Next Actions -- Starlay Finance

[moonme]

I agree with what you have said. I believe Starlay should be able to deliver their product regasdless of the loan for the buyback and liqudity being provided.

[Morris]

Hi @Sephiroth, deeply apologize for the delay in replying… have been sick these days and couldn’t respond…

Thank you for your long post. All I can say is that we will try to improve. Might be gradually tho. Glad if you can move forward together for a better ecosystem on Astar. Thank you.

[Morris]

Thanks @LORD. Appreciated for your post. Yes, lets grow together and beat this bear market.

[Morris]

Hi @sota and @neo_defi
While reading through Discord, I see some community members posting and wondering where the discussion in this thread going.

Please let me remind the below questions again to both of you. Thank you.

1. The timing for Starlay Finance to lend $0.5M amount of LAY to Astar Treasury (Any time is fine?)
   Note: Also, it would be great if the Astar Core team could offer us the recipient address.
2. When Starlay Finance should start the buying operation.
3. And when we should provide $1M liquidity to ArthSwap.

[neo_defi]

Thank you @Morris for raising the topic.
As noted in Next Actions, actually we are already sharing and discussing information with the Astar team on future plans.

Starlay Finance will regularly sync with the Astar core team to discuss and determine the appropriate response to the Astar ecosystem.

From the discussion within teams, we concluded that the buyback operation and liquidity providing should be done at the same time. In addition, we believe it would be better if they will be done after the release of ve features.

The development team is working really hard to release ve around 7/5. The team is working really hard but…we cannot finalize the date yet. Please let us keep you all posted.

@sota
I would like to conduct the buyback and provide liquidity on 9 or 10 July. Please let us know if you have any requests of date and time, since we need the co-operation from Astar Treasury as well.

[foefiy6ix]

The 9th is just fine.

[anon24836865]

Thank you for being here and contribute to Astar Network ecosystem growth.

I love the possibility to stake Polkadot $dot at Starlay.

Looking forward to see aUSD, GLMR and Kusama KSM.

[sota]

I think July 9-10th works for me as well. Astar Safe (multisig) is almost ready. I am going back to Singapore from Polkadot Decoded in NYC and will work harder on this.

[Morris]

[Done the Buyback of LAY using dApp Staking Reward in June]

Hello,

This is a separate topic from the current discussion, but please let me share here that the team conducted the buyback of LAY using the dApp Staking reward that Starlay Finance earned last June as per No.3 of Next Actions.

Here is the link to the Tx.

I have just posted this on Discord.

By the way, there was a discussion in the team about whether we should conduct this with the LAY buyback using 4M ASTR. But we decided to conduct this independently since we are conducting this permanently as long as Starlay Finance receives dApp Staking Rewards.

Glad to see the discussions going forward. Thank you all from Astar. And most of all, thank you to all users of Starlay.

[nancheng]

I think it is necessary to use 4M buyback. But buybacks should be done confidentially, before and after liquidity is added. Please note the small order buyback!

[Morris]

Hi,

Since this relates to the timing of the buyback and liquidity provision, please let me share it here.

The team is going to release ve feature today, 7/5. (Depending on the time zone, the date might be a day ahead or behind for some members of the community)

As noted in the article below, Starlay Finance will distribute $163K (at time of posting) worth of Treasury to veLAY holders in the first 6 months.

veLAY is coming

For IDO and Token Sale participants, users also can use LAY in the vesting period to get veLAY.
(Note: A user needs to Lock longer than the vesting period.)

Hope this will be good news for all Starlay users and many of the members on Astar.

Will keep you all posted. Thank you.

[Morris]

Starlay’s “ve” is released

Starlay Finance

For IDO and Token Sale participants, LAY in the vesting period can be used to get veLAY. (Please be sure to Lock longer than the vesting period.)

Hope the buyback and liquidity provision go well…
Thank you.

[Morris]

Hello all members of Astar Network and all Starlay users

Please let us share that Starlay and Astar teams have done the buyback using a half of 4M ASTR and providing $1M worth of liquidity.

As we analyze recent price movements of LAY, we decided to use $2M ASTR instead of using all of them. Planning to conduct another buyback using the remaining ASTR in the near future.

