A cross-chain DeFi, NFT funding platform on the Astar Network, a Polkadot parachain
August 15, 2022 — Starfish Finance is a pioneer project in the Astar incubation project and the first decentralized finance (DeFi) and nonfungible token (NFT) platform on the Astar Network. It recently closed its seed round led by Next Web Capital, along with GBV Capital, Parity, Acala, Infinity Ventures Crypto, Tokensoft, Paribus, Alphanonce, MindWorks Ventures, Popfield Ventures, MetaverseHub, Oriole Ventures and others. The round signals a deep and long-term collaboration between Starfish Finance and recognized strategic partners, and the protocol is strongly supported.
The essence of Starfish Finance comes from the power of community. Since its conception, an exceptional amount of community members have flocked to the social media channels of Starfish Finance. Their brotherhood is now the Astar Network’s most valuable and active society. Soon the Starfish culture will propagate the entire Polkadot community with its unique lifestyle.
The Three Excaliburs by Starfish Finance
Based on an improved Balancer version 2.0 model, the architecture of Starfish Finance is built around three pillars: Stablecoin liquidity pools, cross-chain DeFi and NFT finance.
Starfish supports liquidity pools consisting of up to eight cryptoassets with customizable weighting, offering more flexibility and risk management for DeFi users. Users can grow returns on Starfish’s stablecoin liquidity pools. In addition to Astar and Polkadot native stablecoins, the pools will support leading ones such as Tether (USDT), USD Coin (USDC) and Dai.
With its strategic partner Celer Network, a prominent cross-chain asset transfer technology, and the recent update of the cross-consensus messaging (XCM) format on the Polkadot ecosystem, users will be able to bridge cryptoassets seamlessly on across different layer-1 (L1) ) and layer-2 ecosystems. Starfish Finance has plans to deepen cooperation with a wide range of decentralized protocols outside and inside the Astar network to expand the ecosystem.
Starfish’s partnership with Celer Network goes beyond just a ubiquitous DeFi bridge. This time, the latest Celer’s messaging chain framework is merged into the Starfish Finance protocol. Users can securely lock their NFTs on their original chains, allowing them to borrow various cryptoassets across chains on the Astar Network. The beauty of such a mechanism is that users will not risk security issues locking their NFTs on cross-ecosystem bridges. In addition to Celer’s construction, Starfish Finance leverages Decentralized Information Asset’s decentralized oracle to provide tokens and NFT price feeds instantly across centralized exchanges and various L1 ecosystems, including multiple NFT marketplaces, decentralized exchanges, and DeFi protocols.
Free up NFT liquidity
NFT “hodlers” do not need to sell their beloved NFTs for immediate liquidity. Instead, they can collateralize their NFTs to apply for a crypto loan on Starfish Finance. Furthermore, lenders will be able to earn returns by offering liquidity in the Starfish Reserve Vault. To ensure that NFTs with collateral will add more value than risk, Starfish will screen out NFTs that do not qualify as collateral. In the event of a liquidation, SEAN holders will have the chance to bid on blue-chip NFTs at a discount. Also, once the Starfish Decentralized Autonomous Organization (DAO) is formed, SEAN holders will have the right to vote to whitelist other cross-chain NFT projects.
The Starfish vision
Society
Starfish Finance is fundamentally community driven. Starfish values its community and strives to promote its spirit across communities in other ecosystems. To be part of the Starfish community is to participate in a liberal, fraternal and equal culture.
Cooperation
The Starfish team gathers die-hard believers in Web3. Management actively seeks to collaborate with excellent players in the blockchain economy to expand Starfish users’ experiences in DeFi and NFT finance – on the Astar Network and beyond.
Convenience
Through its minimalist user interface and vibrant graphics, Starfish unlocks the interoperability of assets between the Astar Network and other L1 chains with a smooth user experience that blends with Starfish’s open and approachable culture.
What will be next?
In the near future, Starfish will launch its public sale on Tokensoft, a premier and recognized DEX offering platform with a track record of successful token launches for prominent projects such as Acala, Moonbeam, Litentry, The Graph, Avalanche and Tezos. In September 2022, Tokensoft will launch Starfish’s $SEAN tokens via two private rounds and one public round.
Several strategic partnerships with non-Polkadot native projects will move forward simultaneously. Starfish will be the core of the Polkadot DeFi ecosystem, and Starfish’s community will enjoy first-mover benefits in the early stages of development. Stay tuned for more Starfish Finance developments and strategic partnership updates.
Starfish Finance Official Links:
Twitter | Discord | Telegram | Website | Medium
