Q3-UPDATEs On Staava Protocol

Staava Protocol
3 min readJun 19, 2024

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From the Desk of the lead-Dev of the Staava Protocol:

Hi Staava Community, the staava team is truly indebted to it’s community and we want to right every wrong with this updates which has lingered. We have not been able to meet our deadlines with the launch of the SE-CHAIN (Staava EVM Chain) for sake of technical difficulties. But our devs are currently working hard to float our development, fully.

SETBACKS THAT HINDERED LAUNCH OF SE-CHAIN

Honestly, there are just about 2 setbacks that hindered our team on delivery in our Q2–2024 roadmap.

#1. MAINNET TRANSITION EFFECT:

As we have been building a native EVM-network using the avalanche-go, we met a little gridlock as it concerns the elastic transition and node validation. We needed to bag at-least 4,000 AVAX to operate two validating nodes, if we must go on MainNet and other servers requirements. 4,000 AVAX is approximately over 132,000 USDT. And on elastic feature, we must transitioned from STAAV to STAV.

#2. THE HEDGEY TOKEN-CLAIM HACK:

This is not a major setback, but as insignificant as it may seems, there was a token claim hack on HEDGEY PLATFORM. It had a down-turn on our development & intended partnership. The incidence drained the liquidity leaving about 2.05 AVAX on STAAV Pool (on traderJOE DEX).

Our holders were demoralized as their investment was crashed by over -300% low. 14,000 STAAV was dumped after the malicious actor stole over $44million across several project within the space (👉READ REPORT).

OUR DEV-TO-TASK SOLUTIONS

TASK #1: — NODE VALIDATION PARTNERSHIP:

👉 Our dev team is currently routing a soon-to-deploy partnership with a top-security, node validator on Ava-cloud (GOGO-POOL) for validation and delegation service. We have transitioned our testnet deployments already with the STAV ticker proof. We are also on mainnet currently but not ready for public release, until validation nodes are deployed.
There is currently no ETA on this, BUT as soon as possible we shall make announcement on MainNet release.

TASK #2: — PROTOCOL CHANGES (LIQUIDITY TAKE DOWN, SUPPLY BURN & x20 AIRDROP etc).

Our team have long concluded that the most important network to launch is the SE-CHAIN. Therefore, we are completely transitioning all AVAXC-Chain $STAAV circulating-supply to $STAV on SE-CHAIN mainnet and the following changes will gradually apply:

👉 There shall be a liquidity take-down on TraderJOE on the June 30th. All Treasury supply & LP tokens will be burnt accordingly.
👉 A x20 compensation will be applied to all wallets holding STAAV on AVAXC-Chain and paid on mainnet (i.e a wallet with 1 STAAV will get x20 STAV airdrop on mainnet).
👉 The OAUSTEC Campus tour Airdrop will be paid on Mainnet.
👉 Staava NanoTap MiniApp is in development (👉Read Details)
👉 Mainnet Release and Distribution of tap-mining
👉 Roadmap Update
👉 CEX Listing

News Channel: t.me/staavapNEWs
Discussion Group:
t.me/staavap
Twitter:
twitter.com/staavap
Medium:
https://staavap.medium.com
Website:
https://staava.network

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Staava Protocol

An EVM protocol with dApp-toolset for Web 3.0 solutions, deployed with the Avalanche-Go. $STAV coins are MINTED by creating SCARCITY for on CHAIN Tokens.