StaFi (short for Staking Finance) is the First DeFi Protocol Unlocking Liquidity of Staked Assets. Using Staking Contracts to make your staked assets liquid and tradable rToken (reward-Token) to hedge against market volatility while still earning staking rewards.
Stake your FIS tokens in a few clicks by following these steps:
The easiest way to stake FIS is via StaFi/Substrate Portal .
Head to https://apps.stafi.io/#/explorer
Select [Staking] on the upper menu's [Network] submenu, then select “Nominator“ on Account actions.
Select Stash Account and Controller account on setup nominator pop up page, then fill in Bond amount.
Select the "terminet" validator. The validator can be searched by address and name.
Confirm the transaction fee, fill in password, then click "Sign and Submit" to submit info.
What is StaFi ?
StaFi is the first decentralized protocol unlocking liquidity of staked assets , you can staking your PoS token through StaFi and get rToken. rToken will enable you get the staking reward and trade the locked staking token at the same time.
To learn more,please see their whitepaper.
FIS is the native token of StaFi Protocol, which is used to secure the protocol, with FIS, you can staking, pay tx fee and mint rToken in StaFi.
rToken is short for reward Token. When you staking PoS token through StaFi, you will get an equal amount of rToken.For example,staking Atom,then you can get rAtom,staking XTZ then you get rXTZ. Owning rToken means that you have the right to redeem the corresponding amount of locked staked token, and the right to get staking reward. In addition, you can also trade rToken instead of staking token.
What are validators and nominators?
There are two main roles on StaFi Chain, validator and nominator. They have different functions:
Validator: Maintain StaFi network security by running nodes and receiving the nomination.
Nominator: Maintain StaFi network security by nominating FIS.
Validators have a limited number of seats and need to maintain a high level of communication responsiveness in order to ensure the seamless operation of the StaFi network.
Therefore, not everyone can do this, and most users with FIS tokens can earn rewards by becoming nominators and participating in network security maintenance.
What is a nomination and why nominate a validator
In StaFi network (as well as Polkadot ecosystem), nomination refers to staking your token to validators. It is the same meaning as the staking action in other PoS projects. A user who stake his/her FIS to the validator is called a nominator.
While the validators are active participants in the network that take part in the block production and finality mechanisms, nominators take a more passive role with a "set-it-and-forget-it" approach. Being a nominator does not require running a node of your own or worrying about online uptime. However, a good nominator performs due diligence on the validators that they elect. When looking for validators to nominate, a nominator should pay attention to their own reward percentage for nominating a specific validator - as well as the risk that they bare of being slashed if the validator gets slashed.
How to nominate (delegate validator)
Any user with FIS can be a nominator. Each nominator can choose up to 16 validators. Nominators fully consider the performance and reputation of the verifier before nomination to avoid slashing.
Before nominating, you will need to create two accounts, one for storing assets (Stash account) and the other for delegation (Controller account). The account used for nomination is the Controller account, in which some transaction fee tokens are required and if the balance is 0, the transaction will fail.
It is not recommended to set up these two accounts as one account.
Where can I explore the network?
How long does it take to change or cancel nominations and stakes?
When a nominator needs to change their nominations, he can choose to cancel and then re-pick validators from the validator list. But it will not be effected until the next Era( ~6 Hours).
When a nominator needs to cancel nomination, he can do it by cancel part or all of FIS that are in Staking, which will be further locked for 14 days. During this unbonding period, your FIS do not earn rewards and are illiquid.
What are the risks
Slashing occurs when a validator signs two blocks at the same height, which is called an equivocation. This is most likely to occur when a validator mistakenly activates a backup validator when their primary validator is still online. Slashing can also occur for being offline, but it only occurs when at least 10% of the network goes offline simultaneously, and it’s a much smaller penalty.
How to claim Staking reward?
Rewards are settled once per Era (6 hours). You must manually claim your rewards via the Polkadot Explorer. Staking rewards are kept available for 21 days. If you do not claim your staking rewards by this time, then you will not be able to claim them and some of your staking rewards will be lost.
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