Is the StaFi (FIS) coin built on its own blockchain?

StaFi's strategic integration with multiple blockchains, coupled with its innovative rToken concept, empowers users to unlock the liquidity of staked assets and participate in DeFi activities seamlessly.

Jan 07, 2025 at 05:26 pm

Key Points:

• StaFi (FIS) is not built on its own blockchain.
• StaFi integrates with multiple blockchains, including Polkadot, Kusama, Ethereum, and Near.
• This integration enables StaFi to offer cross-chain staking services.
• StaFi aims to unlock the liquidity of staked assets on these blockchains.
• By wrapping staked assets into liquid rTokens, StaFi allows users to participate in DeFi activities, such as lending and borrowing.

Article:

StaFi's Blockchain Integration Strategy

StaFi (FIS) is a decentralized finance (DeFi) platform that focuses on unlocking the liquidity of staked assets. Unlike many other crypto projects, StaFi does not operate on its own blockchain. Instead, it integrates with multiple established blockchains to provide cross-chain staking services.

This integration strategy has several advantages. By leveraging existing blockchain infrastructure, StaFi can:

• Access a wide range of assets: StaFi supports staking for various cryptocurrencies, including DOT, KSM, ETH, and NEAR.
• Benefit from blockchain security: StaFi inherits the security features of the underlying blockchains it integrates with.
• Minimize development costs: By utilizing existing platforms, StaFi can focus its resources on developing its core staking products.

Cross-Chain Staking and rTokens

StaFi's cross-chain staking solution is designed to address the liquidity challenges faced by users who stake their crypto assets. When users stake their assets on PoS blockchains, they typically lock their assets for a certain period and cannot access them during that time.

To overcome this limitation, StaFi introduces liquid rTokens. rTokens are synthetic assets that represent the staked assets. By wrapping staked assets into rTokens, StaFi allows users to retain the staking rewards while also being able to participate in DeFi activities, such as lending and borrowing.

Integration Process and Supported Blockchains

The process of integrating with new blockchains is crucial for StaFi's growth and expansion. To achieve this, StaFi follows a rigorous process that includes:

• Technical evaluation: StaFi assesses the blockchain's technology, security, and scalability.
• Community engagement: StaFi collaborates with the blockchain's community to understand its needs and requirements.
• Custom development: StaFi develops custom integration solutions tailored to each blockchain's unique characteristics.

To date, StaFi has successfully integrated with Polkadot, Kusama, Ethereum, and Near. Each blockchain offers its own advantages and user base, enabling StaFi to reach a diverse audience of stakers and DeFi participants.

Conclusion

StaFi's decision to integrate with multiple blockchains instead of building on its own blockchain is a strategic move that has enabled it to offer cross-chain staking services, unlock the liquidity of staked assets, and cater to a wider market.

FAQs:

Why doesn't StaFi have its own blockchain?

StaFi believes that integrating with existing blockchains allows it to leverage their established infrastructure, security, and user base.

What are the benefits of StaFi's cross-chain approach?

• Access to a wide range of assets
• Inheritance of blockchain security
• Minimization of development costs

What types of crypto assets can be staked on StaFi?

StaFi supports staking for various cryptocurrencies, including DOT, KSM, ETH, and NEAR.

How do rTokens work?

rTokens are synthetic assets that represent staked assets, allowing users to retain staking rewards while participating in DeFi activities.

What blockchains has StaFi integrated with?

StaFi has successfully integrated with Polkadot, Kusama, Ethereum, and Near.