StaFi 2.0 Draft Plan Discussion

As the market sentiment and overall conditions improve, StaFi will be upgrading its protocol to 2.0 in the new year. The following are some of the directions and plans that we are currently exploring. We welcome the community to provide feedback and participate in the discussion.

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.

Problem


  • Polkadot label: Breaking free from platform-specific limitations.
  • Limited rToken protection: Enhancing security for StaFi’s rToken.
  • Ineffective FIS inflation: Optimizing the FIS new token utility.
  • Launching LSDs on Layer-1s: Providing tools and services for fast, secure LSD deployment.
  • Improving governance: Leveraging Ethereum’s ecosystem for on-chain power.

Specification


New Tokenomics and FIS New Design

From AppChain to Contract Layer

  • EVM: Complete
    • rETH issued on Ethereum
    • rMATIC issued on Ethereum
    • rBNB issued on BSC
  • Solana: Progress
    • rSOL issued on Solana
  • Cosmos: Progress
    • Migrate Cosmos rToken from StaFi Hub to Neutron
    • rATOM issued on Neutron
  • Polkadot: Progress
    • rDOT
    • rKSM
  • StaFi Chain: Discussion
    • rFIS

FIS New Design

  • Phase 0: Progress
    • Stake treasury FIS to the StaFi Chain - Complete
    • FIS Burn - Progress
  • Phase 1: Discussion
    • FIS token utility
    • New brand token
  • Phase 2: Plan
    • Change FIS to ERC20
    • Migration

LSD Infra Layer

LSD is becoming an important foundational component of Layer-1 blockchains. However, there is a challenge in how to quickly and efficiently launch a secure and capital efficient LSD on a Layer-1 blockchain.

StaFi 2.0 will launch a new product to address this issue. This product will provide a solution for Layer-1 projects to launch LSD. StaFi will provide a complete set of tools and services to help Layer-1 projects quickly, securely, and efficiently launch LSD.

The new product is currently under discussion and development, and is expected to be released in Q1 or Q2 of 2024.

New Governance

Current governance is on the StaFi Chain, but it does not fully realize on-chain governance power. The new design of FIS and the migration to Ethereum will leverage Ethereum’s existing ecosystem tools to further improve governance.

Plan


Community

  • Crypto influencers: We can select one influencer every week or half a month to introduce StaFi’s updates and expand our influence. The community budget can be used to pay influencers in FIS tokens. @Kelvin can help find and negotiate deals with influencers.
  • Contributors who can draw or use AIGC to generate high quality images: These contributors can help create infographics.
  • Think about and plan how to promote and activate the community: The current Discord administrator, @Alaph, can be responsible for this.
  • More budgets and incentives: To support the stronger development of the community, more budget will be allocated to community incentives.

Events

For each important event, we will create a social media and community promotion plan to maximize the reach of our own channels. @Sara and @Olivia will be responsible for this, and @Alpha can provide support.

  • FIS Burn
  • New Product(LSD Infra Layer) Launch
  • FIS new tokenomics
  • FIS token New Brand
  • New Governance Launch

Other Idea

  • FIS Token Utility:
    • To run an offchain service or oracle, FIS tokens must be staked to ensure the security of its operation.
    • FIS tokens are used as service fees.
    • Ve Model
  • Business Development: Pitch more developer community
  • Business Development: Pitch crypto marketing platfrom, like Galxe
  • More ideas are up to you
1 Like

Definitely StaFi would benefit to this will highlight a bit of the things I hope to be done soon.
(Polkadot label: Breaking free from platform-specific limitations) - FIS would benefit greatly if we enhance and extend the liquidity in EVM as most users doesn’t use CEX, creating deep EVM liquidity will help our native much more easy to access to users
(LSD INFRA LAYER) - This would greatly benefit StaFi as this would help L1’s in deploying much faster
(New Governance) - Migrating the governance to ETH would further improve decentralization considering most FIS are in EVM chain, this would make voting much more organic and the outcome is close to what the community wants.

Additional Points to the Planned:
The BD ideas that are stated by @signal is already pending, currently planning on when to deploy in order to achieve maximum efficiency, Agree to all the points that are stated it will be done coinciding the major updates to be shipped within StaFi 2.0

1 Like

100% agree with “Breaking free from platform-specific limitations” part as it’s really limit options and not user friendly at all.

And as for burning, it’s welcoming and an amazing use case, needs a burn as a utility not just burn from the treasury right? Maybe implementing gas fees, service fees and burn it

Marketing and influencers is something we need as the product is already out there and it’s superior than other competitors.

Question: when all of this will be implemented if passes the vote?

1 Like

Will old FIS token be replaced in the StaFi 2.0 version?If yes,How?

1 Like

StaFi 2.0 Progress Update (Jan 15 - Jan19)

:one:$rSOL Migration: All the development and testing have been completed and $rSOL-related functionalities on the StaFi rToken App have been temporarily suspended due to $rSOL migration, they will be re-enabled once the migration is completed.

:two:The migration of StaFiHub to Neutron: The backend code has been developed and the backend service has been deployed to the testnet. It is currently undergoing testing.

Meanwhile, the frontend is still in development and is expected to be completed within a week.

:three:The beta version of StaFi Multisig App was launched on the mainnet. StaFi treasury $FIS will be migrated to multisig accounts in the near future.

:four:Preliminary exploration of the LRT was conducted.

:point_right:Reference: [Discussion Draft] StaFi Restaking Proposal

StaFi 2.0 Progress Update (Jan 22 - Jan 26)

:one:rSOL launched on Solana: rSOL has completed its migration to the Solana chain, bringing improvements such as enhanced security for users’ assets, simplified usability, and easier participation in DeFi.

:point_right: Portal: https://app.stafi.io/gallery/solana/SOL/

:two:A detailed plan for the migration of treasury FIS to a multisig account has been formulated and will be released next week.

:three:The new LSD product in StaFi 2.0 has been released on the testnet, and internal testing is currently underway.

:four:rATOM deployment on the Neutron testnet has been completed and is now in testing.

Thx the advice, actually some work of the StaFi 2.0 is in progress, and will have a update every week.

Just in discuss, you can also share your thoughts about it.

I hope it can be faster, it’s already been a month.