AMA Summary 6/3/2022

Text AMA with KoinSaati👉 https://t.me/koinsaati

Ethan (drumfeet) together with Kaz, the founder of StarBank, responded to all of the community’s questions.

For KoinSaati followers who have not met the Starbank Finance yet, could you briefly explain what is Starbank Finance and its objective?

Starbank, is an automated market-making (AMM) decentralized exchange (DEX) for the Astar Network.
Our mission is to be the DeFi investment home for smart investors.
We have been approved and accepted into the Astar Builders Program and we are currently preparing token launch on GaiaStarter.
https://forum.astar.network/t/starbank-builders-project-application/2829

Starbank is a global team composed of
Kaz — Founder / Dev / Entrepreneur / Advisor
ALTQQ — Developer / React/VueJS Specialist
qbee — Developer
drumfeet — Marketing Director and Community Relations / C++ Developer for 8 years
P4tton — Technical Content Writer / Bachelors of Finance / Avid crypto investor
LeziahLien — Community Mod / Social Media Manager

For those who want to know more about us, feel free to join our community
Docs: https://docs.starbank.finance
Medium: https://starbank.medium.com
Github: https://github.com/starbank-finance
Telegram: https://t.me/StarbankCommunity
Discord: https://discord.starbank.finance
Twitter: https://twitter.com/StarbankFinance
Website: https://starbank.finance
Join our airdrop giveaway campaign: https://gleam.io/zIYDi/starbank-250000-sbx-giveaway

What are the features that makes Starbank Finance unique? What are the similarities and differences of Starbank Finance with similar projects?

Starbank has several types of pools that allow users to manage their portfolios automatically which is good for long term investors because some pools work like index funds.
Weighted Pools help limit this risk of impermanent loss by changing the ratio of the assets inside a liquidity pool.
Stable Pools is based on StableSwap(same logic by Curve) which allows for significantly larger trades before encountering substantial price impact.
These pools will collect protocol fees by arbitrators and some pools are incentivized by our token SBX.

Additionally, we are planning an NFT project, but it is not yet documented.
We’d like to release NFTs similar to what you see in our profile pictures.
One important thing is how we could maintain liquidity for our token.
A solution provided by Olympus was Protocol Owned Liquidity.

We want to consider “NFT Owned Liquidity” which means that NFT has collateral tokens, and NFT holders can burn the NFT to get collateral tokens in the NFT.
Even if NFT holders will be unable to find a buyer for their NFT, they can still redeem collateral token from their NFT by burning.
We are currently testing and will document as soon as possible.
Please stay tuned.

Due to recent negative events in the DeFi market, there has been a negative bias towards the DeFi market. How would you interpret this situation as Starbank Finance? Could DeFi projects be back on top?

Regardless of the state of the cryptocurrency market, our goal is to continue building and growing. DEX/AMM is one of DeFi’s key elements. Starbank can collaborate with other protocols and identify new trends in order for the projects to succeed. We believe in being flexible and quick to respond to market demands and changes. Starbank is welcome to your suggestions, ideas and proposals. Please share them with us on our discord server so that we can work together to create good solutions https://discord.starbank.finance

Collateralized NFT is one of the important components which was suggested to us by our community.
It’s still an idea, but we are considering it seriously. We want to hear from the community so that we can all grow together.

As we see on your roadmap, the security (audit) issue is in the top place in your list. How do you deal with this subject? Can you give us more detail about the security of the project? What actions are you taking to in order to make Starbank safer except audit?

Starbank uses our own contracts and Balancer V2 contracts. We have some audit reports for our contracts and Balancer V2 contracts. There are no critical issues. Balancer V2 code which has completed several full audits by them. We have a small correction to avoid an issue on Astar Network. It’s a super small correction, no critical issues. Already got an audit report after the change. Including this change, we got some audit reports for all of our contracts and balancer V2 contracts. There are no critical issues. However, we are still coordinating additional audits. Because we may still make some changes to the contract. Please see this page https://docs.starbank.finance/protocol/audit

What would you say about the role of Starbank Finance native token $SBX in the ecosystem and the benefits it will provide to $SBX token holders?

