The FIS Station App: An Exchange for Gas Fee Payment on the rToken App

rToken is a redeemable token for staked assets issued by the StaFi protocol, and can be traded, lent, or borrowed on various platforms. An equivalent amount of rTokens is issued per amount of native tokens staked in the Staking Contract and the real-time exchange rate for the rToken whenever a user stakes a native token through the relevant Staking Contract. As staking rewards for that native token accumulate, the exchange rate for the rToken will gradually rise, as will the number of native tokens redeemed.

With the rToken, StaFi has continued to address the liquidity issues of PoS staked assets. However, using the rToken App, on the other hand, necessitates FIS payment as a gas fee for each transaction. There are moments when users run out of enough FIS in the middle of a transaction. The difficulties created may hinder the users from completing their transactions in this case. Although one can obtain FIS from various exchanges, the process and fees associated with such transactions may discourage users. As a result, StaFi created the FIS Station App, allowing users to exchange or swap native tokens for FIS in exchange for gas fees.

About StaFi

StaFi is the first DeFi protocol to allow staked assets to be liquidated. StaFi allows users to stake PoS tokens and receive rTokens in exchange, which can be traded while still earning staking rewards. When users stake PoS tokens through the StaFi rToken App, they receive rToken, a synthetic staking derivative issued by StaFi. Users’ staked PoS tokens and the corresponding staking rewards anchor rTokens. At any time, rTokens can be transferred and traded.

Through multi-signatures, StaFi ensures the security of the Stake address using a distributed key storage protocol. Without the need for third-party intervention, the holder can initiate Stake or redeem the Stake at any time and from any location. The system’s inflation incentives can be obtained regularly when the coin holder connects the Stake token to the Stake contract. Meanwhile, any holder of rTokens can redeem their tokens for Stake contracts at any time and from any location (through the StaFi protocol, the redemption operation communicates with the original chain. Stake coins are sent to the submitted coin account after the redeeming transaction is written to the chain). The StaFi protocol ensures that each alternative rToken corresponds to the token on the original chain exclusively. Only the holder of rTokens can initiate the redemption of the original token to the Stake contract. When A trades rTokens to B, A loses the right to redeem those tokens, and B can now redeem them through the Staking contract. The entire procedure does not necessitate the involvement of a third party.

All rToken exchanges share the transaction depth. There is no doubt the number and variety of Stake tokens will grow exponentially as more public chains adopt PoS and launch their mainnets. rTokens will be traded more frequently as well. As a result, developers will be rewarded handsomely for rToken transactions they initiate in the form of transaction fees.

The FIS Station App

The native asset of StaFi is called FIS, and it’s used for a few things:

Staking: As previously stated, validators in the StaFi consensus need to stake FIS to join the consensus network, and nominators need to stake FIS to nominate.

Tx Fee: A transaction’s initiator must pay FIS for computing resources to prevent system abuse.

On-chain governance: FIS holders can participate in the tweaking of StaFi Protocol parameters, vote on Protocol upgrades, and set development paths.

When using the rToken App, the FIS Station App aims to assist users in exchanging for native FIS token to pay for the gas fee. The FIS Station App accepts ETH, DOT, KSM, and ATOM as payment methods for FIS tokens. It will support MATIC, SOL, and other tokens and FIS tokens soon.

If you run out of native FIS to pay for your gas, Fee Station is an option. You can use it to swap native FIS for native ETH, ATOM, DOT, and KSM. The solution also helps to improve rToken’s app UI/UX.

The process of swapping native tokens into FIS tokens is demonstrated in this guide.

  1. Connect Wallets

● Open the FIS Station App by clicking this link

● Follow the instructions on the following page to connect the FIS Station App and Wallets.

2. Swap the FIS token with a Native Token.

● Select a native Token by clicking “Select a token” (now you can select ETH, DOT, KSM, ATOM). Let’s use ETH as an example in this guide.

● Enter the number of FIS tokens you’d like to trade in.

Slippage tolerance: You can choose the maximum slippage tolerance, such as 0.5 percent, 1 percent, or even more.

Minimum receive: based on the current price and slippage tolerance, the minimum amount of FIS tokens received. ETH and FIS swapping ratio is based on real-time price. You can swap up to 20 FIS in a single transaction.

You must confirm the account that will receive the FIS token before clicking “swap.” Select the appropriate address from the FIS account tab (highlighted in the third part) to change the address.

3. The Signing process

To ensure the safety of the entire swapping process, you must sign twice when swapping ETH tokens into FIS tokens. Check the FIS token balance in the notification bar and select the FIS account.

Due to the different technical frameworks, each native token has a different signature time during swapping. You can also visit here for graphical guidelines.

Conclusion

When you think things will worsen, StaFi comes up with a solution. The goal is to simplify users’ access to FIS and other native tokens for swift exchange gas fees. The FIS station App makes swapping native tokens for FIS or FIS for native tokens easier. Users will transact quickly on the rToken App without visiting major exchange platforms to purchase FIS.

Stay connected with the StaFi project using the Links below:

Official Website |*| Telegram || Medium |*| Twitter

--

--

--

I’m a TECH Lover, Blockchain Enthusiast, Strategic Digital Marketer, Content Creator, Crypto Trader & Data Analyst…

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

So what is the solution to NEM hack and its kind?

Centrifuge is the gateway between real-world finance assets and NFTs

Attention to all traders who want to invest in next gen coin whose team is working and developing…

Cryptocurrency exchange: A beginner’s guide.

REMINDING ON IDO CLOSING TIME ON LAUNCHPADS & LISTING ANNOUNCEMENT ON RAYDIUM

How Polkadot token denomination is going to affect trading?

What will happen to cryptocurrency after the pandemic?

How Does the Ethereum’s Assets Transferring Cycle Work?

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Helen IMAH

Helen IMAH

I’m a TECH Lover, Blockchain Enthusiast, Strategic Digital Marketer, Content Creator, Crypto Trader & Data Analyst…

More from Medium

Cloning Zoomcar Website

Understanding the Metaverse and what the future holds for the digital space

Meraki — A Generative Art Platform

Firebase