StarFish Finance AMA Recap

27 Oct 202212:43

AMA

StarFish Finance AMA Recap

Denis (CryptoDiffer)

Welcome, thank you for taking your time today!
Our team has prepared some questions for you to start with:
Let`s start with the introduction !

Mars | Starfish Finance | Never PM you first

Sure thing!

Denis (CryptoDiffer)

Q1:What is Starfish Finance?

Mars | Starfish Finance | Never PM you first

Starfish Finance is incubated by the Astar Network program. We are building the next generation multi-chain DeFi x NFT-Fi headquarters. Through gamification of user experience, Starfish Finance offers multi-asset swap, $DOT liquid staking and NFT-Fi on top of an enhanced Balancer V2 model to deepen the liquidity of crypto or NFT trading and financing.
We built Starfish around three pillars:
1. A full-house DeFi suite enables $DOT liquid staking and multi-token pools with multiple leading stablecoins liquidity pools (e.g. BAI, USDT, USDC)
2. Boosting cross-chain liquidity efficiency with Celer Bridge
3. Money Market unlocking NFT liquidity potentials (e.g. lending and borrowing services, NFT derivatives)
Thank you!

Denis (CryptoDiffer)

Q2: I’m curious, why do you call yourself a starfish?

Mars | Starfish Finance | Never PM you first

That’s a very good question.
Based on our experience and observation, we think that the threshold of DeFi is still high for beginners. We don’t want our identity to look very corporate and distant - we want to be degen and friendly. That’s why we call ourselves Starfish, we want to be our community’s friend, not like a corporation imposing something onto the community.
On the other hand, our logo is inspired by an asterisk (*) with the intention of showing inclusivity and connectivity. Hence the birth of our mascot, SEAN the starfish, led us to the name of ‘Starfish’.
Look at this:

Thank you!

Denis (CryptoDiffer)

Q3: Can you tell us more about Starfish’s DEX? How is it different from other DEXs on Astar Network?

Mars | Starfish Finance | Never PM you first

Sure thing
Starfish Finance is a hybrid of DeFi and NFT-Fi. The DeFi half of Starfish Finance enables swapping, adding/removing liquidity, creating personal pools, yield-farming, SEAN token staking and most importantly, the one and only $DOT liquid staking on Astar Network. Our DEX is built, modified and optimised on the basis of Balancer V2.
Have a look at this one-pager and you will know everything about Starfish
This fundamental will bring us 2 points:

1. it enables multi-asset pool with different weighted ratio of assets, along with customisable trading fee rates for each pool, which the pool creator can determine it (trading fee rates), as the Balancer model allows up to 8 crypto assets in one pool, this multi-asset format will resemble a mini-index fund.

2. Another benefit is that it optimises the multi-routing for swapping and solves the slippage problem at a large scale. This characteristic distinguishes Starfish from common Uniswap based 50-50 pool models.
Another edge of Starfish finance is our user-friendly UX and beautiful UI design. We want to make DeFi easy and accessible for our users, whether you are a DeFi veteran, or a newbie fresh-off-the-boat, you will befriend Starfish, other than dealing with it as a problem to solve.
Finally, the starfish team is very active in cross-ecosystem collaborations, our team constantly onboard tokens from both Astar network and other chains to enlarge the Astar ecosystem, thus creating a bigger cake for the entire Polkadot ecosystem.
Thank you!

Denis (CryptoDiffer)

Q4: What’s the reason behind weighted pools?

Mars | Starfish Finance | Never PM you first

This is deep
Weighted Pools allow users to choose their levels of exposure to certain assets while still maintaining the ability to provide liquidity. The higher a token's weight in a pool, the less impermanent loss it will experience in the event of a price surge.
And we want to use a model that addresses better the impermanent loss issue compared to the common Uniswap V2 50-50 pools. In a weighted pool, impermanent Loss is the difference in value between holding a set of assets and providing liquidity for the same assets.
For pools that heavily weigh one token over another, there will be far less impermanent loss, but this doesn't come for free; very asymmetric pools do have higher slippage when making trades due to the fact that one side has much less liquidity. 80/20 pools have emerged as a happy medium when balancing liquidity and Impermanent Loss mitigation.
This diagram shows the comparison.
Thank you!

Denis (CryptoDiffer)

Q5: What’s the yield-farming going to look like in Starfish? Any incentives?

