StarSwap - Builders Program Application

[mayan]

Dear Astarians, we’re really excited to be building on Astar Network, my name is Mayan and I’m leading the project StarSwap. I would like to apply for the builder’s program for our project.

Project Overview

DEX is not a new thing, it’s pretty standard to any blockchain platforms. That’s the prime reason why we want to build something original on top of it.

Introducing StarSwap, the first DEX with NFT Governance.

StarSwap will add the much needed utility layer to NFT tech, the one thing the entire DeFi community’s been complaining about with NFTs. The DEX will have all the standard features of any other DEX; with Astar Network, it will also have excellent speed and ultra low transaction fees.

But with StarCards, our platform will incorporate NFTs to the DeFi system giving regular community members a chance to be a part of our project, governing the DEX and earning 100% of the platform’s trading fees. That’s correct, all the trading fees will be distributed to the holders of the StarCards NFT.

But that’s not it, StarSwap will be giving every other NFT projects on the Astar Network an opportunity to give their collectors an actual use case and purpose of having their NFTs.

StarSwap NFT Staking

StarSwap brings one of the most intelligent ideas to help out all the NFT projects on Astar Network with its NFT staking feature. The best part is it works just like regular farming/staking. NFT projects can apply to include their projects and the community (holders of StarCards holders) vote and decide whether or not to include them.

Giving the community total control over our DEX’s operation.

StarCards is a collection of 3000 NFTs and will be launching on Astar in 3 phases of 1000 StarCards each.

The first set of StarCards NFTs will be launching on Astar Network on 05 - 05 - 2022 at 05:00 UTC

Star Tokens, the native token of StarSwap

Once the launch of StarCards is complete, we will be bringing a fair launch, a community driven liquidity generation event to setup the initial liquidity for the project. Dates and other details will be shared after the StarCards launch.

Roadmap

We believe in ‘build product first, and then launch’ instead of launch first, make all the hype and then screw up with the launch. That’s the main reason our community channels aren’t open yet. We will open discord and telegram once the platform is totally built, which will only be a few days from now.

Phase 1.

Connecting with Astar Network, Builders Application - April

Phase 2.

Launch of StarCards NFTs - May 5th

Phase 3.

Beta Launch of StarSwap DEX - End of May

Phase 4.

Stable version of StarSwap DEX and other upgrades - June/July.

StarSwap Tokenomics

We believe the focus of a project should be the community. So our tokenomics is designed around that belief, reserving 90% of Star tokens to be distributed to the community.

90% Reserved for community rewards through farming, staking and other incentives
5% Reserved for team, vested over a period of 50 months
1% Reserved for LGE
2% Reserved for early investor support
1% Reserved for NFT Staking
1% Reserved for PR and Marketing

We want to bring the inclusiveness to DeFi, giving every level of users the same chance to have a good experience; providing a smooth DeFi platform in the Astar Network to help grow the entire Astar ecosystem.

We’re fine tuning our UI as we speak, will open the github repo to public as soon as everything is finalised.

But still, hers’a sneak peek

Please connect to us on Twitter: https://twitter.com/AstarSwap
For more details about the project, please refer our doc: https://docs.starswap.net

[sota]

Thanks for your submission. 90% for the community sounds too much and you may lack enough incentives for the team. is it okay for you?

[mayan]

Thank you @sota. Yes, it’s something (the concept to have more rewards to the community) we would like to push forward. We would like to give the project a community-focused approach, that’s another reason the team vesting period has set as quite a long period. With the project getting the support we intend to gather, I think we will do okay

[mayan]

A sneak peek to the drafts of StarCards of the first Phase of 1000 NFTs

[AstarLabs]

How long does it take to distribute all 90% of community rewards ?

[mayan]

Heya @AstarLabs, good seeing you here too

It could take more than 5 years; but the reward system is flexible depending on how good and fast the DeFi NFT ecosystem on Astar is going to be emerging, so it could take a bit longer as well!

StarCards holders (the governance of the DEX) could vote and decide on how to adjust rewards on everything, so that factor is there as well which would decide how long will it take for the rewards to be completely distributed.

[sota]

If this is sustainable for your team, I am happy to know that.

[mayan]

Thank you @sota. Really excited about building on Astar, the community’s been so great so far

[mayan]

Hi @sota @Maarten with your feedback, and also with the community’s suggestion we’ve updated our tokenomics to better serve the project. Increased the team share slightly (still vested with 50 months) and also added an insurance reserve for project security given the exploits and hacks in the current defi landscape. Merged NFT staking rewards within the community rewards system (along with farming, staking and DEX rewards). Kindly update this new tokenomics image in the main post, unable to edit from our end.

