At the most open, the liquidity is about 100 USD
I’m not surprised at the declining price of this project because the price of the whole market is declining. I don’t think there is any problem with the apr indication, as it clearly states that it is calculated based on the estimated price only.
However, I understand why the investors are criticized. In my opinion, the Starlay was wrong about reading the timing of the listing. So like, why did they choose this time?
Anyway, I’m guessing it might be higher priced in the long run. A problem of the liquidity pool will be solved on that mechaninsm as time passes.
What can be done to prevent flare-ups?
First, the project side should try helping the investors to understand the risks such as the declining of the price etc… and also, at the same time, the investors need to know there will be risks to understand.
One of the ways to prevent what is happening right now is to take a vote in the community for the project decision-making though I think there will be risks which is too many stakeholders might slow down the rate of growth of the project in its early stages.
Starlay made a huge mistake that disappointed investors and Astar. And yet it still lacks transparency in its operations, only expressing its opinions unilaterally and not attempting to communicate.
Starlay once again has a responsibility to clearly state its values and principles for DAOs and explain how this series of actions came about.
It also has an obligation to offer preventive measures to ensure that this does not happen again.
And it should consult the community on the pros and cons of these measures.
As for the price, I don’t think anything of it, as the market will decide.
However, without knowing why we ignored the rules of our own IDO and why we did little to provide liquidity at the start of the listing, we remain distrustful.
Without an explanation of how they made those decisions, we will not know where the problems are and how they should be improved.
There are few majors problems with Starlay team and their approach to running their project.
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What’s the reason to make IDO and auction after LM program started? Ok. even if you do IDO and auction why you make lock and vesting on IDO tokens but not on LM rewards. In order to protect IDO participants it made sense to do it vice verse and have lock period on LM rewards.
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Why would you do APR based on estimated price of a token which is not listed yet and have approximately calculated price. It would make sense to make percents’ based LM program where rewards would be calculated based on % of provided liqudity to the pool and amount of tokens minted per pool/asset so investors and LPders wouldn’t be tricked with 0.3$ price.
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what’s the usecase of LAY on listing time? it would make sense to list a token after it has its niche so there’s no sell pressure from people who got their tokens for free via LM and dumped them on the market.
to clean up this mess and settle the dust, regain peoples trust and show some skills of serving people would be great if team:
- Refunded first IDO participants their funds.
if they cannot then - create separate pool with somethingLAY token, airdrop this token to IDO participants and let them earn fees from protocol based on their % of purchased tokens.
Otherwise, it’s clearly they had intentions to collect money without a care what’s beyond month of June or more likely, they have no idea what they are doing and how to do it from business standpoint.
I’m not a IDO participant. I would be if I didn’t read the article where team clearly described how they are going to bend over IDO participants and dump mined tokens on them.
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Changing the team doesn’t make sense. If we could change the team, who can take over?
Refunding IDO doesn’t make sense. It’d not a solution, just breaking the project.
Having AMA weekly or bi-weekly would make sense.
One of the important things is that the team and community keep in touch.
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AMA weekly? so you like when people take your money, bend you over and tell you that you need to feel good about all of it and everything will be fine so you can feel even happier, right?
tell this to a guy who invested 250K, got rekt instantly -5X, and has his tokens locked.
Price of token will go lower and lower and lower with every day.
If refunding isn’t a solution so where all money from IDO and auction went if team provided 129$ of initial liquidity
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Thank you to everyone who has posted to this forum.
I would also like to express my and our team’s gratitude to all the participants who have supported the Starlay ecosystem in various ways. I had tried to express my full apology in this writing. If anyone hasn’t read it yet, I hope you will.
Let me write about three things:
First, we saw multiple people have pointed out the last investor who was excluded from the second token sale. To his credit, I would like to mention that this investor was a sincere supporter of our product. So we tried to accept the investment, but that decision confused the community. To express our apologies for this, our core team has decided the following:
Starlay Finance will be offering 1.5x LAY to all addresses that participated in the second token sale.
The code for the vesting contract with the above logic will be available on Github after the audit is completed.
Second, I wrote our apology in this Mirror to some users who couldn’t swap properly due to the small liquidity initially. We hope that most users are now swapping without major problems.
Third, please let me raise about the transparency. We realized through comments and posts that we may have posted only our conclusions and not the context or reasoning behind them in the community.
So our team decided to work on this transparency. One major change was the hiring of a new member, Morris. He will work on managing our announcements with more transparency. Although we need to work on this, he is still a new member. Pleasure if everyone could be kind to him.
For all other posts from everyone, I have already written what I can say in this Mirror.
We will continue to develop for the Starlay ecosystem.
We will do our best for all those who support us.
We will develop a great UX and useful features.
We will continue to make Starlay Finance more robust.
We will contribute to Astar Ecosystem.
Thank you for waiting and reading this.
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Hi @TERITA
I’m Morris mentioned in Neo’s post. Thank you for the comment. Do you mind if you could elaborate on this?
he Lay token has been split dozens of times
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Sorry that it will take time for me to try to read through all posts again to reply appropriately… pleasure if I can have time to do it. Thank you in advance.
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Hi @ferry, thank you for your post. For your comment, as written in the Neo’s Mirror, due to the gap between the price of LAY’s first IDO and second token sales, the team decided (and wanted) to list LAY as soon as possible to determine the price with everyone in the market. Apologize for the lack of explanation behind it when it was announced.
Are you thinking of holding an AMA with the community on this issue and setting up a Q&A session?
This response alone is not enough and will not dispel the deep disappointment and frustration of many!
If this response is the end of the story, the trust that has been lost will not be restored!
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Why wouldn’t that investor buy the tokens now, even though the current price is cheaper than 2nd sales price? Is the investor an outside investor? Does he really exist?
Also, is the 1.5x source from the 20% team allocation?
If you really think about investors first, you can’t take a series of actions. I want you to remove the project from astr daaps and return the money you paid with ido. There are no signs of remorse.
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Thank you for your comment @Lassi
Does he really exist?
Yes, he exists.
Also, is the 1.5x source from the 20% team allocation?
Yes
- First you guys evaluated the token price from 0.30 cents. which is a joke bydwy.
Thank you @LORD for the reply. I think you’re mentioning the calculation explained in the below article. Pleasure if you could tell us which part you for the calculation you think as a joke.
25,000,000(1.5 x source of funds) / 200,000,000(Team Allocation) = 12.5%
So Starlay team will distribute only 12.5% of team allocation to compensate for this case. I felt that team is protecting not early contributors’(community) huge losses but their interests despite this project being about to the end due to loss of credibility.
This is the last chance. I would like you to reconsider the ratio.
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First, we need to go back to the utility of the $lay token. My understanding is that it is a token with governance voting rights. In other words, as a starlay, there should be a forum where the holder can determine the direction of the project at their will. In this context, we should talk about providing the full amount of funds raised by the IDO for liquidity, etc.
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They have already started deleting my comments, excellent response when asked about what they are going to do for the first IDO buyers? just ignore us or eliminate us? remember that getting a good recommendation is 10 times more difficult than getting 1 bad reputation, you decide if this is the beginning of a community.
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For those who ask for a refund, is it fair to ask in this situation? All prices of cryptocurrencies went down due to market situation.
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