Mars | Starfish Finance | Never PM you first

Of course, glad that you ask!
There is a lot to expect
Since the users need to provide liquidity and stake their LP to farm yield, Starfish users will earn their share of trading fees in addition to the $SEAN token as incentives. Also, we’ll be launching double reward farms where users may expect to receive additional reward in $ASTR, $DOT, and other tokens relating to our future partnerships.
This is an idea
Thank you!

Denis (CryptoDiffer)

Q6: Sounds nice! Let’s talk about the $SEAN token, what can people do with the $SEAN on Starfish?

Mars | Starfish Finance | Never PM you first

This is so important!
I mean it is the heart of the Starfish universe!
$SEAN is a utility and governance token which forms the spine of the Starfish ecosystem, providing its hodlers a share of platform fees in stablecoin, chance for participating in launch events & NFT auctions, and voting rights on key protocol decision-making.
$SEAN token is the key to unlock the full experience of Starfish protocol. Here are 69 ways to enjoy the full experience:
1. Earn protocol trading fees.
For every swap on Starfish Finance DEX, 50% of the delegated fee is charged as protocol trading fee and accrued by the protocol. This is then converted into a stablecoin, and then distributed to the cSEAN Pool every 24 hours.
2. Enter launch events & NFT auctions.
Stake your $SEAN into sSEAN to enter Seabed Launches and NFT auctions. The Seabed Launchpad is a super launchpad where users can discover new gems including new token/NFT offerings, private deals, and most importantly, getting liquidated NFTs on sale by auction — Imagine getting a BAYC under 80 ETH 👀
3. Boost yield-farming rewards.
Stake your $SEAN into veSEAN to boost your yield-farming APY.
4. Vote and exercise governance rights on StarfishDAO.
HODL your $SEAN to vote on key decisions of the Starfish Finance protocol. $SEAN hodlers are empowered by their voting rights, which grants them active involvement in the platform
5. $SEAN, a culture-bearing token
Starfish Finance is not just another DeFi project. We are here to propagate a unique community vision, value, and culture. We believe that the native SEAN culture is the intangible value behind the $SEAN token that will attract more like-minded frens to our platform. Bitcoin MAXIs have been saying that Bitcoin is a faith-based financial asset, and we say $SEAN is a culture-bearing asset!
6. Last but not least, Mint Polkadot ecosystem stablecoins.
Partnering with prominent Polkadot ecosystem players by collateralizing the utility token $SEAN to mint Polkadot stablecoins
And we’ll keep developing more utilities to give more value to $SEAN.

If you have any good ideas to share with the Starfish team, please do not hesitate to reach out to us!
Thank you!

Denis (CryptoDiffer)

Q7: What is NFT-Fi then? What can we expect to do on Starfish?

Mars | Starfish Finance | Never PM you first

This is so essential
The first thing our NFT-Fi will do is NFT-based lending and borrowing. Imagine this, in a bear market you’re in need of liquidity, but you don’t wish to sell your CloneX or BAYC. You can deposit your valuable NFT on Starfish Finance and get instant liquidity.
The model we’re using is called Peer-to-Pool NFT collaterisation. Different from ‘Peer-to-Peer’, where the NFT holders need to match with a lender and work out the term, Peer-to-Pool allows instant NFT collaterisation and fund releasing. Bluechip NFT holders can go to Starfish and borrow funds whenever they want.
And we’re cross-chain. With the technical support from our partner Celer Network, We’re starting from Astar Network and Ethereum, and finally becoming a multi-network NFT-Fi hub. The beauty of the integrated Celer IM mechanism is that users will not risk security issues locking their NFTs on cross-ecosystem bridges. In addition to Celer’s engineering, Starfish Finance adopts Decentralised Information Asset’s decentralized oracle to acquire tokens and NFT price feeds instantly across centralized exchanges and various L1 ecosystems, including multiple NFT marketplaces, decentralized exchanges and DeFi protocols.
You may check out our medium articles regarding the details of the Celer IM mechanism
Furthermore, Starfish will continue to build effective pricing mechanisms, secured custody solutions, together with insurance plans as we perfect the NFT-Fi side of Starfish Finance.
Thank you

Denis (CryptoDiffer)

Q8: What’s the status of Starfish Finance right now, and what to expect?

