2022 has been a challenging year for every cryptocurrency holder. Not only did we witness the fall of LUNA, UST, 3AC, Celsius, FTX, etc., but we were also surrounded by lots of fear, uncertainty, and doubt in the space following these events. People have started to lose faith in crypto projects. If you are still here reading this article, congratulations, you should be proud that you are still standing strong in this space.
2022 was a year of consolidation and defense for RioDeFi. On the one hand, we would love to launch as many products as we could for our users. On the other hand, we need to be more prudent when pushing new products as the market conditions continue to worsen after the crash of multiple large-cap projects. In 2022, we worked on improving the user experience of RioWallet, upgrading RioChain to become a Kusama parachain, and launching the DeFi Staking Pool in order to provide our users with a better DeFi experience within Rio’s Ecosystem.
RioWallet is always the foundation for users to enter the Rio and Web3 ecosystems. We have been devoting our efforts to pulling more large-cap chains (like Avalanche and Solana) and DApps to RioWallet this year so that our users could truly immerse themselves in the Web3 environment.
RioWallet is now supporting 10 chains and more than 30 DApps. Users can interact with different DeFi or Web3 protocols using RioWallet, enabling them a smooth and seamless Web3 experience. With the non-custodial feature of RioWallet, users have full control over their wallets and seed phrases so that they can fully assess their tokens and NFTs anytime without worrying about the dangers of centralized control.
We also incorporated the NFTs storage function on Ethereum, Binance Smart Chain, Polygon, Solana, and Avalanche Chain earlier this year, allowing users to send and store all their NFTs securely and quickly via RioWallet.
In early December, RioDeFi successfully secured a temporary Parachain slot on Kusama, which offered us a platform to leverage Kusama Parachain’s features and security to build and upgrade RioChain. In the coming months, we will extend the leasing period so that RioChain can continue to be built on the Kusama network.
Security has always been a paramount concern for blockchain projects. In 2022, RioDeFi completed two rounds of Audit with Certik, a leading blockchain auditing company. Upgrades are made relentlessly during each audit, and we plan to continue updating our secure blockchain architecture in 2023.
Upgraded RioChain was being tested in the internal testnet in H2 2022. We currently have five validators nodes running on Testnet. In 2023, RioDeFi plans to integrate more nodes across the globe to make RioChain more decentralized and resilient.
The RioChain Block Explorer also went through a full revamp last year alongside other developments. The new block explorer has incorporated more features to reflect RioChain’s pending upgrade to the Delegated Proof of Stake (DPOS) protocol. In the upcoming upgrades, RioChain will fully transition from Proof of Authority (POA) to the Delegated Proof of Stake (DPOS) protocol.
More details of the Technical Update on RioChain can be found in this article.
DeFi Staking Pool
To increase the utility of RioWallet and RFUEL, we launched the RFUEL DeFi staking Pool program in April. Users could stake their RFUEL and enjoy a minimum of 20% APY paid out in RFUEL as rewards. The staking pool is renewed every month and it has already rewarded over 4 million RFUEL to our loyal users over the past 8 months.
Please visit here if you would like to stake your RFUEL and earn daily rewards!
RioDeFi will continue to work on our core products in 2023 and keep pushing out upgrades. We are truly grateful for your continued support throughout 2022 and we look forward to building even more in 2023. Stay tuned to our social media to keep up-to-date with our progress.