Text AMA on https://t.me/BCBlueSkyVentures
Ethan (drumfeet) together with Kaz, the founder of Starbank, responded to all of the community’s questions.
Can you give me a brief introduction about your management team and Starbank?
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.
Starbank have 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 fee by artbitrators and some pools are incentivized by our token SBX.
Starbank team is a global team composed of
Kaz — Founder / Dev / Entrepreneur / Advisor
ALTQQ — Developer / React/VueJS Specialist
drumfeet — Director of marketing and community relations / C++ Developer for 8 years
P4tton — Technical Content Writer / Bachelors of Finance / Avid crypto investor
LeziahLien — Community Mod / Social Media Manager
Please share a few major milestones of Starbank during its development process
We have released a monthly recap of our acomplishments for April on medium which you can read here https://starbank.medium.com/starbank-monthly-recap-bb52049f496a
📍We have launched a test website/MVP https://test.starbank.finance/
📍Swap and Pool (investment) contracts are deployed (farming and $SBX rewards is a test contract)
📍Audit is still ongoing
📍Hosted AMA on Starbank discord and other communities to reach a wider audience
📍Collaboration with GaiaStarter for token sale
📍OG Program for dedicated Starbank members
📍Key Partners: Astar, Avault, Alnair, Libra, GaiaStarter, Orcus, Sirius, Yield Faming Lab (YFL)
📍Current activity: On-going Gleam $SBX giveaway, Star OG Program, Hosting AMA, Contract Audit, Deployed swap and pool contracts, Test website/MVP launched(Users are able to swap and add liquidity)
📍Telegram community: 16k members
📍Discord community: 34.2k members
Could you share with us your plan to expand locally as well as globally?
We are a global team. On the other hand, there are a lot of Vietnam, Japanese, Indonesia, and Turkey in our community for now. We prioritize AMAs for their communities as of now, but it wasn’t intended. It just happened. We are going to have more AMAs, not only for the languages listed above. Not only languages, but we are also going to collaborate with some protocols as well. We haven’t disclosed all, but we are always talking about partnerships with other protocols. Especially those on the Astar Network.
Starbank is behind compared to AstarSwap or Starlay. 2 Projects were very successful when achieving impressive TVL. What outstanding advantages do you have to achieve their achievements?
Actually, our protocol is not fully released yet. We haven’t incentivized pools, but we are improving on a daily basis. Plus, what my understanding is that they delayed their token sale with temporary untransferable tokens, even though incentivized pool.
We will make an announcement about moving our token sale schedule soon. So fortunately, we can consider similar strategies to gain TVL.
I’m watching and very interested in Starbank, but I see you haven’t announced your investors yet. Can you announce which investment funds have invested in Starbank?
Not yet. Honestly, we are thinking we don’t need a seed investment in advance before the token sale. This is because it may create selling pressure for small investors trying to get in on Starbank.
On the other hand, we are still talking to some that offer things other than money. Such as marketing and support.
Soon we will make an announcement about moving our schedule due to market condition. It’s a good opportunity to re-consider how to proceed.
Is our Starbank project only for big investors, how about others with small funds? Is it open to everyone? What are your hopes for the Starbank project in the future and now? Are you satisfied at this time for the progress and success of your project?
For small investors, we are going to prepare a whitelist round (with a cap for each address). It’s for OG+ (not only OG roles). It will also be open to GaiaStarter, those who meet their requirements will have access. Then there will be a private and public sale. Once we complete all those, then there will be a DEX listing.
We have weighted pools, it works like Index Funds, automated portfolio manager.
So, we believe it’s good for smart investors to store their funds for long terms, and to get reward tokens.
We want to become one of best places to store for smart investors, not only on Astar Network or the Polkadot ecosystem.
Can I earn passive income from Starbank? Are there any staking options available for this? What are the benefits of holding tokens in the long run?
Starbank is a DEX/AMM, so the protocol can earn protocol fees (swap fees). Theses swap fees then go on to be used for a buyback & burn of the $SBX token. Not only that, but we also plan to release veSBX and xSBX as well. Users can get such tokens by staking SBX. These tokens will be incentivized more, it’s for long term holders.
Starbank is a DEX / AMM, but it is important to attract liquidity and create a large pool. The more liquidity there is in the pool, the less slippage the orders will have. So, what strategies will you use to attract enough liquidity and thus counteract the slippage of orders?
It has different logic from UniSwap. It has weighted pools, stable pools, liquidity bootstrapping pool, meta stable pools, etc. They are managed on the same vault contract, so it’s efficient in terms of slippage.
Like UniSwap, we don’t need to have all of pairs. Plus, we are going to focus on some important pools like stable pools, etc. The stable pools have stablemath, same logic to curve. As you know, stable pools are less risks than others. Of course, there are some exceptions like UST. But we can collaborate some of stable token protocols. they need to put liquidity on some DEX to make their use cases.
Not only stable pools, but we can also offer some protocols to create pools on our end. We can incentive some of pools by our token & partner tokens. It means that users can get dual rewards. We can collaborate with other protocols and create eco-system one by one.
Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term?
As I said, the protocol can earn protocol fee (swap fee) and buy back and burn. This is not financial advice, but I personally would like to keep the token because it is one of the principles of DeFi.
What is the background of the Starbank team? Do you think team’s qualifications, and experience, are able to support the long-term development of the project?
In terms of my background, it is web2 entrepreneur. I did a lot of projects, eventually made my way to web3. Not only this project, but I am support other projects too. Because of such relationships, I believe that we can grow together and create a good ecosystem for the long term.
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And how many tokens Will be locked by the team?
Around 17% for the team. 50–60% for liquidity mining rewards. But because of the announcement about moving our schedule, we might update the distribution. Please check our documents from time to time. https://docs.starbank.finance/
Trust is very important in business. So, what makes investors, customers and users feel safe when working with “ Starbank’ ? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi?
It’s good question. In terms of this point, I would like to say Starbank is based on Balancer V2 fork. The balancer V2 has been audited several times by some audit companies. Of course, our contract ( almost same ) also has been audited.
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
around 17% for team, for Liquidity Mining Reward around 50–60, but cuz we will make an announcement about moving schedule, we might update the distribution. please check our document time to time. and ask us on discord if you question.
doc => https://docs.starbank.finance/
discord => https://discord.gg/pgt98HEeAb