Some benefits that our users will enjoy are pools that are incentivized by our token & our partner tokens. Protocol fees will be used for a buyback & burn of the $SBX token partially. The ratio will be determined by governance. Receive rewards on swap protocol fees and get more $SBX rewards by staking. Staked tokens enable users to take part in governance too. More information can be found in our document https://docs.starbank.finance

We would like to hear your views on Starbank Finance’s future plans and roadmap. What kind of news we may hear from Starbank Finance in the upcoming period?

📍We have released a monthly recap of our accomplishments for April and May on medium which you can read here
📍https://starbank.medium.com/starbank-monthly-recap-bb52049f496a
📍https://starbank.medium.com/monthly-recap-may-2022-855303866d8c
📍On-going Gleam airdrop giveaway campaign https://gleam.io/zIYDi/starbank-250000-sbx-giveaway
📍OG Program for committed members of the community https://starbank.medium.com/starbank-og-program-9bc85383dc61
📍Quiz Event https://twitter.com/StarbankFinance/status/1531507012735238144
📍Price Prediction Event https://twitter.com/StarbankFinance/status/1530046704401403904
📍Community Events https://starbank.medium.com/starbank-community-events-441bd144a484
📍We have launched our MVP website
📍Website redesign
📍Users are able to swap and deposit liquidity
📍Swap and Pool (investment) contracts are deployed (farming and $SBX rewards is a test contract)
📍Additional audit is still ongoing
📍Hosted AMA on Starbank discord and other communities to reach a wider audience
📍Collaboration with GaiaStarter for token sale
📍Key Partners: Astar, Avault, Alnair, Libra, GaiaStarter, Orcus, Sirius, Yield Faming Lab (YFL)
📍Telegram community: 16k members
📍Discord community: 34.2k members
📍Twitter: 49k
Currently, we are considering NFT Owned Liquidity, we hope to release document as soon as possible.

Please Tell us about these Pools in Brief?

Weighted pools is like index fund.
Stabe pool is same logic to curve. good for stable swap.
Meta stable is good for yeild bearing token.
Liquidity bootstrapping is help other protocol launches.

What outstanding advantages does Starbank Finance have to achieve sustainable Success?

I believe there are some. but one of advantages is less IL risks than other DEX.

Can You talk about Members behind the Investment Team who Provide Suggestions to the Platform?
Do they have Enough Expertise in this Field?

Some seed investors contacted, but we didn’t have agreement yet. It’s not so important for us.

Its Hard to Provide all Defi Usecases in One Platform with Smooth User Interface because of its Complexity,
How does StarBank do it?

In terms of usecases, we are preparing not only just defi, NFT-Fi also. users can keep liqudity by NFTs.

Can I earn a passive income from your project #Starbankprotocol ? Are there any staking options available for this? What are the benefits of holding tokens in the long run?

Yes, of course. there will be staking options. not only staking LP mining, and NFT-Fi also.
It’s Dex, so can earn protocol fee as swapfee, it’ll be used to buy back our token and burn.

How does StarBank able to Provide Stable Pools to its Users?
How does Balancer v2 Protocol helps in this?

Balancer V2 protocol has stable math logic, similar to curve. it enables trader to swap stable tokens without big slippage. we can use same pools.

There are billions of people who are not aware of the crypto world. In this direction, how do you plan to attract Users who are not aware of the crypto world to your Project?

One of our ideas is NFTs, it’s more attractive rather than just DeFi.
releasing some NFT with collateral ( our token liquidity ), we would like to expand our protocol.

Around 50% -60% of token are reserved as Liquidity mining Rewards,
I would love to know more about its Benefits?

Not only LP mining, need to use tokens for community grouth / partnerships.
In terms of benefit ,,, staking will accumulate swapfee. it’s one of benefit for hold tokens.

What is the MISSION behind the Starbank platform? How is your project designed to build tangible benefits and return on investment to the global community of crypto investors? How will you create a positive impact on people and the digital ecosystem using blockchain technology?

Thanks, it’s big question.

Crypto is natually global. cuz it’s DEX, it can earn swapfee. and it’ll be used for buyback our token and burn. It might be one of investor benefit. of course, there is market risk ,etc.
To decrease risks, we are preparing some ideas, like collateralized NFT, etc.

