August 15, 2022 – Starfish Finance is a pioneer in the Astar Incubation Project and the first Decentralized Finance (DeFi) and Nonfungible Token (NFT) finance platform on the Astar Network. It recently completed its seed round led by Next Web Capital, which has been joined by GBV Capital, Parity, Acala, Infinity Ventures Crypto, Tokensoft, Paribus, Alphanonce, MindWorks Ventures, Popfield Ventures, MetaverseHub, Oriole Ventures, and others. The round signals a deep and long-term collaboration between Starfish Finance and renowned strategic partners, and the protocol has strong support.
The essence of Starfish Finance is the power of community. Since its inception, an exceptional number of community members have gathered on Starfish Finance’s social media channels. Your Brotherhood is now the most valuable and active entity of Astar Network. Starfish culture will soon spread the entire Polkadot community with their unique lifestyle.
The three Excaliburs from Starfish Finance
Based on an improved version 2.0 balancer model, Starfish Finance’s architecture is based on three pillars: stablecoin liquidity pools, cross-chain DeFi and NFT funding.
Starfish supports liquidity pools consisting of up to eight crypto assets with customizable weights, offering more flexibility and risk management for DeFi users. Users can farm income from Starfish’s stablecoin liquidity pools. In addition to the native stablecoins of Astar and Polkadot, the pools will support leading coins such as Tether (USDT), USD Coin (USDC) and Dai.
With its strategic partner Celer Network, a well-known cross-chain asset transfer technology, and the recent update of the cross-consensus messaging format (XCM) in the Polkadot ecosystem, users can seamlessly transfer their crypto assets across different Layer-1 (L1 ) and layer 2 ecosystems. Starfish Finance plans to deepen collaboration with a variety of decentralized protocols outside and inside the Astar network to expand the ecosystem.
Starfish’s partnership with Celer Network goes beyond a ubiquitous DeFi bridge. This time, Celer’s inter-chain message framework is merged with the Starfish Finance protocol. Users can securely lock their NFTs on their native chains, allowing them to borrow various crypto assets across chains on the Astar network. The beauty of such a mechanism is that users do not risk security issues by locking their NFTs on cross-ecosystem bridges. In addition to engineering Celer, Starfish Finance inherits Decentralized Information Asset’s decentralized oracle to acquire tokens and NFT price feeds instantly across centralized exchanges and various L1 ecosystems including multiple NFT marketplaces, decentralized exchanges and DeFi protocols.
Liberation from NFT Liquidity
NFT “hodlers” don’t need to sell their beloved NFTs for instant liquidity. Instead, they can collateralize their NFTs to apply for a crypto loan from Starfish Finance. In addition, lenders can generate returns by providing liquidity in the Starfish Reserve Vault. To ensure that the collateralized NFTs provide more value than risk, Starfish will screen out NFTs that do not qualify as collateral. In the event of liquidation, SEAN holders have the option to bid at a discount on blue-chip NFTs. Additionally, once the Starfish Decentralized Autonomous Organization (DAO) is formed, SEAN holders will have voting rights to whitelist other cross-chain NFT projects.
The Starfish Vision
community
Starfish Finance is fundamentally community oriented. Starfish values its community and strives to nurture its spirit in communities in other ecosystems. Being part of the Starfish community means participating in a liberal, fraternal and equal culture.
Cooperation
The Starfish team gathers die-hard followers of Web3. His leadership is actively seeking partnerships with reputable players in the blockchain economy to expand Starfish users’ experiences in DeFi and NFT funding – on the Astar network and beyond.
Convenience
Through its minimalist user interface and vibrant graphics, Starfish unleashes asset interoperability between Astar Network and other L1 chains with a frictionless user experience that melds with Starfish’s open and easy-going culture.
What’s next?
In the near future, Starfish will launch its public sale on Tokensoft, a premier and respected DEX launch platform with a track record of successful token launches for prominent projects such as Acala, Moonbeam, Litentry, The Graph, Avalanche, and Tezos. In September 2022, Tokensoft will launch Starfish’s $SEAN tokens in two private rounds and one public round.
At the same time, further strategic partnerships with non-Polkadot-native projects are being promoted. Starfish will be at the heart of Polkadot’s DeFi ecosystem, and Starfish’s community will enjoy first-mover advantage in the early stages of development. Stay tuned for more Starfish Finance developments and strategic partnership updates.
Starfish Finance Official Links:
Twitter | discord | Telegram | Website | Middle
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