Hope this helps to stabilize LAY. And benefit all LAY holders and Astar Network as a whole going forward.

Thank you.

[neo_defi]

Hello to the community of Astar Network

Please let the Starlay Finance team announce that we have just done the buyback of July using dApp staking rewards using more than 300K ASTR.

Transaction 0xab2b08d5a6b75ffdec218df9f6de444456a3d71984dde6a9eadebd1a44b8c0a5...

Hope this will support all LAY holders and Astar Network going forward.
Thank you.

[anon24836865]

I would like to know how is being handled the (11M aprox, astr, 500k usd) Starlay borrowed from Treasury on the proposal providing liquidity & the progress of this.

0x322Ddf3AD317B719EEc9D6956870ffa6915C697c - Astar (EVM) Explorer

@sota @moonme @Maarten @Ambassadors @Morris

Thank you

[Chest]

Hi Dennis,

Thank you for the inquiry.
To simply answer your question, the liquidity provision was already carried out with approximately $11M ASTR and $27M LAY.
Any further operation on this is yet to be planned, be it withdrawal of the asset provided or additional provision.

But the context seems a bit complicated for everyone including us. So let me try to clarify the situation below by separating 2 different things: buyback and liquidity provision, even this post gets too long to simply answer your question.

For the buyback, which you replied to, has nothing to do with the asset you mentioned; 11M aprox, astr, 500k usd

Next Actions -- Starlay Finance

Thank you for the comments here so far. 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 co…

As is shown here, we did/will do the buyback with the $4M ASTR raised in the IDO + dApp staking rewards.
and we already used more than $2M ASTR on that.

Next Actions -- Starlay Finance

Hello all members of Astar Network and all Starlay users Please let us share that Starlay and Astar teams have done the buyback using a half of 4M ASTR and providing $1M worth of liquidity. As we analyze recent price movements of LAY, we decided to use $2M ASTR instead of using all of them. Planning to conduct another buyback using the remaining ASTR in the near future. Hope this helps to stabilize LAY. And benefit all LAY holders and Astar Network as a whole going forward. Thank you.

Next Actions -- Starlay Finance

Hello to the community of Astar Network Please let the Starlay Finance team announce that we have just done the buyback of July using dApp staking rewards using more than 300K ASTR. Hope this will support all LAY holders and Astar Network going forward. Thank you.

For the $ASTR left to be used for further buybacks, we are currently pending the operation due to the market condition as explained here.
The future of the market is still quite unclear, which makes it a bit too difficult for us to let you know when it will be happening.

Discord - A New Way to Chat with Friends & Communities

Regarding the liquidity provision, as discussed in this forum, it’s slightly different from what should be explained as “Starlay borrowed ASTR from astar core-team”, in a sense that it’s in the wallet under the control of Astar core-team. You can check the detail here.

Providing Liquidity for LAY

We announced that Starlay Finance would be buying up LAY in this post. All 4M ASTR ($240,000 at the time of writing) collected at the IDO will be used to buy back LAY. In addition, all rewards earned by Starlay Finance from dApp Staking would be used to purchase LAY permanently. This will create permanent buying pressure and this becomes a factor that drives up LAY’s price. We believe that these actions are beneficial to all LAY holders, including IDO and Auction participants. We would like to …

ttps://forum.astar.network/t/providing-liquidity-for-lay/3540/84(※ I can’t put more than 5 URLs, so pls add “h” at the beginning of the URL)
And, the context of using the fund of Astar core-team is as written in this post and the following threads.
ttps://forum.astar.network/t/providing-liquidity-for-lay/3540/38(※)

this should be the proof of the operation.
ttps://forum.astar.network/t/providing-liquidity-for-lay/3540/125(※)

And as you mentioned, you can check the balance of the account which is managed by the Astar core-team.
ttps://blockscout.com/astar/address/0x9fea791E2Df819d209F9a60078a5258F0F2c547C/transactions#address-tabs (※)

If you have any further inquiry or feedback, we are always open for that.
Thank you so much!

[anon24836865]

Ok Thank you. Looking forward to see Starlay growing more and more. Thank you for your answer.