Starlay in dApp Staking program

I propose creating a channel for Astar ambassadors and Astar’s active applications to share recent activities and future plans.

I have been running Starlay as one of the core contributors and was very surprised when it was pointed out to us that there was not enough transparency. Although we have always declared on social media and Discord that we involve the community in all important decisions, including salaries and future implementation policies, it appears that only a limited number of people were aware of this. I want to fight any unfounded insults to the hilt, but we will listen to any constructive improvements from anyone who is serious about growing the ecosystem.

Running a DeFi protocol requires a significant amount of money, much more than what most people think. To avoid hacking, code audits are necessary every time we develop a new feature, which adds to the expenses. Additionally, generating revenue through the protocol is not very promising, and there are also legal risks involved. I have a lot of respect for all those people who are currently running DeFi platforms despite these challenges.

Whether it’s through Slack, Telegram, or a forum, any method of communication is acceptable for me. It can simply involve chatting with each other once a month to report on each other’s activities and share thoughts.

Both ambassadors and protocol developers should share the same desire to develop Aster. I would be happy to create a place where we can understand each other better for the development of the ecosystem.

6 Likes

Hi @neo_defi, warm greetings.

The recent discussions we’ve had about Starlay in the dApp Staking program have been quite intriguing. As a newcomer to the ambassadors’ group, I got to know you all as the core team and learned about your project.

Regarding the idea of establishing a shared communication group, why not consider using the forum for this purpose? Since joining as an ambassador, I’ve noticed that each project submits its monthly contributions, and in some cases (like Neurolanche), even daily updates. This suggestion is more of an invitation to implement this system as it’s quite functional—community members can access the forum to view reports, as can ambassadors and the core team.

I appreciate your enthusiasm in suggesting this, and I’m confident that many ambassadors and Astar team members are dedicated to expanding and enhancing our protocol. We welcome any suggestions for improvement you might have.

Merry Christmas!

6 Likes

Hello @neo_defi,

On Astar’s Discord, we have a dedicated channel (projects-discussion) in the Governance category where any project owner can create a post for their project and share all relevant news and information about their project with the community. It’s also a place where Astar users can contact project teams if they need help when they’re not already on the project Discords.

I would suggest to Starlay and any other project team to create a post there and maintain it with regular updates.

7 Likes

@Juminstock , @Gaius_sama
Thanks for your comments!

I believe that sharing our progress on the forum is a good approach. I suggest we continue to post updates and transparency reports about Starlay on this thread created by @neo_defi . The reason is that the forum allows for longer, more contextual discussions that go beyond mere sharing of information and can lead to constructive dialogue. It’s also user-friendly from my perspective, as it facilitates easy referencing and quoting from other threads.
I just recommended in the different forum thread that we have the simillar category as the Aave has in the Delegate platform.

3 Likes

I totally agree with you, @SeiyaChida, and I like to see your enthusiasm, it speaks very well of the team.

From my side I suggest to do it in another publication that has a more descriptive title like “Starlay in dApp Staking program” or something similar, it’s just a suggestion, maybe the rest of the team will have another opinion.

Thanks again for the commitment!

3 Likes

Thank you @Juminstock for your suggestion. I like the title. If it’s not a problem, I’ll change the title of this thread and report our activities here

2 Likes

@neo_defi
Thanks for your action. Then we’ll keep update for Staraly on this thread.

1 Like

As our first post, I’m pleased to announce that the proposal for the Noto Peninsula (Japan) Earthquake Donation Fund has been submitted on the Starlay forum. We eagerly await your suggestions and comments.

1 Like

Contract address of Starlay Finance

Motivation
As part of the commitment to full transparency in financial operations and monthly update here, We are providing full visibility of all the addresses that are involved in Starlay’s finance to the Astar community.

Moving forward with this commitment, and as a result of our snapshot vote aimed at enhancing our operational security and transparency, we transitioned our assets to a new Multisig address. The new Multisig address is 0x99BaeBbd28BaC1125B84Ce1e4B49f077049122e3

This transition means that the following assets, previously managed by their respective addresses, will now be overseen by the new Multisig address:

Regularly Buyback for LAY:
Previously managed by: 0x874D6608e6a8aAf3243F3a483C43483fD3334eBc

ASTR collected by IDO and associated Buyback:
Previously managed by: 0x9fea791E2Df819d209F9a60078a5258F0F2c547C

Liquidity Provider:
Previously managed by: 0xfddcf720BD33cB282048d7373C72940D59E1b174

dApp Staking Reward:
Previously managed by: b9AB1qFXsw81RuTBQ1sCP6PQ6k27QXWoe7VHrv9m6iwmBRK

It should be noted that while the tokens from the Liquidity Provider’s address have been moved, the LP tokens remain at their original location. The Liquidity Provider’s address remains unchanged and will continue operating as before.

For your reference: The address used for manual reward returns in the past (the Tx shows how much was returned every two weeks) is 0xa3c143bf757C0D538143A4757032E64Aed239df0

Starlay Statistics

Starlay’s goal is to provide a complete and accurate picture of our financial status, and we believe sharing our statistics is a critical part of this process. This allows our community members to monitor our progress and offer their insights on our operations. You can check the following spreadsheet to keep an eye on the historical data of Starlay: Starlay Finance: Monthly Financial Report - Google Sheets

Here are some key statistics in the statics

  • GMV
    • Net deposits: Total amount of assets deposited by users in the Starlay platform, after deducting the total amount of assets withdrawn.
    • Active Borrows: Total value of assets currently borrowed by users in the Starlay platform.
  • Income Statement
    • Fees: Total interest + liquidation fees paid by borrowers.
    • Supply-side fees: Share of interest + liquidation fees that goes to the lenders.
    • Revenue: Share of interest + liquidation fees that goes to the protocol (Rewards for the voters).
  • Market data
    • Price: Current trading price of the LAY token.
    • Circulating supply: Number of LAY tokens currently being traded in the market. (Including locked veLAY)
    • Fully diluted market cap: Market capitalization of Starlay if all tokens, including those not currently in circulation, were issued.
    • Circulating market cap: Market capitalization of Starlay based on the number of LAY tokens currently in circulation.

Also we are disclosing our veLAY revenue result

We’ll keep sharing the recent updates about our work, as well as our future plans monthly here.

2 Likes

Really great! This thread will serve as a way for you to inform the community about all your development and progress. Thanks for the update, @neo_defi and @SeiyaChida.

I recommend you to make the updates monthly. Let’s start the year in the best way!

1 Like

To the Astar community, we recently had a community call. I am attaching the URL for the materials from that session below! If you have any questions, please feel free to ask at any time! Thank you!

Starlay Finance: Community Call — January:

Starlay Finance: Community Call — January slide:
https://www.canva.com/design/DAF6KTGqgrM/YdhYdBmzonI45S1uh8p17w/edit?utm_content=DAF6KTGqgrM&utm_campaign=designshare&utm_medium=link2&utm_source=sharebutton

4 Likes

I really like the structure you put together and the fact that you did it in medium is very favorable. I must confess that the roadmap is great, quite ambitious by the way but great. Very good report!

2 Likes