Stafi (FIS) defies crypto market outlook, token up 13%

9 months ago 89
Stafi Fis Price Hike
  • Stafi (FIS) terms is up 3% successful the past 24 hours and 13% this past week.
  • The Staking Finance governance token has seen a spike successful whale transactions of $100k+, on-chain information shows.
  • Interest is seeing FIS outperform large altcoins.

Stafi (FIS), the governance token of the StaFi protocol, has seen a decent spike successful the past 24 hours to bring full gains successful the past week to much than 13%.

Currently trading astatine astir $0.29, FIS has outperformed the large cryptocurrencies arsenic they proceed to conflict for volatility. All apical altcoins by marketplace headdress are 2%-5% down successful the past 7 days, with Bitcoin (BTC) perched supra $26k but down 4% successful the outlined period. Ethereum, which came nether renewed downward unit pursuing quality of Vitalik Buterin’s latest ETH transaction, remains beneath $1,600 with -3.8% successful the past week.

Why is the terms of Stafi (FIS) up today?

As noted, FIS is simply a governance token for the Staking Finance, a DeFi protocol that offers entree to liquidity of staked assets.

Other than its usage successful staking, FIS is utilized arsenic transaction fees. But traders and investors are progressively turning to the protocol rTokens, reward tokens that 1 receives erstwhile they involvement Proof-of-Stake coins and tokens similar Ethereum. These tokens are tradable and enactment arsenic collateral connected lending platforms. In different words, FIS holders person assorted opportunities of earning, including from staking rewards and lending of rTokens.

Stafi has precocious added rTokens for Polygon (MATIC) and Cosmos Hub (ATOM).

Interest successful FIS has skyrocketed implicit the past fewer weeks, reflecting successful the token’s terms performance. According to information by marketplace quality level Santiment, FIS is among a fewer smaller headdress altcoins to spot a important uptick successful whale accumulation.

Per on-chain information the steadfast shared connected X, whales person been “most active,” successful the ecosystems of aelf (ELF), Cream (CREAM), Stafi (FIS) and Linear (LINA). The networks person witnessed a surge successful whale transactions involving $100,000 oregon more.

These projects person a higher probability to spot large swings this week,” Santiment analysts person noted.

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