Starfish Finance proposes DeFi-NFT convergence on Polkadot

by James · October 1, 2022

Starfish Finance, the DeFi project running on the Astar Network, has shared its vision of how NFTs and decentralized finance will merge on Polkadot. The community-driven project predicts that the worlds of DeFi and NFTs will eventually merge to form a brighter star, with Starfish Finance ($SEAN) serving as the fortress that hosts this union.

Borrow and borrow with your NFTs

Starfish Finance is one of many planets orbiting the Astar Network ecosystem, one of the brightest parachains in the Polkadot galaxy. On its primary planet lives a starfish named Sean, who has vowed to venture into the galaxy and build new castles.

The Starfish protocol is based on Balancer v2. It gives users the freedom to create liquidity pools with up to eight different cryptoassets on top of a full stack DeFi product suite. Beyond its DeFi capabilities, users can stake NFTs on their native chain through Celer Network’s IM framework, an inter-chain messaging mechanism, to enjoy cross-chain NFT lending and borrowing.

The Starfish Finance protocol has been audited by CertiK and the Starfish team has emphasized that community safety is their number one priority. The team is now in the process of partnering with recognized NFT projects to provide liquidity that will give owners access to capital without giving up ownership of their beloved collectibles. Starfish Finance is already listed on Huobi, a top tier centralized exchange, and the team hopes for more listings to be announced as the protocol evolves.

From the beginning, Starfish Finance has positioned itself as a one-stop shop offering multi-token stable and weighted swaps and embracing a multi-chain future. Starfish started the year with conception, fundraising, forming strategic partnerships, building an inclusive community and launching test networks. For the rest of 2022, the team will roll out its DeFi suite and refine the launch of NFT collateral-based lending and borrowing in the roadmap.

The eventual formation of the Starfish DAO, called The Aquarium, will pave the way for everything that follows. The Community Council will be tasked with looking after various parts of the project, from product to art, and from technology to marketing. Community members will play a major role in introducing and whitelisting new NFT projects as qualified security for Starfish’s NFT-Fi, as well as managing events and activities to grow the multi-chain Web3 economy.

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