Recap for March & Key Targets in April
Our community was kept up to date on all the most recent events and the progress in both product development and collaboration as we addressed the accomplishments in March and our objectives for April in the StaFi Community Meeting held on April 6th, 2023.
Meeting Summary
Sara
Sara explained StaFi’s accomplishments in March and the key targets for April. In March, the team made significant progress in both product development and collaboration. The product development efforts focused on updates for the Ethereum Shanghai Upgrade, with the successful testing of the rETH withdrawal function and contract auditing.
The commission fee for rToken was also adjusted to improve its competitiveness in the LSD market, while the staking rate for rETH validators was increased to ensure the security and stability of the protocol.
Regarding collaborations, StaFi focused on integrating rToken on some DEXes and launched corresponding liquidity mining campaigns. Partnerships were formed with Thena, Camelot, and KyberSwap to list rBNB/BNBB, rETH/ETH and rETH/FIS pools, and rMATIC/MATIC, rMATIC/USDC, and FIS/USDC trading pairs.
For April, StaFi’s key targets included launching the rETH Withdrawal feature consecutively after rigorous testing and audits, making StaFiHub Merge more mobile device-compatible, and developing a new LSD Solution for EVM chains with an open architecture. The team also plan to list rTokens on more DEXes in April and prioritize rToken integration.
Community & DAO
Adam
Adam explained that during the past month, StaFi has been actively engaging with the crypto community through various AMA sessions on Twitter Space. These sessions were attended by leading players in the industry, including Cosmos Club, Huobi, and Kyber Network. The discussions covered topics such as the development of Staking Derivatives on the Cosmos Ecosystem, StaFi’s Shanghai Upgrade, LSD’s Layer 2’s, and liquidity farming.
The success of these AMAs has allowed StaFi to connect with the community and gain insight into their needs and preferences. In addition, the StaFi Rangers Program has been running successfully for three months, with Rangers engaging with StaFi’s Twitter followers and promoting the platform’s products to a wider audience. The team has proposed modifications to the program to shift its focus from engaging with content to promoting StaFi’s products.
StaFi also has a team of community members called the StaFi Warriors, who work closely with the core team to promote and advocate for StaFi’s concepts and prospects. The team is currently seeking a talented individual to join their team as a Twitter Operator/Manager.
In terms of governance, StaFi has been providing constant updates and announcements regarding their progress on the forum, where they encourage community members to participate and share their feedback. StaFi’s goal is to build an open, free, and self-governed community that aligns with its vision and mission.
Product & Business Development
Shirley
Shirley presented the progress made in the previous month regarding the company’s products, partnerships, and collaborations. On the product side, the team is still working on upgrading the rETH Shanghai and developing the rToken App. Several rounds of testing have been completed, and modifications have been made to ensure reliable withdrawal and deposit functions. The withdrawal contract has been audited by PeckShield, and the commission fee and staking rate adjustments have been proposed to remain competitive in the market, enhance security, and incentivize long-term supporters of the protocol. Moreover, a new rPool Incentive Page has been launched to showcase liquidity mining programs.
Regarding business development, the company has been focusing on maintaining its aggressive strategy by launching rTokens on multiple ecosystems and their respective DEXs, such as bringing rETH/ETH and FIS/rETH trading pairs to Camelot on Arbitrum and launching BNB and rBNB Pool on the Thena Platform. Additionally, the company has listed 13 trading pairs across 10 DEXs spanning five different networks, including Ethereum, Arbitrum, Polygon, BSC, and Cosmos.
The team is exploring various use cases for the rTokens and connecting with different protocols for future partnership opportunities. The company plans to launch more DeFi integrations and new rTokens, such as rAXL, rSWTH, and rCFX.
In April, the team will continue to focus on building the rETH Shanghai upgrade, StaFiHub Merge plans, and the new LSD solution for EVM Chains. The company aims to become the leading multichain LSD Protocol, fully open, scalable, and easily integrable, allowing projects on L1’s to seamlessly integrate within a short period.
The StaFi Mobile App and new LSD Solution for EVM Chains will improve the staker’s experience, allowing users to stake their tokens seamlessly from a single location without opening multiple windows.
Operation & Marketing
Signal
During the meeting, Signal introduced himself as a member of the team and expressed his goal to bring ethical workflow with data-driven insights to StaFi to make it even more successful in the LSD field. The team upgraded their collaboration management by integrating their workflow to Notion, where each team member can see aggregated tasks and create their own tasks. This will help measure contributions and ensure transparency.
On the rToken side, StaFi’s rTokens are now listed on CoinMarketCap and CoinGecko. We are also fixing issues with rToken icons, names, and symbols. The marketing and operations team have had two successful AMA sessions with Huobi and Kyber Network, one focused on the Ethereum Shanghai upgrade and the other on a joint promotional effort to list rTokens trading pairs on Kyber.
The TVL (total value locked) is gradually increasing, with Balancer’s rETH/ETH pools having $3.6m TVL and StaFi’s Camelot pool and Kyber’s rMATIC/MATIC pool having $0.6m and $0.4m TVL, respectively. StaFi’s team has also developed their own sets of data metrics and frameworks to improve growth.
Lastly, StaFi has completed its research on DVT (Decentralized Voting Token) and established an initial plan, and the development team is reviewing a technical solution. We have also researched multiple wallet access components, and the plan will be shared with the community soon.
The StaFi’s Community Call for April is now live on Youtube here: StaFi Community Meeting - April 2023 - Ethereum Shanghai Upgrade & rETH Solution Updates - YouTube.
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