I’m writing on behalf of the Council and the Astar community members.
A few months ago, Starlay made an application to join the Builders Program. The application can be found here: Starlay Finance - Builders Program Application
It was a very impressive proposal and the Council voted positive. Starlay has since been listed on the dApp store. We believe that dApp staking is an act of governance and at that point of time, the Council was voting on behalf of the community, which was also an act of governance.
However, in light of the recent incidents, we noticed that the Starlay team has not been putting on their best practices. Below is the list of incidents that occurred:
About 2 weeks ago they disregarded their own IDO rules and allowed an investor with a large sum of money to invest in the first IDO after the timer had finalized (for their native LAY token). This was corrected after backlash from the community.
Throughout the month, they published higher price estimates for their LAY token and misled the public and the investors.
The First IDO was priced and sold at $0.15. The second was priced at $0.029. It was later then listed on ArthSwap at $0.03, far below the initial IDO sales price. At the time of writing, the token is trading at $0.004.
A small amount (in the 2-3 figures) was provided for liquidity for the native token LAY upon listing.
The recent actions of Starlay Finance have garnered distrust from the Astar community. This is evident in their Discord channels and on their Twitter account. The public’s trust and view of Astar Network is negatively affected by these actions.
This combination of actions lead to an immediate sell off and large losses for many of the investors. This sparked a chain of events that has now led to some community members to make accusations of “scam” in regard to Starlay, as well as the Astar Network.
We are inviting the Starlay team and the community members to share their thoughts on this forum. The council would like to know the opinion of the community and how the Starlay teams plans to move forward and remedy the situation in order to regain the trust of the community.
If we do not find an amicable solution between the Starlay team and community members, we would want to propose to delist Starlay from the dApp store.
Your response will be much appreciated.
its an embarrassment that first and biggest DEFI project on ASTAR ecosystem is playing around with investors & Backers. After all it concerns the image of ASTAR and all those projects who are backing STARLAY. There has to be some serious amicable solution about it.
From my side:
It would be great if Starlay award IDO participants and make several public statements, because of this situation first steps of ASTAR and Starlay(primarly) will be hard. I have a long time with ASTAR and can say clearly, that I have a trust to you. But I had no deals with Starlay yet and can’t say anything about they reputation. Hope all situation will be solved with good end for ASTAR and community.
Those incidents above have huge negative impacts on Astar Network. Starlay is not a small project which may or may not rug-pull, rather is a project that is supposed to become one of a pillar of the network.
When the team estimated token price as $0.3, it triggered a huge discussion however the team did not listen to it. When the team announced the 2nd IDO, it gave community a concern from the start.
I’d like to hear from the team if they have a plan to restore trusts from a community. I strongly hope that the team will face to the situation, otherwise I believe there is no bright future for Starlay.
The Starlay team also needs to address the sudden change of the time of listing. What was the main reason of the sudden change?
If the team was not ready (with liquidity or the consequence that might arise from that) why it was necessary to change the time of listing?
The team needs to step up and calm the community down with proper explanations
The Starlay team didn’t say anything after IDO ended and listings immediately. They quickly announced something good but were silent when something terrible happened. I feel it’s a lack of transparency.
The current price might be due to the current market situation, but how the team behaved also affected the price. I believe that they should make it better.
From the letter Neo wrote, “Apologies for Confusion”, he just apologized but didn’t explain how they thought and decided. It’d be good to start there. We(at least I) want to know how they make decisions.
I think it’s a matter of discussion first.
Whether they are bad guys or just unwise.
As the post stated, I’m describing some of my views:
- Trying to sell 50M tokens at the second IDO was stupid and greedy in a bear market.
- Their action of trying to accept that whale’s investment after the deadline already showed they lack the spirit of obeying the most basic rules of their own has caused distrust from the community not only to Starlay but also to Astar Network.
- Their weak understanding of blockchain caused the community to start suspecting and re-evaluating the quality of other projects on Astar Network including Arthswap/AstridDAO/Sirius.
- Their action of making 3 projects in a row has also caused suspicion of centralization of Astar Network, squeezing growth space for other projects as well.
- For normal projects, they would put most of the IDO income into their own pools, and furthermore, some of them would even lock up/burn the LP tokens, Starlay team didn’t even try to add liquidity in the beginning, even they finally did, it’s still too little compare to the funds they raised and the expectation of being the top 1 TVL project on Astar Network.
Starlay team better take following actions:
Increase liquidity through a reasonable REBUY schedule.
