rDOT FAQ
No. rToken app does not support Ledger. Please remember not to connect APP using Ledger, otherwise your assets will be lost.
1) There will be no need to wait for a long 28-day unbonding period to transfer or trade staked DOT tokens. rDOT App users can transfer and trade the staking voucher rDOT token at any time to enjoy liquidity and hedge price risks.
2) There is no need to learn the complicated NPoS consensus mechanism of Polkadot and staking reward calculation rules any more. With rDOT App, users only need a few simple steps to deposit DOT into the rDOT contract, which will automatically select the best validator by executing the Staking Reward Maximization strategy algorithm.
Please follow this guide to stake DOT: https://docs.stafi.io/rtoken-app/rdot-solution/rdot-staker-guide
After staking DOT through the rDOT App, the user will automatically get the staking voucher rDOT tokens. The amount of rDOT a user could get is calculated on the amount of staked DOT and the rDOT/DOT exchange rate then. rDOT tokens are anchored to the DOT assets staked by users and the corresponding staking reward. rDOT tokens can be transferred and traded at any time at the users’ convenience.
Currently, only Polkadotjs extension supports that.
0x505f5a4ff10985fe9f93f2ae3501da5fe665f08aYou can swap rDOT tokens into ERC-20 format at 1:1 ratio through swapping function in rAsset. The guide is coming soon.
When a user deposits DOT into the rDOT contract, StaFi will calculate the amount of rDOT which has to be issued to the user based on the current exchange rate between the amount of DOT deposited and rDOT. When a user holds rDOT, StaFi will calculate the amount of redeemable DOT based on the real-time staking income of DOT.
The rDOT exchange rate
Ci grows with the increase in Staking income. It is determined by the total number of DOT locked in the staking contract Qstk, the total number of redeemed DOT Qred, the number of staking rewards Qrew, the number of slash Qslh, the commission rate Rcom, the total number of rDOT issued M, and the total number of burnt rDOT N. The calculation formula is as follows:
StaFi will create rich, multi-level circulation scenarios that stretch across different chains for holders of rDOT :
1) After the rDOT App is live, StaFi will establish rDOT/ETH and rDOT/DOT pairs on DEX such as Uniswap and Balancer, and organize liquidity mining incentive campaigns.
2) StaFi will not only support the circulation of rDOT in the ETH ecosystem but also empower DOT engagement in the DeFi protocol of Polkadot and Cosmos through cross-chain bridge services.
9.Has the rDOT App code been audited?
The rDOT App code has been audited by Certik, a well-known audit institution. The audit report link: https://github.com/stafiprotocol/stafi-bootstrap/blob/master/audits/REP-Stafi_Token_Relay-19_04_2021.pdf
The relevant commission and fee parameters in rDOT App are following:
1) Stake DOT: There is no commission but a service fee, called Relay Fee, for the Relay bridge is required. The Relay fee is paid in StaFi mainnet FIS token(1.5 FIS for now) and for the related gas fee coming from the bridge service contract interaction .
2) Unbond DOT: Users need to pay a 0.2% redemption fee(based on how much rDOT tokens s/he want to unbond) and 10% Staking Reward Commission(based on the total staking rewards generated).
After the user completes the "Redeem" operation, s/he has to wait for around 28 days to get the redeemed DOT tokens, which will be automatically sent to the users’ designated account after the lock-up period.
No. Currently rDOT App only helps stakers to unlock Polkadot staking liquidity. The DOT tokens staked by users will be delegated to the validators of the Polkadot network to generate staking rewards, instead of participating in the Polkadot parachain auction.
Last modified 1mo ago