Stafi (FIS) price has declined today.
The price of Stafi (FIS) is $0.345463 today with a 24-hour trading volume of $4,558,594.75. This represents a -6.90% price decline in the last 24 hours and a 1.00% price increase in the past 7 days. With a circulating supply of 56 Million FIS, Stafi is valued at a market cap of $19,469,064.
What is StaFi (FIS)?
FIS is the governance token for the StaFi protocol. Other than that, FIS secures the StaFi ecosystem through staking. FIS is also used to cover transaction fees on the protocol and to mint rTokens.
What is StaFi Protocol?
StaFi, short for Staking Finance, is the first DeFi protocol that unlocks liquidity of staked assets. Users can stake their PoS (Proof-of-Stake) tokens and receive equivalent amounts of rTokens (reward tokens). Users can trade these rTokens on decentralized exchanges, on top of earning staking rewards.
What is Proof-of-Stake?
There are two consensus mechanisms, Proof-of-Work (PoW) and Proof-of-Stake (PoS).
Proof-of-Work is an algorithm that rewards the first person that solves a computational problem (i.e. mining) to achieve distributed consensus. Miners compete to solve challenging cryptographic puzzles to add the next block on the blockchain.
On the other hand, Proof-of-Stake is designed to address the massive energy consumption in PoW. The PoS consensus algorithm elects block validators to sign blocks based on the percentage of tokens staked.
Bitcoin has adopted PoW while projects such as Tezos, NEO, Cardano, and recently Ethereum 2.0 have adopted PoS.
How does StaFi Work?
StaFi is made up of three layers: the bottom, contract, and application layer.
The bottom layer is predominantly built with Substrate’s blockchain framework. The Substrate framework encompasses component technologies such as P2P networks, consensus algorithms, and staking functions.
The contract layer allows for the creation of staking contracts for various assets such as Tezos, Cosmos, and Polkadot. Like usual staking protocols, stakers of these tokens will be rewarded with incentives on staking. However, StaFi unlocks liquidity by minting an equivalent amount of rTokens associated with the tokens initially staked.
The third and last layer, the application layer, supports third-party StaFi-based APIs or customized APIs to create a decentralized bonded asset trading market for rTokens to circulate, transfer, and trade on the StaFi Protocol.
The StaFi protocol is decentralized and is connected to Polkadot as a parallel chain. In other words, StaFi shares Polkadot’s underlying consensus. Polkadot also ensures the main security and performance of the whole system.
What are rTokens?
rTokens (reward-tokens) empowers liquidity. For example, stakers of PoS tokens such as ADA and XTZ will receive rADA and rXTZ in a 1:1 ratio. Holders of rADA and rXTZ can then trade these rTokens, or lend these on other DeFi platforms.
Some use cases of rTokens include:
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Staking rewards distribution - rToken holders receive the staking rewards 1:1 to the original token.
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Trading - rTokens can be traded on StaFi and other exchange.
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Lending - rTokens can be used as collateral on lending platforms to borrow ETH or USDT.
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Derivatives - StaFi aims to allow rTokens to be used on derivatives protocols such as Opyn or Hegic. This will open up the options market for users to hedge against price fluctuations.
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Insurance - StaFi will explore insurance services for rTokens original validators to insure against the slashing loss
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Redemption of the Staking Token - only rToken holders can unlock the original token
How many rTokens are supported on StaFi?
StaFi currently supports two products, rETH and rFIS.
StaFi is planning to support more PoS tokens in its protocol, with rDOT, rKSM, rXTZ, and rATOM coming soon.
How to access these products?
For rETH, users would require a Metamask wallet as rETH is on the Ethereum blockchain.
For rFIS, users would need to install the Polkadotjs extension to stake FIS.
How to obtain FIS tokens?
You may purchase FIS from exchanges such as Uniswap and Huobi.
Where can you buy Stafi?
FIS tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Stafi is Binance, where the most active trading pair FIS/USDT has a trading volume of $2,473,343.80 in the last 24 hours. Other popular options include BingX and Bitget.
What is the daily trading volume of Stafi (FIS)?
The trading volume of Stafi (FIS) is $4,558,594.75 in the last 24 hours, representing a 192.00% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for Stafi (FIS)?
The highest price paid for Stafi (FIS) is $4.70, which was recorded on Mar 19, 2021 (over 2 years). Comparatively, the current price is -92.60% lower than the all-time high price.
What is the all-time low for Stafi (FIS)?
The lowest price paid for Stafi (FIS) is $0.176583, which was recorded on May 12, 2022 (over 1 year). Comparatively, the current price is 95.70% higher than the all-time low price.
What is the market cap of Stafi (FIS)?
Market capitalization of Stafi (FIS) is $19,469,064 and is ranked #872 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of FIS tokens (56 Million tokens are tradable on the market today).
What is the fully diluted valuation of Stafi (FIS)?
The fully diluted valuation (FDV) of Stafi (FIS) is $39,422,802. This is a statistical representation of the maximum market cap, assuming the maximum number of 110 Million FIS tokens are in circulation today. Depending on how the emission schedule of FIS tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of Stafi compare against its peers?
With a price increase of 1.00% in the last 7 days, Stafi (FIS) is outperforming the global cryptocurrency market which is up 0.80%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of Stafi today?
The community is bearish as more than 100% of users are feeling bad about Stafi (FIS) today.
