Staking Finance or Stafi for short is the latest decentralized finance (DeFi) protocol. It has been designed to unlock staked assets’ liquidity. This new project issues ABT tokens to solve the contradiction between Mainnet security and token liquidity. Essentially, you get the token as for the liquidity of the assets you have staked.
It is an effective solution to improve the stake rate. The user can also trade the ABT token, which is protected by the STAFI Protocol. This protocol defines that the ABT token is the only collateral. You can use this collateral to redeem his staked crypto assets from the blockchain, where those assets are staked.
It’s quite an interesting Substrate-based project and FIS is the native coin for the Staking Finance ecosystem. Let’s learn more about this altcoin to decide whether you should buy it or not.
What is the Stafi FIS coin?
The Stafi decentralized protocol has been designed to empower liquidity. There are three layers in this protocol, which are named as bottom, contract, and application. The bottom layer is Substrate’s blockchain system based layer. It integrates several development modules, such as P2P module, consensus module, staking module, and so on.
The contract layer has been designed to empower staking contract creation. It plays a vital role in developing staking contracts for Dot, XTZ, and Atom. Users can use the staking contract to stake coins and gain incentives.
The application layer powers Stafi protocol-based APIs and tailored APIs to develop a decentralized bondeds asset trading market.
The Stafi protocol operates in a completely decentralized way. It will link to Polkadot and run as a parallel chain. It will gain access to Polkadot’s underlying consensus. Polkadot is also guaranteeing the security and performance of this DeFi protocol.
The FIS coin
Being Stafi’s native token, FIS has three major roles:
Experts call it Stafi protocol’s gas or fuel. This coin prevents a huge number of spam popping up in the Stafi system. Validators and protocol treasury gain incentives on FIS charged by the system.
This decentralized finance protocol adopts NPoS consensus. In order to ensure future developments and cyber security, Stafi balances the motivation curve in relation to FIS token’s staking ratio.
The Stafi coin plays a vital role in offering value for rToken’s liquidity. Users, who stake PoS tokens on this platform, gain rTokens in returns. These tokens will generate passive income in the form of FIS tokens and you can also trade them.
Stafi has introduced rTokens or reward tokens to support liquidity. It will be used for staking reward distribution, lending, trading, and also as derivatives and insurance. The user will need rTokens to unlock the original locked tokens. Therefore, rToken is also an important asset for the Stafi protocol users.
How to buy the Stafi coin “FIS”?
There will be 102,245,900 FIS coins in total. Currently, 11,217,512 FIS coins are in circulation. The available tokens are distributed among miners, investors, partners, and contributors.
The Staking Finance protocol is expected to entertain many big clients looking for top-notch DeFi solutions in the future. All users will seek a huge number of FIS coins to gain access to Stafi’s latest solutions and stake the native coins. Therefore, Stafi FIS coins can become way more valuable in the upcoming years.
Follow the below-explained steps to acquire FIS tokens right now!
Join a cryptocurrency exchange
Many renowned altcoin exchange have listed Stafi’s FIS token. Experienced crypto investors don’t need any guide to buy this token. A newbie crypto investor might find it a bit daunting to find and buy the FIS coin.
First, you have to join a cryptocurrency exchange. You can easily shortlist the best crypto exchange and access it online. Go to the registration page, fill your details, verify the given information, and create your account.
It’s not ubiquitous, but most exchanges now ask you to complete the KYC. So, complete the required procedure and then proceed ahead.
Beginners do not own any cryptocurrency. Therefore, the first thing you have to do after joining a crypto exchange is depositing money to the exchange. Many popular exchanges accept fiat money deposits, so join one of them.
Deposit slightly more than the required amount of money. That extra money will be used to pay fees and taxes. Modern exchanges are offering a wide range of payment solutions. So, select any suitable option and make the deposit.
Being an altcoin, the FIS coin is not available on Fiat to Crypto exchanges. You have to buy a cryptocurrency, which you can trade for the FIS token. Go to the exchange page and buy Bitcoin, Ethereum, or other crypto assets of your choice. The exchange will cut certain trading fee and transfer the acquired cryptocurrencies in your wallet.
Buy the FIS coin
Go to the exchange page again and search for the FIS coin. It should be there if your crypto exchange also supports Crypto-to-Crypto trading. Suppose it is not there, you should switch to another altcoin exchange.
The joining process will be the same on your new altcoin exchange and you can easily transfer your cryptocurrencies to the new exchange. Yes, you will have to pay some fees for fund transfer again!
Search for the FIS coin on the new altcoin exchange and check its trading pair. Check how many FIS coins you can acquire for the amount of Bitcoin or Ethereum you have. Decide how many coins you want to buy and then make the trade. The exchange will proceed within a few seconds and thus you will gain the FIS coin.