StaFi Protocol, a cross chain staking derivatives protocol has just announced new plans and improvements that will lead it into its 2.0 version.
The plans introduced a new token economics as well as integrations with bigger blockchains such as the Bitcoin Blockchain and other blockchains in the Proof of Stake category.
The news was received well by investors as its price skyrocketed at around 66% in just one day, giving more investors confidence that the price will go higher.
StaFi Announces Liquid Staking as a Service
StaFi announced a new “whitepaper” including plans of integrations with other blockchains and protocol and a new token economics of the ecosystem.
The project just released their new plans of integrations, pushing its plan to be the biggest cross chain liquid staking protocol for all Proof of Stake blockchains.
StakeFi is a cross chain staking derivative protocol, which is part of the new trend in the crypto market that is the liquid staking derivative trend.
With the liquid staking derivative protocol or LSD protocol for short, investors are able to stake their crypto and use them regularly.
This is because with LSD Tokens, investors are given a token that represents their ownership of their staked tokens that they can use regularly in the crypto market.
One of the most popular LSD tokens in the crypto space is Lido, which is one of the biggest DeFi protocols in the Ethereum Ecosystem.
With Lido, investors can stake their ETH and receive stETH in the same amount. For example, Aaron can stake $1,000 of ETH on Lido and will receive $1,000 worth of stETH immediately so that the $1,000 can still be usable in the crypto market while Aaron is earning rewards from the staked ETH.
StaFi wants to accommodate this mechanism for all the Proof of Stake Blockchain, hence why its new plan is to be the number one Proof of Stake-Liquid Staking as a Service-Protocol.
Investors are Shocked
One thing that is different is the fact that they also want to integrate with Bitcoin, even though they are not a Proof of Stake Blockchain.
But this increased investors confidence as more integrations yields more trading volume that might increase the token’s price.
On top of that, StaFi also introduced a new token economics for its token, which is the FIS Token, hopefully giving it more utility in the future and pushing its value further upwards.
Looking at the current price of FIS, it is clear that it is gearing up for a higher price gain but might endure corrections first.
The token had just increased around 66% in just one day, shocking investors with great news and hopes that it will go higher.
Transaction volume on the daily time frame suggests that the token is currently at an overbought condition, which is why it might go down for a while before going back up.
In the monthly time frame however, the token seems to just be getting started as it is currently claiming back up to its glory days.
Overall it is interesting to see how the project will play out in the future, especially with the new plan going into the bull market.
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