Mars | Starfish Finance | Never PM you first

Oh, we are so far so good
Since our birthday, our little starfish has gone through a lot. We started from Astar Network’s incubation program. Steadily and progressively, while we’re building the GOAT one-stop DeFi x NFT-Fi hub, we have passed the audit by Certik, we have been picked up by CoinDesk, CoinTelegraph, Yahoo Finance, and even Bloomberg; We have built one of the most successful and engaging community on Astar Network; And we have made it on Tokensoft for IDO - one of the largest IDO launchpads in the space with successful cases including Avalanche, Acala, Moonbeam and Tezos.
We’re also standing here proudly saying we’re listed on Huobi and AscendEX yesterday, yet it’s just the beginning. There is still a lot on our checklist for the future - we’re launching the NFT-Fi sector by Q1 2023, and we’re non-stop building for the multi-chain future. In the same time we have the plan to construct the greatest community and spread the Starfish culture to every corner of the web 3 space.
If you wanna hear more about Starfish and follow what’s going on with the project
Folks, come with Starfish, and let’s enjoy the ride.
Join our socials:
Twitter: https://twitter.com/Starfish_Fi
Discord: https://discord.gg/8hDZuXQnsX
Telegram: https://t.me/starfishfinanceofficial
Medium: https://medium.com/@starfishfinance
Thanks a lot!

Denis (CryptoDiffer)

Thank you for such detailed and interesting answers!
It is time to move to the community questions part.

Mars | Starfish Finance | Never PM you first

Anytime, my frens

Denis (CryptoDiffer)

Let's remind AMA rules to the community😊

❗️ AMA structure and rules: 👥

- Community questions part starts after the guest/guests finishes/finish answering the introduction questions asked by the moderator. Moderator unmutes the chat to allow up to 100 messages and mute it.
- Each person is allowed to write only one message containing 2 questions, violators will be disqualified from participating in the reward distribution.
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I will open the chat at 10:18 UTC, check exact time on time.is
Chat is muted! Thank you for your questions, everyone!
Mars Captain|partnership and Business Lead|@mars_staf,please choose the questions you like and answer them! If you wish to have additional rounds, just let me know

Cryptodiffer Community

A common problem with NFTs is calculating their real price. You will use NFTs as collateral for loans, so what mechanism will Starfish Finance use to calculate or estimate the price in an objective way?

Mars | Starfish Finance | Never PM you first

We have our Partner, DIA, the decentralised Oracle, helping us!

Cryptodiffer Community

The starfish finance has THE VAULT as one of its products. How does the Vault benefits the protocol and users of your finance platform.

How different is it compared to vaults of other protocol in term of revenue generation for the users?

Mars | Starfish Finance | Never PM you first

We will communicate on this once our NFT-Fi product feature is out. Stay tuned!

Cryptodiffer Community

Many Great Projects are not able to Showcase their Ability to the Audience Because Users are not much aware of the Project Potential,
For this,
Project Marketing could be one of the Reasons,
How do You see this Problem?
And How will Starfish Solve this issue?

Mars | Starfish Finance | Never PM you first

We have very strong media partners, and we are proud to work with some of the best ones in the industry. Time will tell, we are working on this!

Cryptodiffer Community

How does StarFish Plan to Reduce the various risk for liquidity providers ?
Can you please tell so that Liquidity_providers will be safe?

@mars_staf

Mars | Starfish Finance | Never PM you first

We have passed Certik audit, a top tier crypto audit firm.

Cryptodiffer Community

🥇 Starfish Finance integrates something called Weighted Pooling. What does this new pool model consist of? I understand that they will have an asymmetric distribution of assets as opposed to the typical 50/50 model. What is the plan with this? What problems does it solve?

Mars | Starfish Finance | Never PM you first

You can check out more on our whitepaper about this. The Balancer V2 model supports up to 8 crypto assets.

Cryptodiffer Community

1. You talked about boosting cross-chain liquidity efficiency, how do you intend to do this?

2. How do we go about this DOT liquid staking, can you throw more light?
@mars_staf

Mars | Starfish Finance | Never PM you first

1. We have heavy business and partnership development going on, we plan to promote our project across all ecosystem
2. The liquid staking is almost ready, stay with our socials, and you will get a guide on how to use it.

Cryptodiffer Community

WHY DID YOU CHOOSE THE HEADQUARTERS IN THE POLKA DOT ECOSYSTEM WHAT ARE THE REASON BEHIND IT ?

Mars | Starfish Finance | Never PM you first

We are bullish on Polkadot, there is a lot of potential yet to be revealed.

Cryptodiffer Community

💥 ==================💥
Does Starfish have NFT staking? Many of us want to generate income from NFTs. Can you tell us how to do this in Starfish?

@mars_staf

Mars | Starfish Finance | Never PM you first

We offer NFT lending and borrowing service.
We are listed on Huobi and AscendEX now.

Cryptodiffer Community

⭐️ In Starfish can we use our Metamask web3 wallet? or will we have to use a native Astar Network wallet or any other?