I believe blockchain technology is for global and what all need sooner or later.
what if we can pay a lot of things by crypto stable tokens?
It’ll be more useful for us, and getting easy little by little for beginner also.
Our DEX is one of social infra in near future.

Does STARBANK support staking? Can you tell me about the BENEFITS of STAKING in STARBANK and what Rewards I will get in the Long Term by tokens ?

Yes, we are going to support.
Plan to have 2 staking.
One is single staking for xSBX. like xSUSHI, xBOO, or xJOE ( sJOE) . Good for accumulate protocol fees.
Another is veSBX. it’s for vote-escrowed token. good to related to governance.

The contribution of partnerships and investors is great in the growth of the projects. Can you tell us about the partnerships and investors you have established?
What are your expectations from these partnerships? How will it benefit your project and your users?

Partnership is important cuz it’s a kind of DEX. We are talking to some other protocols always. And we are going to support them in terms of listing on our DEX.
Official partnerships are listed on https://starbank.medium.com/
But still talking to more a lot. Because of Astar Network problem & Market condition, we don’t rush to release.

May I ask about the project.. What I want to ask.. The success of a project must have a great and experienced team, how about #StarBank team? And then income is very important for the progress and development of a project. Where will the main income of the project come from? And how is #StarBank project progressing so far? Has there been any significant progress?

I’m a kind serial entre. so far, I have been paying fees. I don’t have big concern about the point as long as token sale and enough trading/swapfee, we can compensate some how.
On the other hands, cuz of market condition & Astar Network problem, there might be probs. I have talked to potential investors and will talk to more.

I observed that Starbank aims to be an all-in-one decentralized investment platform. Can you talk about what features it has in Starbank Protocol? and how do you plan to provide more financial opportunities not only for users but also for other protocols?

Okay, let me explain some,

Cuz it has balacer v2 features also, we can use LBP, Liquidity Bootstrapping pools, it means it’ll be used as launchpad. Other protocols will use it and launch tokens on our platform.
We can help them and make win-win relationship.

Not only other defi protocols, as we mention collateralized NFT ideas, we can collaborate with NFT projects also.

Stable pool allows users to swap stable tokens.

The name “STARBANK” interesting.. Any story behind it?

Star => like moon. we love moon, isn’t it?
Bank => the place user can store their asset.

Currently the market situation is very chaotic, the price of tokens has even fallen drastically. what will #Starbank do because the market is always fluctuating can the #Starbak team control it? and do you have features like multi-assets that make your project superior to similar projects/competitors?

Thanks for asking,

Of course, we cannot control the market 😅

but we need to try. let me write some of my ideas.

- We create liquidity between USDC and our token, SBX.
Not ASTR ( native token on Astar Network) cuz volatile.

- I believe NFT Owned liquidity helps our liquidity.

- I believe emissions should be controled by governance. ( it’s one of reasons not to agree with potential investors yet. ). I need to revise our documents.

etc.,

> and do you have features like multi-assets that make your project superior to similar projects/competitors?

I don’t undrestand the meaning, but weighted pool ( like index funds) might be the answer?

Does the Starbankprotocol project offer users the opportunity to earn passive income?

yes. by staking, lp minging. and,,,, now I cannot assure, but I would like to use interest-bearing-token for collatralized NFT…. so that, NFT value will be increased… 🤔

Do you have enough budget to fund your project and fulfill your roadmap plans? Can you tell us about the investments you have received? As investors, we attach great importance to this.

honestly not yet. suspened cuz of market crash. I beleive we need to consider it carefully.

When will your tokens be listed on the exchange and which exchanges do you plan to list on in the future?

list on our platform itself after tokensale in a few days.
In term of tokensale,,, now considering the timing cuz of market.
we don’t need to rush, and preparing more idea, like collateralized NFT for now. before tokensale. I hope in Jun. 🤔

Do you have global growth plans? Can you give information about it? How do you plan to build a strong community to grow globally?

in terms of global,,, crypto is natively global. we don’t focus on specific market yet. One of keys is such AMAs constantly.

One of the major factors in the growth of projects is the marketing strategy. Many Good projects fail to grow because of Marketing. What is your marketing strategy that will really help the project grow steadily? Who are your investors and strategic partners?

