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What is StaFi?
StaFi (short for ‘Staking Finance’) is a cross-chain, liquid staking derivatives platform for all Proof-of Stake (PoS) chains. The project was founded by Young Liam, Tore Zhang & DaJun in 2018.
Staking usually involves locking up a portion of your assets for a fixed amount of time. StaFi was designed to address this particular liquidity issue.
How so?
Users can stake Proof-of-Stake network tokens on StaFi, and gain rewards in the form of 'rTokens’. ‘rTokens’ represents a liquid version of the staked asset, which can be used across the DeFi ecosystem. For instance, if a user stakes XTZ, they will be allocated rXTZ tokens.
The platform’s utility token, FIS, was first sold publicly in September 2020 via IEO (Initial Exchange Offering) on AscendEx.
To read about the project in more detail, check out StaFi’s whitepaper.
StaFi - in their own words
StaFi describes itself as ‘the first decentralized protocol unlocking liquidity of Staked assets’.
In their whitepaper, the StaFi team states their mission to solve ‘liquidity issues in Staking Finance’.
FIS token utility
FIS is the network’s utility token. It is used to cover transaction costs, mint and redeem rTokens, participate in governance, and secure and validate the network through staking.
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