What is StaFi (FIS)?
Staking Finance or StaFi is a scalable cross-chain staking derivative protocol that addresses the token liquidity issue of the Proof of Stake(PoS) mechanism. In PoS consensus, token holders are required to lock their assets for a certain period to ensure the security and decentralization of blockchain, which creates the risk of staker’s loss caused by price fluctuations of underlying assets. StaFi decentralized protocol allows token holders to stake their tokens through staking contracts and receive alternative tradable rTokens in return while also earning staking rewards from the original chain.
FIS is a native governance token of StaFi protocol used as a gas fee(distributed to validators and protocol treasury), for staking by validators, and as value backup for liquidity of rTokens.
|Launch Date||September 2020|
|Founder||Liam Young and Tore Zhang|
|Blockchain Protocol||Substrate Blockchain|
|Market Cap||$21.41 million|
|Token Type||Native and Governance|
|Circulating Supply||60.45 million|
|Total Supply||114.91 million|
|Consensus Method||Nominated Proof of Stake (NPoS)|
Who are the Founders of StaFi?
StaFi was founded by Liam Young and Tore Zhang with the goal to overcome the contradiction between mainnet security and token liquidity in PoS consensus. Liam Young has experience of 8 years working in product management and development teams of internet companies like Alibaba. He has also founded the Wetez mining pool and Wetez wallet.
How does StaFi work?
StaFi protocol comprises three layers for its working:
- Bottom Layer: The architecture of StaFi, including development modules, P2P modules, staking modules, etc., is built on the blockchain system of Substrate. The StaFi protocol runs parallel to Polkadot, with its main security and performance guaranteed by Polkadot.
- Contract layer: This is the core layer of the protocol that supports the creation of various Staking contracts for different blockchains. Users stake their tokens through staking contracts and obtain rTokens. A user can redeem staked assets anytime using these rTokens. Furthermore, StaFi employs distributed key storage protocol to secure user’s stake addresses through multi-signatures.
- Application Layer: This layer enables third parties to establish decentralized bonded assets exchange with StaFi-based or custom APIs on StaFi protocol to facilitate the transfer and trade of rTokens.
What makes FIS Unique-Use Cases?
- The StaFi ecosystem comprises rToken for staking, rDEX to trade rTokens, rPool to participate in liquid mining, and rBridge to facilitate multiple blockchains.
- Anyone can join the StaFi consensus network to become a validator and nominator by staking their FIS tokens.
- FIS token holders can participate in the governance of the StaFi protocol by voting for upgrades and proposals for the development of the network.
- rTokens are tradable, and a User can redeem staked tokens anytime with the user’s specific rTokens only.
StaFi (FIS) Price Analysis
- FIS price saw one of the strongest rallies in the broader crypto market early in 2023, rallying over 230% by the end of February 2023. However, since then – the price of FIS token has been on a steady downtrend and has lost nearly all of what it had gained in the early days of the year.
- However, in the last couple of days, FIS has managed to break out of its downtrend slightly, breaching the diagonal downtrend line (marked in blue)
- Despite that minor breach, there is a long way to go for FIS to re-attain its YTD highs of over $0.82
- From an immediate short-term point of view, FIS price has to breach the accumulation some between $0.4 to $0.5 (marked in grey) and also breach past its 50-day and 200-day exponential moving averages, which are on the verge of suffering a death cross.
- In the near term, a strong breakout beyond the $0.5 mark would bring back some of its lost bullish enthusiasm
|FIS Price Today||$0.3516|
|Price Change (Yearly)||-32.1%|
|Market Rank (as per CMC)||597|
|Market Cap||$21.25 million|
|Fully Diluted Market Cap||$40.41 million|
How to Buy FIS Token in India?
To buy StaFi Token in India, just follow the below-mentioned steps:
- Download the CoinDCX App on your Smartphone
- Enter the details required for registration.
- Complete KYC
- After your profile is verified, fund your wallet and buy FIS tokens.
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