Hi @cryptokingpin92
Glad to read your post. Please let me share and remind your comment to the team.
Thank you.
Hi @cryptokingpin92
It is our pleasure to have you on Starlay and Astar. We are delighted to work with a user like you to build and expand our products and the Astar ecosystem.
wow, i learned a lot todya, in web3.0 that astar is building, no one needs to pay for their mistake and investors take all. take it for granted for all astar projects afterwards?
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Thank you.
Let’s go for big!
Now with all the exposed points. I would like to hear the opinion of @sota @Maarten . I think it’s time to continue building and continue growing together. Thank you
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hi sota
Neo has admitted its internal miscommunication led to three-digits initial liquidity.
it does high correlation with big tvl loss and this is team’s bad.
in real business, if Honda builds a defective car, you can not tell your customers to keep it and buy new one once as the team is working hard building next fancy car. there is a central authority managing the issue.
In web3.0 you don’t have a such authority. however it does not mean you can be irresponsible. in fact, you should have an even higher standard on it to prove that web3 is better than web2, the community, instead of authority, can manage irresponsibility. now the community mostly ask for refund for such defective ido.
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Admitting mistakes is important to regain trust.
I have put funds into Starlay again.
Please do what you said you would do.
Make sure you communicate not only your conclusions, but also the reasons why you came to them.
That is all.
TVL has dropped a lot and regressed a lot, but I am sure it will get back to normal eventually, so please keep up the good work!
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This is not a problem that can be solved with an apology alone.
“Action” is required.
Why have no recurrence prevention measures been presented at all?
Disclosure of information is also inadequate.
For example, you explain that the initial liquidity provision at a level that interferes with the market’s pricing mechanism is due to a communication error.
What kind of communication was?
Without clearly identifying this, it is impossible to assess the adequacy of the recurrence prevention measures.
Please provide the specific circumstances and preventive measures.
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Hi @wing_tail
Thank you for your comment.
Why have no recurrence prevention measures been presented at all?
As you have already seen, Morris has joined us as our new director. We are considering rebuilding the management team.
It was a fact that we have had few resources to face the community compared to the time we have devoted to development. From now on, we would like to expand our resources not only for development, but also for the community.
Disclosure of information is also inadequate.
For example, you explain that the initial liquidity provision at a level that interferes with the market’s pricing mechanism is due to a communication error.
What kind of communication was?
One member created the pool. Another member was supposed to add liquidity there. However, the timing did not seem to be not aligned.
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Neo why are you not communicating on Discord?
And what are you guys working on right now?
What is planned in the shortterm to regain trust?
Since the IDO we dont see any progress, so users jumping off - TVL is sinking.
What you are doing right now?
Hi @neo_defi
Thanks for the response.
However, I guess I didn’t communicate my intentions well.
“Adding a new member will solve the problems.”
What is the logic behind this?
Generally, we can’t expect anything from personnel whose track record is not even evident.
Do you really think this is an effective recurrence prevention measure?
Furthermore, the initial liquidity problem, for example, is probably not due to a lack of human resources.
I understand that the multi-member collaboration did not work, but why did it not work?
You would have discussed in advance the time to start and the amount of money to put in.
I cannot imagine how such an incident could have occurred.
In order to prevent a similar incident from happening again, please provide a detailed history and measures to prevent a recurrence.
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So yeah. Dead Project. @sota please do something. Neo answering 1 post/day - Discord is Dead - Investors lost total respect.
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I’m glad the Astar team is doing something about this Starlay’s bad practice. @starlay team is very dishonest and not transparent. they demonstrated to us that they are just a cash grab team. I participated in the second IDO auction. the team went against all their own rules to manipulate the price of the token. After the teams attempted price manipulation ended in a community backlash, the sent out a fake apology. the team then attempted another cash grab strategy by locking all the 2nd IDO tokens (which was not the agreement prior to the auction), they went ahead and list the token in Arthswap and dump the price. who else is selling the Lay token when the ido participants tokens are locked by the team without the participants consent. @Neo is dishonest, manipulator and his actions are bad for the Astar ecosystem. he cannot sell tokens to commnunity, locked it against any meaningful agreement then list the token to grab more cash from the community.
Remove starlay finance from the Astar dApp staking portal will be a good example and better for the Astar ecosystem. Starlay will hurt the overall Astar ecosystem if care not taken. Starlay practice so far is bad for Astar. Also @Neo and the @Starlay team should refund ido partici
pants money and keep their fake token imo.
note: i learned about Starlay finance from the Astar staking portal. i trusted Starlay finance beacuse i trusted Astar. now i’m having doubts about Astar ecosystem projects because of the scammy actions of one bad project called Starlay finance.
