StaFi Joins the UniLend Ecosystem to Bring rTokens to UniLend

TLDR:

• StaFi is entering into the UniLend ecosystem, making their rTokens accessible on UniLend and opening up new avenues of yield generation for UniLend users.
• Integrating StaFi’s rTokens on UniLend will allow our users to trade, borrow or lend their staked tokens on the UniLend platform.
• Utilizing StaFi’s rTokens on UniLend will allow users to take advantage of staking rewards, whilst being able to trade, supply liquidity, collateralize, and lend out their staked tokens.
• This is StaFi’s first ever collaboration with a cryptocurrency money market!

Staking finance protocol StaFi is preparing to join the UniLend ecosystem and bring their unique rTokens onto our platform. StaFi’s rTokens will add immense value to UniLend and the DeFi community. rTokens have the ability to enable users to utilize their staked tokens on DeFi protocols such as UniLend. Integrating rTokens on UniLend opens the door to a new stream of liquidity on the UniLend platform and will enable our users to take advantage of new avenues of yield generation.

rTokens & UniLend: Unlocking Further DeFi Capabilities

Normally, individuals who want to stake their tokens are faced with a decision; they can either lock their tokens for staking, or they can keep their tokens for trading, lending, yield farming and other DeFi activities. With StaFi’s rTokens, however, you can take advantage of the rewards from staking whilst retaining the ability to access your tokens for trading and DeFi functionality.

Whenever someone stakes their tokens on StaFi they receive the staking rewards involved with staking their tokens, and they also receive rTokens. These rTokens essentially act as a derivative of the staked tokens, in equal value to the staked tokens. For example, if you were to stake 1000 FIS tokens via StaFi, you will receive 1000 rFIS tokens. These rFIS tokens can then be used to interact with DeFi protocols.

StaFi is working to integrate their rTokens with UniLend and will complete the development of rFIS, rETH, and rDOT/rKSM as scheduled in their Q4 roadmap.

rTokens are minted on the StaFi network but can be converted into ERC20 through the rBridge built by StaFi, and can thus be utilized in Ethereum-based DeFi applications. Once this integration is completed people will be able to bring the aforementioned rTokens onto UniLend and take advantage of the many DeFi capabilities of our platform.

Users who bring their rTokens onto UniLend will be able to use them to trade for other tokens, or add liquidity to our liquidity pools. If someone adds liquidity to rToken liquidity pools on UniLend, they will get double benefits by receiving staking rewards whilst collecting the 0.3% automated market maker (AMM) fees for being liquidity providers.

Additionally, UniLend also features borrowing and lending. This means that people can bring their rTokens onto UniLend and use them as collateral to borrow assets. Alternatively, holders can also lend their rTokens out to others on UniLend and collect on interest rates.

About StaFi

StaFi is the first DeFi protocol that is unlocking the full potential of staked tokens. People can stake their tokens on StaFi and receive rTokens in exchange. These rTokens can then be used to interact with DeFi protocols, whilst still earning staking rewards.

UniLend is the first cryptocurrency money market that StaFi is collaborating with. The CEO of StaFi, Liam Young, explained why UniLend is an ideal cryptocurrency money market to collaborate with:

“The main reason for the limited borrowable assets in the lending market is liquidity. If the liquidity issue is tackled, then any asset can become a lending market. UniLend has its eyes on the urgent problems in the lending market, and so it has integrated DEX liquidity with lending. The integration of rToken is undoubtedly a big step closer to the goal.”

Conclusion: Achieving New Heights in DeFi

Chandresh Aharwar, the CEO of UniLend, said in regard to the integration,

“Bringing StaFi into the UniLend ecosystem, and integrating their rTokens onto our platform will allow us to add an additional layer of value for our users, this furthers our goal of being the most comprehensive DeFi protocol on the market.”

UniLend is quickly building up momentum, but we want our community to know that we are always here for them. If you have any questions about new or old developments reach out to us!

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