What is StaFi (FIS)? Here is the Crypto Currency FIS Coin in All Details

What is StaFi (FIS)?

StaFi is a DeFi protocol that reveals the liquidity of staked assets. Users can stake PoS tokens (eg DOT, FIS, etc.) through StaFi Staking Contracts and in return receive rTokens available for trading (eg RDOT, rFIS, etc.) to protect against market volatility.

FIS is the native utility token of the StaFi Protocol and is used for the following functions:

Staking: The validators in the StaFi consensus must handle the FIS to join the consensus network, and candidates must deposit the FIS to participate.

Transaction Fees: To avoid misuse of the system, the person initiating a transaction must pay FIS to access computing resources. This way, invalid transactions will be eliminated similar to how other Polkadot chains work.

On-Chain Governance: FIS owners can participate in modifying StaFi Protocol parameters, vote for protocol upgrades, and set development courses. Anyone can bid on the protocol, but only FIS holders can vote on a proposal, 1 ballot, 1 FIS account or against it.

Value Capture: Most of the platform fees (Transaction fees and Liquidity Fees) of the StaFi Protocol will be used to finance the buyback and burning of FIS tokens. The distribution of StaFi’s earnings may vary based on Management decisions.

StaFi unlocks stock assets through staking agreements. The protocol consists of the following main components working together:

rTokens: An rToken is a derivative asset issued by StaFi based on staking tokens. Holding RTokens means you can apply to use local staking tokens at any time. It also means that rToken holders are entitled to the return of staking tokens.

Staking Contracts: A set of codes that contain the core functions of StaF such as pledge, redemption and transaction. It also records the mapping relationship between rTokens and underlying staking tokens. The role of staking agreements in StaFi is similar to CDP agreements on MakerDAO.

Multi-Session Account: A temporary account that StaFi uses to manage staking tokens and participate in staking.

StaFi Private Validator (SSV): SSVs differ from SV in that they are responsible for managing multi-signature accounts and verifying the original chain transaction state. They use multi-signature transactions to process staking tokens in the account.

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