I was thinking it’s not so important as long as keeping us small team. but yes, it’s also true.
Suspened some offers so far, but let me re-consider it. On the other hand, we need to understand seed investment before publicsale might be selling pressure for small investors. There are pros and cons.

Many projects make investors dream of a good future. However, the project is stuck in the middle of nowhere because they cannot implement the right goals and strategies. Does StarbankProtocol have the right target and strategy? What are you promising us to trust you?

I don’t know all reasons of other projects, but I think one of reasons is that founder is not dev. If founders don’t understand tech deeply, hard to make clear decision sometimes, only dream. in our case, we all have dev backgroud.

When I examined your project, I saw that it had a good mission and vision. So, can you talk about your future plans and goals? Can you give information about your future roadmap for users who want to invest in your project?

Our mission is to provide right place to invest without concerns, rather than ordinary bank.
I believe weighted pools and stable pools and meta-stable ( etc., ) .
The collateralied NFT idea is one of strategies for it.

Can anyone easily understand and benefit from the products and services offered by your project? If those who are not related to crypto want to take advantage of the opportunities in your project but have difficulty grasping the products and services you offer, do you have any videos or guides at this point?

For now, there are only some on our mediums, not enough yet. we have plan to prepare such more materials. After TGE, we would like to creaete bounty program for such things.

The current market situation is in a continuous downward trend. People are afraid to invest in these times. Does this pose a problem for your project? What are your plans to persuade potential investors? How will you persuade people to invest in your platform?

maybe, there are similiar/same questions.

We moved our token sale schedule already. we don’t need to rush for now.
One of ideas is giving more values rather than just token. So we are prioritizing collateralized NFT also.

We cannot control the market, but we can decide our liqudiity and such additional project.
We dont’ need to incentivize volatile native token ( ASTR ), we can incentivize USDC-SBX , so that, of course, there is selling pressure, but we don’t need to care about market risks ( ASTAR token price ), etc.

Can you give me 2 or 3 important key points to convince me and other angel investors to invest in the project for the long term? And Do you have AUDIT certificate, or #StarBank is working on AUDIT your project, to make it more secure and reliable among other projects?

2–3 important key points… 🤔
- It’s DEX, can earn protocol fee as swap fee. it’ll be used for buyback/ burn.
- In terms of Audit, yes. it’s already. But we are going to fix/add more contracts so that we will need it again.
- Not only DEX, we are planing collateralized NFT.

What is your strongest advantage that you think will make your team leading the market?

it’s hard to say, but there is not good enough DEX on Astar yet. 😅

When I examine the Starbank project; I observed that Starbank based on Balancer V2 is an automated market maker (AMM), a decentralized exchange (DEX). What features does Starbank have that other exchanges do not have?

Other exchange means uniswap v2?

Compared to uniswap, we have stable pools, weighed pool like index funds. etc

We provide dual LP mining reward as well.

Starbank is an automated market maker (AMM) decentralized exchange (DEX) for the Astar Network. What are the unrivaled features of your platform not seen on other existing DEX platforms? Why should investors choose Starbank over popular DEX like Pancake or Uniswap? Can you explain?

Pancake is on BSC. Uniswap on some, but not on Astar.

As I said Starbank is baesd on balancer v2. has some type of pools, which are good for smart investors.

You have also planned for “”NFT OWNED LIQUIDITY””,
Please tell us more about this?

- NFT has liquidity, SBX-USDC as collateral.
- NFT holders can redeem the collateral by burn the nft.
- The holders don’t need to find buyers.

It’s like OlympusDAO, POL (protocol owned liquidity)

Not yet documented, will make an announcement and documents after more testing.

I am a potential investors, and i will go straight to my question : How can early investors like me, take the advantages from StarbankProtocol ?
Is there any priviledge ?

Early investors could get more information as OG.. 🤔 but would like to consider if you request.

Starbank Finance is also an economy in which ownership is totally decided by player. And This is quite a different strategy to what we usually see from P2E games, would you let us know how this mechanism is sustainable?

Some of P2E, they are ponzi aspect.
In case of starbank, total supply of our token is limited. and swapfee will be used for buy back and burn. as long as enough trading.