Mars | Starfish Finance | Never PM you first

You can use Metamask

Cryptodiffer Community

Many Projects Surrender in the Bad Market Phase, there could be Multiple Reasons for this:-

No Userbase,
No Funds,
Competition. . .etc

What will Starfish do to Survive the whole Phase of bad Market?

Mars | Starfish Finance | Never PM you first

Join our socials and you will see what we are doing to survive this market!

Cryptodiffer Community

Currently you are only Supporting Metamask and Polkadot {js} on your Platform,

When are you going to add more wallets and Do You Have any Plan to add More Chains?

Mars | Starfish Finance | Never PM you first

Glad you ask, you read my mind, I should have answered your question.

Cryptodiffer Community

The $SEAN token is built on one network, ASTAR , but it's not uncommon for every project to have at least more than one network. I wonder if you only focus on one network during project development? Or do you have plans to expand to all networks like BSC, POLYGON, SOLANA?

Cryptodiffer Community

what is the background, of the your project, team do you think team's qualifications, and experience, able to support the long-term development, of the project?Tell us something about this?

Mars | Starfish Finance | Never PM you first

You can check our team introduction on CoinGecko, under Starfish Finance

Cryptodiffer Community

Q1. Why did Starfish choose to integrate with Celr Bridge? With the recent cross chain bridge hack, do you think it is hackproof and secured for users?

Q2. Starfish's fundamental component is the Vault. Can you tell us about the functionalities of the Vaults and if there any barrier to entry or exit?

Mars | Starfish Finance | Never PM you first

Q1, Celer is the strongest, battle tested bridge in the market. We have strong strategic partnership with the team.

Cryptodiffer Community

💢 Currently the crypto market is still in a bear season. That is why I ask you, why did you decide to launch your token and project at this time and not wait for the market to recover a little? Or really couldn't wait any longer to launch the project?

Mars | Starfish Finance | Never PM you first

Most crypto users only expect a token to pump 100x when it gets listed. Real builders don’t care about the market conditions as long as we are confident that we are building something valuable for the market. Did you see BNB, AVAX, TEZOS launch in the bull market? They all launched in bear market. Patience is gold, my fren. We are a serious team. If crypto differ invites us to do this, we are not pump and dump project.

Cryptodiffer Community

In lot of Launchpad Projects we Have to Hold Their Token to Participate in the Sale, so what is the Rule of your Project, If the Rule is Same Then How Much Token we have to HOLD for the Sale,

Can you Please tell us More about this Feature on SeaBed Launchpad?

Mars | Starfish Finance | Never PM you first

Good question, again, seabed launch is still in conception, join our socials to stay tuned with the updates.

Cryptodiffer Community

How will Your Project convince people who has a little knowledge about crypto currency to partake in the project ?

Mars | Starfish Finance | Never PM you first

Go to news.starfish.finance We have this weekly market insights to educate our community by our in house research team. Updated weekly, hidden gem!

Cryptodiffer Community

Q1 May I know How Many SECURITY AUDITS You have Done ✅ Successfully , And What is the name of AUDITOR
And Will you Please Share the Reports of the AUDITS here because SECURITY 🔐 IS MUST ?

Q2 In the Website, I See You have Also Launched the WEB 3.0 PERSONALITY TEST

Could You Please tell me More about this Test , and What this Test Will determine and How we Can give ?

Mars | Starfish Finance | Never PM you first

Yes, please do go to starfish.finance/web3personalitytest to check out your personality. It’s a game for fun. It is how we engage with our community!
I believe that I have addressed most of your questions and concerns and I appreciate your time.
If you want to know more about Starfish and raise specific questions to us
Please feel free to join our Discord and telegram
Our team is more than happy to answer your concers.
Sorry, in case your question got slipped through the cracks, I am so happy to see that you guys have genuine questions and interesting opinions
Just one final word:

We can’t guarantee the future, but we are here to stay with the blockchain economy. We have a lot of business and partnership development plans and there is a lot of potential on Astar Network and Polkadot as a whole.
We are as concerned as you regarding our performance and security. Please rest assured that the team works 7/24 to deliver the best result
You can see in our socials, web3 personality test and SEAN times, all our work, it is a shame to be a short-lived project because the team does build around all these to contribute to the competitive and fast changing crypto world
Thank you for your time again, truely impressed and please contact us if your questions are not addressed. Our moderators and I myself will help you learn more about $SEAN
Thank you CryptoDiffer, Thank you @deniscryptodiffer !

Denis (CryptoDiffer)

Thanks for your time