Liquid Staking Platform StaFi Launches Testnet Ahead of Its Mainnet Launch

• StaFi 2.0 testnet released for developers, stakers and builders.

• It launches months before the release of its upcoming mainnet launch.

StaFi, the liquid staking provider for Ethereum and Cosmos, unveiled its StaFi 2.0 testnet release ahead of its mainnet, which is expected to launch in Q3 this year. The protocol announced it will deploy its Liquid Staking as a Service ( LSAAS) testnet on Wednesday, introducing a host of new features and staking services for its users. 

The testnet will support Ethereum-based and Cosmos-based staking solutions with an aim to become the leading provider of multichain staking services across the Web 3 realm. Additionally, the testnet will support liquid staking derivatives (LSD) across multiple blockchains, including Ethereum, Cosmos and EVM Layer 2 blockchains. Across the Cosmos blockchain, StaFi will support the CosWasm LSD framework, providing diverse deployment approaches including Neutron, the native smart contract platform secured by Cosmos. StaFi 2.0 also supports native Cosmos chain deployment.

On the launch of the StaFi 2.0 testnet, Liam Young, co-founder of StaFi stated: 

“The launch of the StaFi 2.0 testnet is a major milestone in our journey to mainnet. It’s also a major boost for layer1 blockchains seeking easier access to LSD with the vast potential this vertical holds for strengthening network security, decentralization, and opening new opportunities for yield generation.”

With liquid staking taking a more prominent role across blockchain development, Young believes the launch of StaFi 2.0 will be a leading force in realizing the vision liquid staking offers, as LSAAS comes to the foray. 

Liquid staking goes multichain with StaFi 2.0 

Despite the growth of liquid staking platforms, most of these platforms remain siloed into distinct blockchains. This makes it difficult for users to advance their economic opportunities in staking. According to the team statement from StaFi, the platform’s single protocol supporting a long tail of LSD assets will unlock this economic potential, allowing for greater incentivization opportunities as well as enhanced security across blockchains. Moreover, the launch of the StaFi 2.0 testnet will further the development of LSD products.

StaFi 2.0 will also facilitate the rapid deployment of highly secure and capital-efficient Liquid Staking Derivatives on layer1 and layer2 blockchains. The testnet gives developers and stakers an opportunity to test and experiment on the new features and LSD products while providing them with a better user experience via access to the liquid staking as a service protocol. 

If the testnet period is successful, StaFi plans to launch its mainnet in Q3, bringing about major upgrades and a rebrand to its protocol, evolving into an infrastructure layer for LSD with support for multiple VMs including EVM and WASM. The testnet is expected to bring about improvements, bug fixes and upgrades based on the users’ feedback, heading to the mainnet launch. 

The mainnet launch of StaFi 2.0 will be followed by the creation of an innovative LRT Stack that powers new re-staking applications.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.