StarBank Finance — AMA Summary 5/25/2022
Text AMA on https://t.me/UniqueOneVIETNAM
Ethan (drumfeet) together with Kaz, the founder of Starbank, responded to all of the community’s questions.
➡️ Part 1: Introduction about the project
Could we maybe start by getting a brief rundown on your project, for those who know next to nothing?
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 is a global team composed of
Kaz — Founder / Dev / Entrepreneur / Advisor
ALTQQ — Developer / React/VueJS Specialist
qbee — Developer
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
For those who want to know more about us, feel free to join our community
Join our airdrop giveaway campaign: https://gleam.io/zIYDi/starbank-250000-sbx-giveaway
Can you tell us more about how #Starbank works? What problems is #Starbank solving in blockchain?
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.
What are the strengths of #Starbank? compared to other projects?
Our protocol is not fully released yet. Most DEXes are a fork of Uniswap or Pancakeswap. In the case of Starbank, it’s a Balancer V2 fork. It allows users to invest similar to an index fund, and supports Stableswaps. Starbank will incentivize some pools with the $SBX token after the launch. We can use our token and partner tokens to incentivize certain pools. It means that users can receive two rewards. We can work with different protocols to build an eco-system one at a time.
Stake is always interested by people, can you give more details about Stake and Pools when will it be released?
Swap and Pool(investment) contracts are already deployed but staking/farming and $SBX token rewards is still a test contract. Liquidity bootstrapping pool contracts are already deployed, but we want to prepare a cool UI/UX. Stable Pools and Meta Stable Pools are also included in our future plans
Can you tell us more about the next plans that #Starbank is focusing on developing ? or roadmap
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 our MVP test website https://test.starbank.finance
📍Users are able to swap and add liquidity
📍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 committed members of the community https://starbank.medium.com/starbank-og-program-9bc85383dc61
📍On-going Gleam airdrop giveaway campaign https://gleam.io/zIYDi/starbank-250000-sbx-giveaway
📍Key Partners: Astar, Avault, Alnair, Libra, GaiaStarter, Orcus, Sirius, Yield Faming Lab (YFL)
📍Telegram community: 16k members
📍Discord community: 34.2k members
➡️ Part 2: Questions from Twitter
As a new decentralized exchange in the market,what are the unbeatable features of your platform that cannot be seen with other existing DEX platforms?As a trader,why would I rather choose Starbank for my DEX trading transaction rather than popular DEX like Pancake or Uniswap?
Pancake is fork from Uniswap. A lot of uniswap v2 forks there. Uniswap support only 50:50 pools.
Starbank has some type of pools, not only ordinary 50:50 pool like Uniswap / Pancake/ ArthSwap
Investors can invest their assets with less impermanent risks. And they can use it as portfolio manager like Index funds. It’s good for smart investor / HODLer.
As trader, we can use all pools for trade without big slippage.
Can you List 1–3 Killer features of your #StarbankFinance PROJECT that makes it ahead of Competitors? What is the Competitive Advantanges your platform Has that you Feel most Confident about
Starbank supports some type of pools. Weighted pool, stable pool, liquidity bootstrapping pool, meta-stable pool, etc… Others don’t have.
Let me explain some types.
Okay, Weighted pool. The pool allow us to invest like Index Funds. As you know, smart investment needs HODL often. Not only HODL, better to have invest/stake way with less impermanent risk.
Index funds is good for long terms investment.
And on our protocols, some pools are incentivized by our token & our partner tokens!
One of pools is stable pool. It has similar logic to Curve.
It’s super efficient for Stable token holders. As traders, less slippage, less swap fee.
As investors, we can get reward tokens by stable pools with less risks.
LBP allows protocol owners to launch their token.
If you have more questions, you can ask on our community. https://discord.starbank.finance
What are the progress made so far regarding the audit of the #StarbankFinance platform? Also, tell us about some of the safety measures already taken by the team to assure investors of the safety of their funds?
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 have completed several full audits by them.
We have a small correction to avoid an issue on Astar Network. It’s super small correction, no critical issues. Already got an audit reports 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.
What is the most prominent event that you want to introduce to our community through this AMA? By which means can users participate in that event and how can you convince users that it would totally not a waste of time? Are there any requirement for newbie to join?
You can join our community, and invite your friends. Not only discord , twitter, etc.
And we highly recommend all to become OG members. because It’s related to whitelist.
DISCORD : https://discord.starbank.finance
Giveaway event : https://gleam.io/zIYDi/starbank-250000-sbx-giveaway
➡️ Part 3: Telegram direct questions
Do token holders have the right to participate in the management of other projects? Will they be able to vote on a new decision about the project?
yes, users can use governance token for voting.
Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?❣️
you can see check our documents.
Currently from where i can buy ? Is it possible that I can get only by holding it?
you need to wait for a while.
we plan to do token sale on GaiaStarter and our end. both.
Is the platform suitable for every kind of user? Who are the potential customers? Are you mainly focusing on big investors or small investors?
I don’t stick to big or small. But we would like to provide it with who wantted to have index funds on defi.
Does Your project support staking? Can you please tell me About the STAKING BENIFITS and What Rewards I will get in the Long Run by holding your token?
yes staking. it’s more reward.
How do you manage to keep the value of your tokens in this volatile cryptomarket?
it’s DEX. it earns swap fee as protcol fee. using it to buyback our own token.
What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token??
good questions, we need to such AMA. And your help 😊 Please invite your friends to our community 😊