[moonme]

I like this tokenomics.

Insure DAO is launching soon, so hopefully you can utilize that.

[mayan]

Thank you @moonme

Btw, we’ve just sent our submission for the Astar NFT pitch contest. If you’d like to take a look at our pitch video, here you go

Introducing StarCards of Astar Network - The first NFTs to Govern a DEX

[mayan]

Hi, for those of you who are looking for more details about the project, here’s a copy of the AMA we did with the GaiaStarter team on Astar. It will serve as a good FAQ to know our project and our intentions on Astar Network: AMA with GaiaStarter - StarSwap Docs

[moonme]

Do you have your github and audit report ready?

If not, when?

[mayan]

Hi @moonme github will stay private till the launch but will invite Astar team members to check. And yeah already in discussions with the core team regarding the audit, hopefully we will have a positive outcome very soon

[mayan]

We launched our StarCards NFTs today! It’s such a great experience, tbh. Given we are still a very new project on Astar, the community support’s been absolutely fantastic. Definitely more excited and encouraged to be building on Astar! More than 650 StarCards are already minted!

On another note, our audit is under way now (for the DEX), MVP is being tested too, will be able to share both along with our Git to the core team by next week. Happy about that too

[mayan]

Hi all, given the present market chaos, we’ve decided it’s best to launch our LGE & the DEX in June, hoping market will get better by then. Let’s hold, stay strong and keep building

[pitcoin777]

Hello team! Thanks for the proposal and for building on Astar.
I have a concern about the high supply - Maximum Total Supply: 10 Billion Star Tokens.

Could you please talk a bit about tokenomics and what are the plans for not driving liquidity providers away due to the high supply? Is there any alternatives planned for this possible scenario? Thanks.

[moonme]

Can we have the team’s background and track record e.g. past successful projects?

[mayan]

Hi @pitcoin777 really appreciate that question. Most people tend not to take a good look at the tokenomics.

One of the primary purpose of the STAR tokens is to create enough incentives/yields for the community to provide liquidity. Right now ASTAR is super small, we’re just envisioning a run good enough for more than a decade even when the community grows huge with 100s of projects (tokens so to speak) with double that amount in token pairs; we wish to encourage each of those projects to provide liquidity for the community in return giving them a decent incentives. Plus, what would matter really is the Circulating Supply, the maximum total supply will take more than 10 years to be on the chain, so the Circulating Supply will be always good, and it grows only with the growth of user base + number of projects on Astar.

That being said; there are other strategies and tools in place for preserving the price and community sentiment to hold STAR tokens.

Primarily the platform fee distribution; it needs to hold a certain amount of Star tokens to get maximum benefits (the fee distribution is calculated based on the number of Star Cards + The number STAR tokens + The rarity).

The second thing is the TAX system; we have a tax system that encourages users to hold instead of dumping; because on the first day of harvesting (the next day after providing liquidity tokens for farming) the tax would be 50%, the next day 49% and so on; if you hold for 50 days, there’s no tax - this is an improvised version of Geist farming to encourage users to hold at the same time letting them harvest (without locking but with a tax) in case if they really need it.

And StarSwap has a treasury built (contracts, UI all set) which intends to provide price backing (with a buyback guarantee for STAR tokens). The treasury is funded with an improved OHM concept (we had this treasury concept built even before there was a project like OHM) also our Skywalkers NFTs help a bit with the treasury, details will be added in the docs right before the launch, we are keeping it as a surprise feature and also dont want to reveal any specs before we deploy it for obvious reasons.

Then comes the vesting; STAR tokens acquired during the LGE, airdrop, early investing and the teams allocation, all these are vested through months to make sure the supply (circulating) isn’t heavily dropped but drip feeded.

Projects who would like to get listed on Star Swap will have to add a governance vote and to start that voting one will have to hold enough number of STAR tokens (we will list tokens from our side as well, but mentioning the other scenario as well) and the community votes to consider listing them or not. Projects can also get STAR tokens and use them as a bribe for users to vote, so there is that too.

I had more points in mind when started answering this question I think - must have missed one or two on the way, will add when they pop up in my head. I hope this adds more light to our tokenomics and our approach to stabilise the price of STAR token. ~ Hiro

[mayan]

Definitely @moonme We had AMAs with Astar Degens and Gaiastarter with our team and this was discussed too. Copying and pasting

Please take a look at this for more : AMA with GaiaStarter - StarSwap Docs