The initial liquidity is the most important moment to “bootstrap” them who missed both first and second IDO considering the price is low against 1st IDO. The way Starlay supply low liquidity automatically made your community and Astar community in general on panic and in rage. And the team react adding supply after receiving huge backlash from community, and always remember that Starlay becoming one of Incubation Program participant.
You tell me, considering Starlay platform is to attract people to deposit/borrow, how come now to believe Starlay platform after team did multiple times confusing their own community?
There’s always an unwritten law in the world of crypto, Product and Trust first, then Price will follow and its always for the long term.
Your product is beautiful, but unless we get clear answer and solution, I dont see any reason why we should put Trust with Starlay.
That does not mean adding a member or two into the management, but a replacement of the current leadership (could be a DAO as well).
I understand what you are saying, but my resignation here would mean running away irresponsibly. I will stay and continue to develop for our supporters.
I am a heavy user of Starlay.
First of all, thank you for all the hard work you have done to get here. The quality and speed of update is something that no other PROTOCOL can ever catch up with. It was the best UIUX I have ever seen. However, now I am pulling out all my money once and for all. I believe we can get back on track and I hope you can answer the following questions.
do you have any plans to BUY BACK?
The most important thing for Starlay to be revived, I think this is the price of LAY. It is conceivable that the community’s trust will bring the price back, but I think that the buy back by LAY itself could be the trigger for the revival. Users who have not been damaged by IDO, including myself, are not as disappointed as everybody thought. This is because only those who have suffered financial loss can get rage for you. I think we can start over again from here.
Why did you list without any UTILITY?
If you had left the list as it was on 6/28 and only updated the estimated price, wouldn’t it have been such a disaster? The crash was not only because of the lack of utilities. The bad market was also a big reason. However, I felt that there were too few things contributing to the buying pressure on LAY right now.
Even if a competitor which makes lending protocols comes out Astar, I can’t imagine that they will surpass Starlay’s quality. So that is why I am waiting for the community’s trust to return. I will see how people react and decide if I want to reinvest. Thank you.
Hi, this is Chest, one of the core members of Starlay.
Please let me share one announcement I just shared in the Discord of Starlay.
In short, there was one protocol in DeCartel raised an opinion on dissolving DeCartel to other protocols.
With regard to the discussion in this thread, declining TVLs, and direct messages and replies of criticisms to protocol Twitter accounts, it seems members of the protocol have been suffering recently.
There was a discussion between the core teams of protocols. And it seems they just agreed to dissolve DeCartel.
Sorry for being short notice. Not sure how much opinions we can hear from the community. But I posted here as soon as possible to make things transparent, as possible.
As for the already announced airdrop campaign from DeCartel protocols to second token sales participants of LAY, core teams will be sure to distribute assets this June
@Chest@neo_defi you guys should really come out with soom good News soon.
So far we got:
-another anonymous Teammember Morris which doesnt give any Trust
-1,5x Lay Drop which will cause further inflation and price drop
-DeCartel dissolved already after 1 Month?
Guys you REALLY NEED to do something now.
Go for Token Burn, Add Liquidity & Token Utility as well as some progress.
I think council should consider total astr ecosystems, arthswap is also have same problem and as the firsr dex on astr, it is a bad exzample, orcus also cause big loss to their supporters
Thank you @Sankara
I am very impressed with your polite writing.
The most important thing for Starlay to be revived, I think this is the price of LAY.
I agree with your point of view. I believe it is important to recover the price in a long term as well. As long as the team continues to develop, the price of LAY will never be zero. While buy backs are effective in the short term, we are currently trying to work on a long-term approach.
Why did you list without any UTILITY?
There was a discrepancy between the $0.3 originally displayed and the market price determined at the auction, and there was strong criticism of any price displayed. It was a difficult decision, but as a result, we decided to leave the price to the market by listing as soon as possible.
If the team did this once, then there will never be trust. Team leaders who have made such a decision will not change. Therefore, only an exception so that the following teams understand their responsibility
Having reviewd most of the comments i’d like to give my take as an IDO participate and support of ASTAR network.
People who are asking for a refund on the first IDO did not do their due dilligence before investing when the terms of the deal were presented to them. Starlay team explictly stated the price of $0.30 was calculated based on a specified TVL. Logic would tell this is subject to change based on the TVL after the sale and should not be considered.
The Starlay team have made some continous flops but I appreciate the fact that they are attempting to right their wrongs. Put emotions aside, the app is fully functional and has great potential and if individuals are truly invested in ASTAR they would not be calling for the isoloation of the project. mistakes happen, yes this had a negative on the project thus far but there is a chance to rebound. We should rally around the project as the team has acknowledged their mistakes. If the project fails now it does not benefit anyone.
hi, please share with us how much tvl has been lost in wake of listing when the team added three-digits liquidity after raising million of dollars. thank you
Hi @souleater,
Thank you for clearing out points from your point of view.
what people become totally disrespect is when you provide a very liquidity on initial listing (AND this is the major concern from many people, including your community, my local community, and all Astar ambassadors even the core team that deal with ecosystem).
Sorry to say, but until you explain very detail your team’s decision (especially with very small liquidity), if there’s a vote to delist you from dApp Staking I definetely vote Yes to delist Starlay.
We sincerely apologize for any inconvenience caused to Starlay users due to our mismanagement of this matter. Since We wanted to get LAY listed and priced with the ecosystem participants as soon as possible, so we could not pay enough attention to the initial liquidity. Members of the team were working separately and there was mismanagement. We hope most users are swapping without any issues now.
Also thank you for the below comment too @souleater.
You tell me, considering Starlay platform is to attract people to deposit/borrow, how come now to believe Starlay platform after team did multiple times confusing their own community?
There’s always an unwritten law in the world of crypto, Product and Trust first, then Price will follow and its always for the long term.
Your product is beautiful, but unless we get clear answer and solution, I dont see any reason why we should put Trust with Starlay.
I agree with what you’ve written above. Product and Trust should come first. Regarding product, we will continue to build. As for Trust, we’re considering changing the role of the person in charge of branding and communication with the community.
Glad if we can hear any opinions from you and all users of Starlay and Astar. Thank you.
I feel that the community wants to understand the reasons for the lack/low liquidity made available by the team. What are the reasons for this? Was there any communication about liquidity? Thanks for answering.
We deeply apologize for this matter; in the rush to list LAY, there was a miscommunication between the member who created the initial pool and the member who provided liquidity.
We apologize for the inconvenience caused by this.
Thank you @anon24836865. I have almost the same understanding in crypto investments and how public permissionless blockchain should be.
And thank you for the continuous support. We will do the best for the product, users, and Astar ecosystem.