Stafi collaborates with Stone to bring liquid staking assets into DeFi 2.0
What is staFi protocol?
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards.
So far, Stafi has launched almost 3 rtokens into the mainnet. rETH was launched months ago, rFIS was also launched and deployed into the mainnet and rDOT is still undergoing audit and will soon be launched.
On the other day, Stone is a yield aggregation protocol that powers innovative yield generation strategies through liquid PoS staking. Following thorough review and research into the DeFi space, Stone has identified and crafted new farming strategies that tap into PoS farming, starting with staked ETH.
Stone and StaFi partnership
Stone have joined forces with staFi protocol to bring liquid staking assets on DeFi 2.0. Stafi and stone both recognise the importance of innovative ideas and building up of new products substrate on the polkadot ecosystem thereby, they decided to go into this strategic partnership. So far, there is over 50% of DOTs are staked and that is worth 10 billion USD with 28 days of unbounding. The need of a market that provides liquidity for staked DOTS is therefore paramount.
Benefits of this partnership to both communities
Introduction of rETH into Stone
rETH is a synthetic derivative asset issued to ETH stakers, that enables instant liquidity for the illiquid Ethereum 2.0 network. rETH can be redeemed by staking ETH in the staking contract deployed by staFi.
With this partnership, Stone will support rETH in its farming strategy, providing rETH holders the best yields via liquidity provision and lending activities.
There are lot more beneficial things to be gained from this partnership.
rETH Product: https://rtoken.stafi.io/reth