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May 29, 2024

StaFi Deploys Support For Liquid Staking Token rSEI On Sei V2 Mainnet

In Brief

StaFi unveiled the launch of its rSEI on the Sei V2 mainnet as the first liquid staking token in the Sei ecosystem built on Sei EVM.

StaFi Deploys Support For Liquid Staking Token rSEI On Sei V2 Mainnet

Liquid staking protocol StaFi unveiled the launch of its rSEI on the Sei V2 mainnet as the first liquid staking token (LST) in the Sei ecosystem built on Sei EVM.

The development of rSEI leverages the EVM Liquid Staking Derivatives (LSD) Stack within StaFi’s LSaaS platform. Its rollout on the mainnet highlights one of the key applications of Liquid-Staking-as-a-Service (LSaaS) in StaFi’s ongoing efforts to establish itself as the LSD infrastructure layer.

LSaaS is a framework designed to enhance the flexibility and efficiency of staking mechanisms. It empowers builders to generate LSD and LRT on both Layer 1 and Layer 2 networks, encompassing various staking models.

Users can now stake or unstake SEI tokens and monitor their rewards. Through the usage of rSEI, individuals can stake SEI tokens and receive rSEI tokens in exchange. These rSEI tokens are linked to the staked SEI tokens and their associated staking rewards, allowing for transfer and trading at any given moment.

However, to ensure the security and stability of SEI staking, the unstaking feature will not be available initially and is anticipated to be introduced around Q,4 of 2024, or a similar timeframe.

Additionally, StaFi has implemented various incentive strategies to stimulate the adoption of rSEI before its launch. Four incentive methods have been formulated for rSEI Mint Drop and rSEI liquidity, considering factors such as total value locked (TVL) and development costs. Following the conclusion of the week-long vote for these methods, the incentive campaign will gradually commence upon the completion of deployment.

Sei Network represents a Cosmos app chain specifically designed for decentralized finance (DeFi) purposes. It features a built-in order book and matching engine, serving as the foundational layer for CosmWasm applications to be developed.

StaFi Adds LRT Support Into Its LSaaS Stack

StaFi operates across multiple blockchains, providing increased liquidity for assets that are staked. The project aims to tackle the dilemma of maintaining mainnet security while ensuring token liquidity in PoS consensus mechanisms.

Recently, StaFi has expanded its LSaaS stack to support the LRT. This addition followed the deployment of EigenLayer on the mainnet, enabling builders and projects to utilize LSaaS to deploy LRT. It is anticipated that it will enhance the efficiency of LRT development and improve access to restaking services.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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