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StaFi plans to roll out synthetic Ethereum and Polkadot tokens


invezz.com 14 January 2021 21:30, UTC
Reading time: ~2 m

Decentralized finance (DeFi) staking protocol StaFi has announced the launch of the synthetic Ethereum token, which will go live in the first quarter of the year. The announcement is coming after the company has failed to meet the deadline for some projects.

When the project goes live, users can be able to stake the PoS tokens on StaFi and gain rTokens in exchange. The availability of the rTokens will be based on the synthetic representation of staked assets.

It enables users to earn staking rewards while trading the rTokens, which is how the term “Liquid staking” is derived.

rTokens to be launched on different assets

According to the announcement, StaFi wants to launch the rTokens for different assets that run on Proof of Stake blockchains, including Cosmos, Polkadot, and Ethereum. Founder of StaFi Liam Young stated that both the codes of StaFi native token, FIS, and Ethereum (ETH) are currently passing through the auditing phase and it’s expected to be released very soon. However, the team has already passed the initial release date.

The latest announcement has not been received by users with optimistic mindset because the project has failed to reach several milestones.

Initially, StaFi planned to release both rDOT and rETH before the end of 2020, but the milestone was not met. The team said it was unable to meet the deadline because of various reasons, including the unavailability of competent developers in the team.

No specific date was given for project completion

Young has also said the DOT rToken development is still not ready because it’s still in development.  The delay, according to him, is because the integration with the Polkadot (DOT) protocol is more complicated than expected.  “The development of rDOT is more complicated than we had expected before,” he stated.

Young added that the team needs to carry out more research because of the complexity of NPoS and cross-chain consensus.

After the development, StaFi hopes to integrate with other chains, although no timeframe has been given for its completion.

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