Liquid staking protocol StaFi will deploy its Liquid Staking as a Service (LSAAS) testnet forward of the rebrand and mainnet launch of StaFi 2.0.
Liquid staking as a service refers to blockchain platforms that present liquidity by minting a brand new token that represents an underlying asset. This new token can be utilized and traded in DeFi protocols for extra earnings or rewards.
This primary StaFi 2.0 testnet helps liquid staking derivatives (LSDs) from Ethereum, EVM layer-2s and the Cosmos ecosystem. It permits builders in these totally different networks to experiment with StaFi’s newest options and make the protocol work on enhancements based mostly on person options.
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StaFi will launch its liquid restaked token on testnet within the second quarter of this yr, with the mainnet launch anticipated to go stay within the third quarter of 2024.
“The launch of the StaFi 2.0 testnet is a crucial milestone in our journey to mainnet. Additionally it is an enormous enhance for layer 1 blockchains searching for simpler entry to LSD, with the big potential this vertical affords for strengthening community safety, decentralization and opening new avenues for producing returns,” stated Liam Younger, co-founder of StaFi in a press launch reviewed by Blokwerken.
StaFi was first developed by way of grants from Polkadot, and the blockchain itself resides on Substrate – a blockchain Software program Growth Equipment (SDK) that builders use to create parachains on Polkadot.
This newest rebrand will place the protocol to interrupt away from the Polkadot ecosystem and place itself as a liquid staking derivatives infrastructure platform appropriate with a number of blockchain networks.
Along with supporting LSDs on Ethereum, EVM layer-2s, and Cosmos, StaFi can also be wanting into LSD options for Bitcoin, and extra details about their work is anticipated in a couple of months.