This post was originally published on stafi
Mar 1
Overview
rDEX officially went live on the mainnet today after the completion of testnet Bug Bounty and PeckShield security audit. As a project under the StaFi Ecosystem, rDEX will directly support the trading of all the rTokens issued by StaFi, thus enhancing the rToken liquidity for users.
Specifically, rDEX will support the following trading pairs on StaFi chain:
- rFIS/FIS
- rETH/FIS
- rDOT/FIS
- rATOM/FIS
- rBNB/FIS
- rSOL/FIS
- rMATIC/FIS
Among the above 7 rTokens, only rETH is issued on Ethereum chain directly, and the other 6 rTokens are issued on StaFi chain. Because the rDEX is deployed on StaFi chain, rETH token needs to be swapped from Ethereum chain to StaFi chain, which could be done through rBridge, before being traded on rDEX. Please check the rBridge Guide.
What You Should Know about rDEX
1.Key Features
- Continuous Liquidity: rDEX is an automated market maker DEX to provide continuous liquidity for rTokens by utilizing the Thorchain’s CLP market maker model.
- Lower Slippage: rDEX ensures low slippage for small and medium-sized transactions by using the fee model based on slippage.
- Asymmetrical Deposit: Unlike the majority of cryptocurrency liquidity pools, rDEX users can provide liquidity by depositing one token or two tokens asymmetrically.
2.Security Audit
- rDEX testnet has been tested in three different ways in the past 6 weeks to make sure it is extremely safe before its release on the mainnet:
rDEX testnet has been audited by PeckShield. Check the audit report. - rDEX testnet has been tested by our community through the Bug Bounty program. Check the Bug Report Recap.
- rDEX testnet Bug Bounty Program is live on Immunefi since 11th February, 2022. Check this program on Immunefi.
Insurance Fund
At StaFi, we always say that the ‘safety of funds of our usersis our first priority’. Therefore, StaFi wants to initiate an Insurance Fund for rDEX which will act as an effective safeguard as well as provide additional protection for rDEX users against any potential and unforeseen hacks which were not found or avoided in the security audit endeavors listed above.
StaFi Core wants to propose that StaFi Foundation should allocate 5 million FIS into the Insurance Fund for rDEX users amid a barrage of hacks on rDEX contracts. And this proposal will be announced with details for the community in the following weeks.
Liquidity Mining Program
In order to incentivize the adoption of rDEX, StaFi Core has proposed a grand liquidity mining program for its users. StaFi core still needs more time, maybe a few weeks, to finish the design details and development of this program. If you are interested in this program, we welcome you to read the rDEX Liquidity Mining Program Proposal to get yourself prepared.
References
3.rDEX Liquidity Mining Program
About StaFi
StaFi is the first DeFi protocol unlocking liquidity of staked assets. Users can stake PoS tokens through StaFi and receive rTokens in return, which are available for trading, while still earning staking rewards. rToken is a synthetic staking derivative issued by StaFi to users when users stake PoS tokens through StaFi rToken App . rTokens are anchored to the PoS tokens staked by users and the corresponding staking rewards. rTokens can be transferred and traded at any time.
