StarBank Finance — AMA Summary 5/14/2022
Text AMA with AirDrop Sultan Indonesia 👉 https://t.me/airdropsultanid
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) decentralised 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 composed of the following global team members:
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 accomplishments 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 Farming Lab (YFL)
In the current situation of the Crypto market after falling a lot, How does Starbank deal with this situation and what will StarBank do to attract users?
“Starbank has some types of pools, not only ordinary 50:50 pools like Uniswap.
e.g. weighted pool, stable pool, liquidity bootstrapping pool, meta-stable pool, etc.
Let me introduce a weighted pool. It works as Index Funds. Stable pools have almost the same logic to Curve. It’s super efficient for Stabletokens.
As you know, Index funds are good for long term investors. It will rebalance our portfolio automatically. Even with the bad market condition, I believe smart investors should take long term investments. and earn rewards.
I cannot do Financial Advice, but I personally like Dollar-Cost Averaging(DCA) for Index Funds and incentivized stable pools. I wanted to have somewhere to invest in such a style. It is here. Please check the documents below.
Do you want to share a little bit about how you’ve been able to utilise your community in your business model in Starbank?
“Starbank is going to launch. It has already deployed & pools without incentive.
I know community is key for such protocols. Type of Contributors are Liquidity providers, Influencers, Writers, Mod, Community Managers, etc.,
We cannot offer all of them our token for now ( because tokensale is not available yet), but I know we all want to increase our protocol value, and make it one of the most famous protocols. We can make it together as an insider. It’s possible to know the protocol details through contributing. So please join our community and boost it together.”
With so many projects being rug pulls and exit scams happening nowadays. What would you offer to the users of your platform to earn their trust and how would it make you different from others projects?
“To get trust, we submitted the Astar Builders Program and approved.
To get the approval, we did a private AMA for the Astar Official Ambassador and KYC. and showed our plans.
PMF ( Product Market Fit) is also important, so we don’t do purely original protocols. Starbank is based on Balancer V2, adds some pools/features/staking/incentives on Astar Network ecosystem.
Do you have AUDIT certificates? Or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
“Yes. 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
To increase the value of tokens, it is necessary to use certain mechanisms, everyone calls them differently: buyback, burning of tokens, and some projects even call it Black Hole! So, what mechanisms do you use for increasing the value of your token? Can you tell us about them?
“The protocol is a kind of AMM/DEX as you know. ( and portfolio manager as well ) ,so it can earn swap fees as protocol fees.
The fees will be used to buy back and burn partially.
It’s good for SBX and xSBX holders. As long as trading volumes, SBX holders will be rewarded.”
Let’s say If we as investors wish to invest in Starbank, what is a good guarantee that the project will continue to run / will merely be Liquidity Bootstrapping Pools? Apart from the initial vision of dex / defi, I hope that Starbank can have another initiative.
“Well, LBP is good for other protocol launches.
It’ll make their liquidities automatically on Starbank protocol.
We can help them launch almost free of charge. It’s a good way to make an ecosystem. Once they create liquidity on the protocol,traders can swap and pay swap fees.
You know, it’s protocol fees on our end, and can incentivize our token holders, not only liquidity providers.” BTW, we don’t use LBP for our launch. it’ll be used for other protocol launches.
It might be a good reference:
Can you list 1–4 Killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
“On Astar Network, there is no Balancer V2 fork yet. If comparing from uniswap, Starbank has :
- some types of pools.
- less impermanent loss
- good for stable tokens. same logic to curve
- Users can invest like Index Funds.”
What will the team do to prevent StarBank from being drawn into a falling market in the future?
“BX-USDC pool is the key , rather than SBX-ASTR (native token on the chain). Because we don’t need to care about the ASTR token price. We can just focus on our token price and value.”
How do you beat a rugpull like what happened to Luna today?
“I believe it’s better to use a timelock contract or multi-sig at least. Basically, it’s a different protocol. It’s based on Balancer V2, and adds some features.
I don’t know whether LUNA did rugpull, but I understand their protocol has problems natively. I don’t blame them.”
I can understand that some things about this project are surprising but we, users and investors, still want to know if this project is real and has a team of real people or is it another scam that has come to market? And do you have clear legal counsel?
We don’t have official legal counsel (yet). But I have some lawyer friends and communicate with them very often to consult legal matters and this space.
However, at this time they are not sure about some points for Defi ruling.
I’m now in the U.A.E. which has a very positive response about Blockchain technology. Laws depend on each country and we need to consider and care about the US law also.
It’s not easy for them to be one of representatives/teams officially.