We have received a lot of reactions from the community and would like to clarify the following actions for our misleading behaviors. These are not decisions already made by the core team, they are suggestions from us and we will decide them with the community after this.
Starlay Finance will offer 1.5x LAY to all addresses participating in the second token sale. The decision trying to accept the whale investor has caused significant confusion in the community. We will make up the LAY as a deep apology to the participants in the auction.
Starlay Finance will use the 4M ASTRs collected at the IDO to buy buck LAY. We do this to show our strong commitment to Starlay Finance. The distrust of our actions has led to a lot of speculation and damage to the price and the TVL. If approved by the community, Starlay Finance will buy up LAY on ArthSwap to maintain the price. In addition to that, we think the size of the liquidity pool matters to stabilize the token price. We will do our best to make a $1M pool with LAY and ASTR. In this case, $500k worth of ASTR tokens is needed. One of the possibilities is to submit a proposal to Astar’s treasury to provide liquidity with multi-sig between Astar and Starlay Finance. (currently, the treasury has 126,000,000 ASTR)
Starlay Finance will use all ASTRs, including what we have now, to buy back LAY every time a reward comes in from dApp Staking permanently. We will use the rewards only for this. Also, the LAY that would be bought back by Starlay Finance will be returned to users. We will share our upcoming design and development regarding the incentivize mechanism.
Starlay Finance will regularly sync with the Astar core team to discuss and determine the appropriate response to the Astar ecosystem. I know that some people feel that Starlay Finance’s decisions are not trustworthy at this point. The result is distrust in everything we do. Therefore, we will communicate regularly with Astar’s BizDev to ensure that the actions do not create misunderstandings more than necessary. If important decisions are made, we will disclose them to the community as soon as possible.
Starlay Finance will welcome a new director to provide enough explanation for essential decisions and listen to community opinions. Obviously, I will do my best to hear the feedback and comments from our community. It was a fact that we have had few resources to face the community compared to the time we have devoted to development. From now on, we would like to expand our resources not only for development but also for the community. Since he is responsible for the role of Project Management and BizDev, I hope this change in operations will eliminate non-transparent decisions.
Some of you may not agree with the above five suggestions. To regain trust from our community, we will continue to develop great things to provide a great UX and deliver value to the people who own LAY and support Starlay Finance over the long term. We would like to ask for your support.
Feel free to share your feedback and we are open to any suggestions from our community to make this strategy final.
as a buyer of the 1st IDO. again they do not offer anything to reconcile their high sale valuation, and again they ignore us and leave us excluded from the help that those in the auction are receiving, I propose that they give us the same airdrops as those in the auction, that they distribute LAY to us same price as the auction ones since it was ~-10x of its valuation. otherwise we will continue to reject any proposal you make with Astar. I am looking forward to your response.
Eventhough the damage already happened, but I personally hope that you guys can continue to build and learn from past mistakes. Eth once get their DAO hacked, and Polkadot once mistakenly permanently freezed their ICO fund, but they could rise from the ashes and grown up so good now.
For point number 2, I personally think this is the best way to compensate 2nd IDO participants. Also I support number 3 too. For point number 4, yes, you need to regularly sync with Astar core team especially those who maintain ecosystem growth.
Thanks for your commitment to keep building on Astar.
Some good propositions put forward. Can be upped a notch by considering some reward mechanism for the 1st ido participants. Also, it would make sense to reduce the vesting period for both 1st and 2nd ido participants. Even the Arthswap team did that along with buyback and extra allocation
I have read the improvement plan.
Of course, I’m pleased to see the project turn around.
However, I still cannot shake the feeling of distrust.
This is because there are no answers to the problems listed in the following post.
Will resources really be allocated for the community?
It would be difficult to believe a word you say when you have been so dismissive of communication.
Oh, by the way, you also fail to mention the coordination errors within the organization that caused the initial liquidity problem.
Is this a trivial mistake that can be avoided without disclosing the circumstances or taking measures to prevent recurrence?
Some people seem to be of the opinion that individual investors just complain and criticize.
But how can we have a constructive discussion when we are only told that “it was a mistake”?
Please make an effort to disclose information properly, rather than mislead us by raising expectations.
If you proceed as you are now, I foresee a scandal, for example, that the buyback of LAY by the management was not actually done.
At that time, they will probably explain that it was not bought back properly due to a coordination error.
I hope that Starlay will continue to develop without letting the failures be forgotten and to make sincere improvements.
These are good initiatives to put in place. I think we are all early and mistakes will be made. This isn’t an excuse to paint an entire team and project as dishonest but these are very good steps in re-establishing good faith and trust.
My biggest concern is if you take 100% of the dapp staking rewards and use it for buy backs, aren’t you jeopardizing the operations long term? The idea is for you to be able to benefit from the staking and help continue to fund and build out the project. i can’t believe it’s a finished product and it will always need a team and work done. It’s the one super reliable passive source of income you have as a project.
Therefore I’d suggest reducing that number to somewhere between 75-90% will be used for the continuous buy back back proposed.