SiO2.Finance - dApp Staking Application

Dear Astar Community,

This is Matt, the Community Lead at SiO2 Finance team. We are building a multi-VM lending hub on Astar for Polkadot and would love to share more about our progress and introduce SiO2 to the community. We would like to join Astar dApp Staking program.

:gem: Project Overview :gem:
SiO2 Finance is the multi-VM lending hub on Astar for Polkadot. Silicon dioxide (SiO2) is an oxide of Silicon and the major component of crystal, the purest gem in the natural world.

SiO2 Finance is designed to serve the Astar/Polkadot community with the best user experience, easy-to-use one-click features, and transparent governance.

Why are we building SiO2 Finance?

Since Astar is the multi-VM smart contract hub on Polkadot, to realize a more interoperable future, we believe a multi-VM lending protocol is needed to continue the momentum of the Astar ecosystem. Thus, several passionate community members and contributors to AstridDAO came up with the idea of building a more transparent, user-friendly lending protocol to better serve the Astar/Polkadot community and provide more utilities to $BAI.

:family: Core Team :family:

SiO2 Finance will be developed by some passionate developers and who have contributed to AstridDAO, the multi-collateral stablecoin on Astar for Polkadot, as well as a group of passionate members from the Astar community.

The team has rich experience in smart contract development, growth and community promotion.

Currently SiO2 is supporting 10 assets including:

• Right now we aim to add more native assets to our app – nASTR, iBTC etc.

:gear:SiO2 Features::gear:

• Lending/borrowing:: allow users to use multiple assets as collateral and borrow other assets
• Depositing: allow users to deposit multiple assets and earn passive income from interests
• veStaking: incentivize long-term token holders over short-term holders with $SIO2
• One-click flashloan: will allow users to use flashloan for position migration (e.g. move position from one protocol to another in seconds), arbitrages without having to code
• One-click short position: will allow users to short an asset with only one click
Multi-VM support: both EVM and WASM will be supported in one frontend

Our Mission:

We aim to build multiple one-click solutions and become the most user-friendly lending product on Astar for Polkadot.

We welcome the community for any feedback and improvement proposals. SiO2 Finance will be of the community, by the community and for the community.


We are happy to inform you that all of the key smart contracts in the SiO2 Finance have been audited by Peckshield, the AAVE v2 auditor. Peckshield reviewed our design document and related smart contract source code of the SiO2 Finance protocol.

Nevertheless, we will continue to monitor the most critical issues in the report and optimize our codebase and processes to mitigate security risks.

By adhering to the blockchain industry’s best practices, you can rest assured that you are using a lending protocol that has passed one of the Web3 industry’s most rigorous audits to its highest standards.

Past Performance:

Mainnet launch in August 2022
• Launch 10 collaterals
• Passing audit by Peckshield
• TVL grow to $3.5m+, currently number 5 on Astar Network

dApp Staking Reward Usage Breakdown:

All rewards from dApp Staking will be used for the Astar common goods and operations including but not limited to:

1. Co-Marketing Campaigns
• AMAs
• Giveaways
• Airdrops
• Other events on discord

2. Security Improvements
• Upgrades
• Optimization
• Updates

3. Engineer & Ambassador Program Costs

4. SiO2 Token Buybacks


Here are the basic links to our product and communities👇

Discord: SiO2 Finance
Telegram: SiO2 Finance


Are there any plans to explore the development on WASM?

1 Like

Hey Toga!

The short answer is, yes, but we are still in the research phase. Currently, WASM on Astar is not ready yet. And we haven’t found a perfect way to solve the scattered liquidity if we have contracts deployed both on EVM and WASM. We are comparing the different approaches including XVM to see how to solve this issue.

Build it on WASM. You’ll be early, but not wrong. Skate to where the puck is going to be.

Maybe you could start a seperate WASM branch building a WASM specific dApp on Shiden? That way you’d be able to have a separate stream of funding specifically earmarked for your WASM build.

Where are the who? Under the section labelled core team I don’t see any names and I couldn’t find them on the website either.

The documents on the website make this look like copy pasta from something called Aave V2.

Edit: TIL: Silica is considered a gem stone.

I have been following and using/testing SIO2 since the beginning. I think your are doing a great job . Multi VM support is one of the coolest features. Is good to have you supporting $BAI asset to deposit & Borrow giving strength to the stablecoin in our ecosystem. Also exciting the mention to support more native assets like IBTC and + our liquid Astar nASTR this in collaboration with Algem can contribute enormously to our ecosystem growth.

Keep building and continue growing using shiden to research/develop on WASM development before ASTAR, I think it will help a lot and for sure you will finally be on WASM ASTAR (this is very important to accomplish).

I strongly believe in having SiO2 listing in our Astar Dapp Staking. So, I fully support your proposal.

Thank you

1 Like

Show me the Multi-VM support. I can’t find it. It’s all solidity code in the repos and audit report. contracts/PeckShield-Audit-Report-SiO2 (08-04-2022).pdf at main · SiO2-Finance/contracts · GitHub

The main main finding of the audit report is a trust issue with the admin keys that can control the flow of assets managed by the protocol. Who controls the admin keys now?

Who who are they? Nothing there: People · SiO2 Finance · GitHub

That’s a good idea. We will work on this in 2023 and onwards.

It’s the same team who builds AstridDAO.

There are contract level changes (e.g. veStaking) in SiO2 Finance, but yes, the main mechanism is forked from Aave V2.

It’s a multi-sig right now. The audit report was written when there is no multi-sig support on Astar EVM side.

Join Astar dApp Staking
  • Yes
  • No

0 voters

Build on Wasm. Core team will help you build


Hi Matt, nice to hear for your proposal.
Do you have any roadmap for 2023?


Would like to see milestones and roadmap for this project if possible. Thank you