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what are you talking about? the team sold the tokens and lock the same tokens until now, the also listed, and dumped the price themselves. ido participants tokens are locked without any agreement. stop jumping and saying people did not do their research when the team is constantly attempting to manipulate this commnunity. can you show me where it was stated that the second ido $Lay tokens will be locked? i did my research, the team keep changing the rules to manipulate the community. here is an extract from the medium announcement:
“Start time is 13th May 11:00 AM UTC and the sale will last for 48 hours; the token sale will end on 15th May 11:00 AM UTC and the price will be determined by the total amount locked at that time.”. the only lock mention is usdc during the auction until the end of the auction on the 15th.
no mention of the ido tokens being lock. if you can show me the announcement that states the tokens will be locked after the auction it will be helpful. please show me the announcement that those tokens will be locked and how they are supposed to be vested.
thank you!
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@neo_defi, @Morris _defi,
please can you show me the announcement/agreement that states that the second ido $Lay tokens will be locked and also the vesting scheduled too.
i think for you to keep on changing the rules to benefit you shows how dishonest you are. this is not the first attempt to manipulate your community. here is an extract that mention locking usdc but no mention of locking $lay token:
“Start time is 13th May 11:00 AM UTC and the sale will last for 48 hours; the token sale will end on 15th May 11:00 AM UTC and the price will be determined by the total amount locked at that time.”
you can read the article again, no mention of locking Lay token. if there was no such agreement to lock those token, i think you should refund our money. you cannot sell us token, change the rules midway, confiscate those tokens by locking them without any anouncement, then list and dump them. Refund please. keep your fake minted tokens.
your actions are bad for the entire Astar ecosystem.
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On may 5 2022 Starlay Finance published a tweet and a medium article with a very detailed explanation about vesting on the 2nd token sale.
this is the medium link: How to get LAY? Vesting?. Hi! Starlay team is here! In this… | by Starlay Finance | Medium
This was published days before the second IDO and explains very clearly the vesting schedule. Thank you.
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does starlay team’s so-called miscommunication make the ido defective?
is “miscommunication” supposed to be a part of entire ido procedure?
how much damage did such “miscommunication” had caused? and is it also part of starlay’s ido?
should buyers anticipate a high quality ido from starlay?
so why no refund to those ido participants? just don’t understand, please answer the community those questions. thank you.
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Disclaimer: I am an Astar holder and I provided my Astar tokens for Starlay as a liquidity to earn $LAY.
First, Astar is and will remain a neutral platform. We believe that the core values of blockchain and Web3 are to keep the network open, verifiable, and decentralized. Therefore, the Astar core team has no plans to announce an official statement regarding this incident. Our responsibility is to keep the network stable, reliable, develop core functionality, and keep the network open at all times. Astar is neutral but I am not. And, this is my personal opinion that doesn’t represent Astar Network. Second, the purpose of this post is to encourage our community members to discuss more with clear directions.
In my opinion, the falling price of LAY tokens is not a subject to be criticized for the future practical discussion. Because the market as a whole is falling and the price drop is not solely their fault. To be more practical, the first thing we should talk about is what has been good and what has been bad, and how to improve in the future. I do not intend to defend them or criticize them. I am writing to understand what happened and how it should be improved.
Good Points
- I think Starlay team has been builders and I hope they will be builders too. The UI/UX is very nice and they have shipped 3 protocols like Starlay, Kagla, and Muuu in the last 4 months.
- On chain data shows us that they achieved more than $500M TVL (ATH) and 2,500 people (addresses) are staking ASTR for Starlay and their TVL is still $30M.
- Founders of Starlay already declared that they won’t stop the developments.
Bad Points
- The liquidity size after the listing was small.
- There was not enough community interaction; AMA, community support, and exchange of ideas were less frequent than necessary.
- Conducted an IDO and listing during the bear market
- Listing tokens without utilities
Potential Improvement Points
Like Ethereum and other ecosystems we should learn from our successes and mistakes and evolve. From my perspective, if the team continues to develop products, it is not reasonable to ask for a refunding. However, I think it is necessary for the Starlay team to show that they will not give up until they succeed.
Some of the points we can improve are
- Expand our incubation program’s scope. Currently, it includes technical support and marketing support (we didn’t and won’t share price related topics like IDO, Listing and givingaways). We may need to expand our scope to cover the community support.
- Educate individual investors to understand the risks and potential losses of using DeFi.
- Increase the official AMA with our ecosystem projects to educate more.
Starlay team is facing a challenge and they need to do their best to solve this. Retail investors complains and criticize. This doesn’t help to solve the problem. Only better ideas and clear execution solve this. We are here to BUILD Web3 and the future. If they keep building their product, what I do is supporting their technical developments.
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Starlay Finance team has written out their solutions on the next steps forward. They are asking for community feedback. Feel free to give structured feedback.
Read more:
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the proposal set forth by Starlay to rectify the situation seem more than fair and work in concert with preserving the reputation for Astar in general. If the proposal isn’t sufficient and doesn’t pass, you risk the entire ecosystem sustaining a severe hit due to Starlay being one of the flagship new projects incubated by the mothership. That isn’t necessarily reason enough to accept, but the proposal laid out by Starlay seems extremely fair and good for investors in LAY.
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