London, March 16, 2022 — Staking Finance (StaFi), a decentralized finance (DeFi) protocol for unlocking staked-asset liquidity, has released its ecosystem project rDEX (rewards DEX) on its mainnet to offer a decentralized trading platform for StaFi’s staking derivatives users.

The project’s rDex is an automated market maker (AMM) decentralized exchange (DEX) based on a continuous liquidity model launched after completing a Bug Bounty testnet program and PeckShield security audit. As a project in the StaFi ecosystem, the rDEX supports trading of all reward tokens issued by StaFi — enhancing reward liquidity for users.

The rDEX supports these staked-derivative-reward cryptocurrencies traded in-pair with its native token, FIS: Ether (ETH), Polkadot (DOT), Cosmos (ATOM), BNB, Solana (SOL) and Polygon (MATIC). 

The platform also has a staked-derivative-reward-FIS and regular-FIS trading pair. 

Key features of the rDEX

StaFi’s rDEX provides continuous liquidity for rewards tokens by utilizing ThorChain’s continuous liquidity pool-market maker model. It guarantees lower slippage for small- and medium-sized transactions by using a fee model based on slippage. Users of the rDEX can also provide liquidity by depositing one or two tokens asymmetrically.

Security audit

The rDEX testnet has been reviewed in multiple ways during six weeks to ensure safety before its mainnet release. It has been audited by the third-party security agency Peckshield and tcommunity-tested in a Bug Bounty program. 

StaFi has also operated a Bug Bounty program on Immunefi since Feb. 11, 2022. 

Insurance fund 

The security of StaFi users’ funds is always a top priority. The platform is planning an insurance fund for its rDEX to safeguard users against potential and unforeseen hacks not previously identified in completed security audits. 

StaFi will propose 5 million FIS to be deposited in an insurance fund for rDEX users amid a barrage of hacks on rDEX contracts. An announcement and further details will arrive in the following weeks. 

Liquidity mining program

To encourage liquidity provision for rewards token pairs on the rDEX, StaFi will allocate 5 million FIS — approximately 5% of its total — from the community treasury as the total reward pool for the rDEX liquidity mining program. Design details and program development will be completed after a few weeks. 

Read the proposal to learn more. 

About StaFi

StaFi is the first DeFi protocol to unlock staked-asset liquidity. Users can stake PoS tokens on StaFi and receive rewards tokens available for trading while still earning staking rewards. The project’s rewards tokens are a synthetic staking derivative issued when users stake PoS tokens on StaFi’s rToken App. Rewards tokens are anchored to PoS tokens staked by users and corresponding staking rewards, and can be transferred or traded at any time.

About the rDEX

The rDEX is an AMM DEX developed by StaFi to solve liquidity problems associated with rewards tokens — staking derivatives issued by StaFi. It offers decentralized transaction services for holders of rewards tokens with three key features: continuous liquidity, lower slippage and asymmetrical deposits. 

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