Summary:
The introduction of ETH2.0 staking has greatly increased the demand for liquid staking solutions in the ecosystem. Stafi’s first rToken product is a solution that allows users to stake ETH through the rETH App and mint a synthetic derivative, rETH that is fully tradable while still earning ETH2.0 staking rewards.
We would like to propose the addition of an (rETH, ETH) metapool with LP incentives for Curve users and veCRV holders subsequently.
About StaFi and rETH Token:
StaFi is a DeFi protocol unlocking liquidity of staked assets in PoS networks. As a project dedicated to addressing the liquidity issue of staked assets, StaFi has built the rETH App which allows for ETH2.0 liquid staking. StaFi already has rDOT, rATOM and rKSM close to the production stage, focusing on bringing liquidity to stakers on other chains.
Whenever a user stakes ETH by using the rETH App, they will automatically receive rETH Tokens (ERC-20) in return, which is a synthetic representation of his or her staked ETH balance and corresponding staking rewards. The rETH token may then be traded on a variety of trading venues, and can be used in other DeFi protocols.
Why We Are Making this Proposal:
The rETH App has only recently launched as a standalone product and has produced encouraging results. While we have yet to introduce liquidity farming incentives, there have already been over 1,5000 rETH tokens minted via the rETH App.
In conjunction with the release of future rToken products, our plan is to launch several liquidity farming programs, including for rETH/ETH to incentivize users to mint, trade and lend rETH efficiently.
Having rETH listed on Curve would provide a superior trading experience for rETH holders, and as well as provide the following for Curve users:
1.An additional product for yield seekers on Curve
2.Increased fee revenue for veCRV holders
3.FIS token incentives for Curve users
Incentive:
StaFi team has prepared an incentive program valued at 410K USD for the rETH/ETH traders on Curve as belows:
Month 1: 30K FIS a month (70K USD)
Month 2: 30K FIS a month (70K USD)
Month 3: 20K FIS a month (50K USD)
Month 4: 20K FIS a month (50K USD)
Month 5: 10K FIS a month (25K USD)
Month 6: 10K FIS a month (25K USD)
Note: the FIS token has been listed on Uniswap, Binance and Huobi Global.
Specification:
StaFi deploys a Staking Contract on the Ethereum 1.0 chain and interacts with the Ethereum 2.0 Staking Deposit Contract. StaFi will also monitor the staking information of the Ethereum 2.0 Beacon Chain. The backend architecture of rETH includes 3 layers:
1.The top layer is for user fund management and settlement. Users participate in Staking through the Staking Contract deployed on Ethereum 1.0. The system will mint and send back rETH based on the amount of ETH Staked and the current exchange rate. The system will also be responsible for the clearance and settlement of funds deposited and redeemed by users.
2.The middle layer is for distribution and settlement of staked funds. StaFi will deploy Staking Pools based on the amount of funds locked in SC. StaFi will deposit 32 ETH in each Staking Pool, and stake to the Ethereum 2.0 Deposit Contract after matching validators.
3.The bottom layer is for management and monitoring of Ethereum 2.0 nodes (Original Validators). StaFi will provide Original Validators with a set of standardized onboarding tools. Validators can use this tool to operate the Ethereum 2.0 node client. At the same time, this tool will also monitor the status of the Ethereum 2.0 beacon chain, including but not limited to, node operation status, the issuance of staking proceeds, the time and number of disconnections, the occurrence of slash, and validator drop-offs.
You may check the full version of rETH App specifics and technical architecture here: https://docs.stafi.io/rproduct/reth-solution
Helpful Links:
StaFi Website: https://www.stafi.io;
rETH App: https://rtoken.stafi.io/reth;
StaFi Staking App: https://apps.stafi.io;
rETH Solution Paper: https://docs.stafi.io/rproduct/reth-solution;
rETH Token Contract: 0x9559aaa82d9649c7a7b220e7c461d2e74c9a3593
rETH Code: https://github.com/stafiprotocol/eth2-staking
rETH Security Audit:https://github.com/stafiprotocol/stafi-bootstrap/blob/master/audits/reth/PeckShield-Audit-Report-StaFi-Eth2-Staking-v1.0.pdf
** Vote **:
https://signal.curve.fi/#/curve/proposal/QmQhtTLKeVCgkNFggbvCuDrsismYN3oPRrGzCxTuxitVCM