancing this proposal. I am eager to see more detailed plans regarding the migration of rSOL and the implementation of rLaunchpad. It is my sincere wish that the community’s voice will be given due consideration throughout the decision-making process.

Once again, I extend my gratitude for the team’s efforts and dedication. I am enthusiastic about StaFi’s future accomplishments.

Warm regards

Thanks for the feedback, def the way to DAO is continuously maintain transparency and open communication. More and more details will be reveal in the later stage.

Updates

Voting passed to remove rDOT and rKSM from StaFiChain and migrate rSOL to Solana. The next phase involves removing rDOT and rKSM from StaFiChain. Please note that the unstake period for rDOT is 29 days, so kindly unstake your tokens before March 1, 2024.

The technical solution for the rSOL migration has been determined and is currently being developed.

Unstake your rDOT and rKSM: https://app.stafi.io/

Updates

$rSOL contracts and relay service development is completed, also supporting the migration of existing $rSOL from StaFi chain to Solana contracts. Functions deployed to testnet and currently undergo testing.

Plz stay tuned for more updates!

rSOL Migration Update

The previously known issues with the $rSOL migration have been resolved, and ongoing testing is being conducted this week to ensure there are no further issues.

After the completion of testing, $rSOL will be ready to be launched on the mainnet.

Updates

As planned, $rDOT & $rKSM related functions have been removed from rToken App. The locked $DOT & $KSM will be received once the lock-up period ends.

Any question pls contact us: StaFi Protocol