Airdrop or create some benefits for IDO participant, if they dont, they should refund.
Launch veLAY as soon as possible.
DAO with comunity members before MAKE DECISIONS!
Agree, if they are not able to give a reasonable explanation and a follow up solution, for the safety of the community, suggest to remove it
I like constructive discussions.
I only ask for reflection, improvement and accountability for the development of Starlay.
I do not seek punishment.
We need to understand several key points:
1:There are problems in their token sales again and again. Have they made an explanation?
2:Their token has been online until now, and Twitter has not been updated. Are they evading the question?
3:Now they need to give solutions in time. How should you compensate the users of IDO?
4:For your current trading and liquidity problems in the market, give solutions immediately, and don’t give them any more time to think!
a team that put 3 projects on the floor at the same time as LAY, MUUUU and KGR … and three projects simultaneously divided 50 times the original price, is that called a scam team?
I think what Starlay did indirectly sullied the name of ASTAR, and it doesn’t seem fair to me that the team at astar who come from doing a lot of hard work to deliver a top quality blockchain is affected by these individuals, and that even this is going to affect future projects that are applying for the builders program, since trust was broken.
I think what we learned here, is that a KYC is necessary to apply to the builders program, since under anonymity people become corrupted, ASTAR is a serious project and if we want a future for Astar, there must be consequences for those who decide to act badly against the community. I feel sad to see how I supported a project that was widely recommended by astar and see my precious ASTR lose and see them become -99% since the beginning for the buyers of the first IDO. Every effort was made to dialogue with the Starlay team and we were just ignored.I hope they can get the investors from IDO and auction to choose for a correct valuation for initial investors or a a refund.
Well it was not the favorable situation to list at such a worst market case scenerio.I have read the apologiges from the team and they are very sorry for the inconvinence they caused and they want to assure you that they won’t run away and cheat on anyone.As far as the ido participants is concerned tokens claiming is from june 28 may be there are certain plans from the team not to make the ido participants unhappy we still can’t say its unfair becuase claiming is only available for the LM users and it’s upto them weather to believe in the team and hold until the situation gets better and sell their token or sell their tokens at loss.As far as the liquidity is concerned team has been providing liquidity at various intervals and it’s still increasing.So if you still believe in the team and if you are real supporter it’s time to support the project to grow more stronger either demotivating and calling scam without some valid reasons (team has never said 0.3$ would be the listing price it was just the estimated price at that market scenerio,it’s the market that decreased tvl and the price of lay decereased accordingly )But there are few mistakes from the team as well they didn’t updated the token price in the website and users have been farming lay price at 0.3$ so this explanation most be given as well.At last I believe starlay has very strong and powerful teams.They will devote and dedicate themself for developing and expanding starlay ecosystem more stronger onwards.If you still believe in the project I think you won’t regret in future.
Feel free to discuss because I love discusssion it’s just my personal opinion reading articles and seeing the scenerio.
everything you say and predict for the future of Starlay sounds very nice and beautiful, but here the topic is the present, and how the starlay team made many changes and tried to make more cheats like the whale deception that bought more than 1 million usd, to simulate a rise in price and giving fewer tokens to buyers, like how they faked a price of 0.30 and sold it to 1st IDO buyers and then diluted the price. a shame the unethical team act.
actual price was 0.375$ as per their calculations and they never said they are going to list their tokens at the price of 0.3$ …The main problem was with the second auction which completely changed the game…I know it’s very unfair for first ido participants and team most give an explanation how they going to tackle with it.Their listing price was also totally shocking 5x less than ido at discounted price.But we can’t say the project as scam at all because ido participants are still not able to claim their tokens we still need to wait and watch until june 28.
I agree with you in some aspects, but one of the pillars for any project to work is the trust and transparency that the project emits, it does not matter if it comes out in a bear market but knowing that the team worked and did the right thing, unfortunately it is not the case from Starlay and indirectly drags Astar for being one of the first projects and everyone is watching for the beginning of the ecosystem
Starlay has got lots of support from the community since it has launched so team also should listen to their commmunity as well because community is the heart of web 3.0 without community a project is like a body without soul.I believe lots of people still do have faith and I was actually shocked seeing the amount of deposit increasing from 57 million yesterday to 64 million today.If team comes up with some excellent strategies i don’t think it hard to meet the ecpectations of their community i.e 0.3$ .If they are able to list on major CEXs or come up some better plans it can be done.