StarBank Finance — AMA Summary 5/27/2022
Text AMA with AirDropNesia 👉 https://t.me/earlyairdrop88
Ethan (drumfeet) together with Kaz, the founder of StarBank, responded to all of the community’s questions.
Can you introduce yourself to the community ? And what is your role in the Star Bank? 😊
We are very happy to be here and we want to introduce Starbank to your community.
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
First We want to know, what exactly is Starbank and the story behind it ? 🤔
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.
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
Okay Next question , Well, as we can see, coin in cryptoworld nowadays, but there should be something special about Starbank that make it different from others project at the same space, can you tell us more about it? 🤩
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.
To stay updated on our latest features, please join our Discord at https://discord.starbank.finance
Okay next question sir , TRUST is the most significant aspect for a project to succeed, what makes Starbank can be trusted ?
We wish to earn the trust of our users. We submitted a proposal to the Astar Builders Program. We got approved after conducting a private AMA with the Astar Official Ambassador, KYC, and demonstrated our plans. We also submitted audit to make sure our contracts are safe. You can check here for reference https://docs.starbank.finance/protocol/audit
Okay next question sir , What risk it takes and what benefit people get when they put their money on Starbank ?
Impermanent loss risk can be mitigated through our Weighted Pools by changing the ratio of the assets inside a liquidity pool. Some benefits that our user will enjoy are pools that are incentivized by our token & our partner tokens! Protocol fees will be used for a buyback & burn of our token, partially. The ratio will be determined by governance. So, the token holders can be incentivized indirectly. Of course, there will be staking options as well. Not only $xSBX, but also $veSBX
Okay sir next questioooonn !! , Can you tell us a bit about Starbank Tokenomics and utilities ?
Around 17% for the team. 50–60% for liquidity mining rewards. Due to the announcement of our token launch schedule change, we may need to update the distribution. For our distribution, we are vesting for 24 months with daily emissions. Please check our documents from time to time https://docs.starbank.finance/protocol/allocation-and-distribution
Okay next question , Community want to know what events currently or will be running later on Starbank ?
Our latest event was announced on our discord and twitter https://twitter.com/StarbankFinance/status/1530046704401403904?s=20&t=jXsezDU1DJ9uxK2wxzCSeA
You can also join our airdrop giveaway campaign: https://gleam.io/zIYDi/starbank-250000-sbx-giveaway
📍Current activity: Collaboration with GaiaStarter for token sale, On-going Gleam $SBX giveaway, Star OG Program, Hosting AMA, Contract Audit, Deployed swap and pool contracts, MVP test website launched(Users are able to swap and add liquidity)
📍Key Partners: Astar, Avault, Alnair, Libra, GaiaStarter, Orcus, Sirius, Yield Faming Lab (YFL)
📍Telegram community: 16k members
📍Discord community: 34.2k members
Oke next question sir , What strategic did Starbank have to attract more investor, community and partnership ?
Starbank is one of DEX, so anyone can create liquidity on our platform. Of course, other protocols also. We should invite them to create liquidity on our platform, to increase our TVL / Liquidity and keep it. So, as DEX, we are going to help other protocols for their protocol launches.
We have Liquidity Bootstrapping Pool, it’s good options for other protocols to launch their tokens.
And we are discussing with potential partners the possibility of “NFT Owned Liquidity” like “Protocol Owned Liquidity” ( Olympus DAO ). Not yet documented. We hope to release it soon.
we hope to release such collaborative NFTs with other protocols. now still discussing.
This is last question sir , Most people will look into long term investment, so what Starbank offer to its holder for long term benefit ?
Thanks to weighted pool on balancer v2 protocol , Starbank is working like Index Funds. And Starbank has stable pools also. So, as investors, we can use it for portfolio managers with relax.Not only swap fee, investors can earn additional rewards by incentivized pools. Our protocol governance token can accumulate our protocol fees ( swap fees ). It means, as long as a lot of trading on our platforms, the protocol buy back and burn our token to avoid selling pressure.We believe such healthy tokenomics is needed by smart investors.
lots of project comes out every week with better background story and logo what I wanna know is what are the killer feature that puts you ahead of your competitor..
Starbank supports some type of pools. Weighted pool, stable pool, liquidity bootstrapping pool, meta-stable pool, etc…
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.
What is the MISSION of Starbank?How is your project designed build real benefits and investment return to global community of crypto investors? How will you create positive impact on people and in the digital ecosystem using blockchain technology?
We will create DeFi home to invest. To create such venue, stable pools & weighed pool like Index funds will be one of options. For trader, we are providing swap and collect swap fee as protocol fees, it’ll be used to buy back and burn. it’s good for our token holders.
Partnerships are one way to get a better position in the market. Talking about strategic partnerships, do starbank have any partnerships or is included in any collaborations that may be beneficial to result in exponential growth for both team
We are DEX, so we have incentive to help other protocols to let them create their liquidity on our end. Not only other protocols, we can help NFT projects also.
In terms of NFT project, I am preparing one as pilot collaboration. For other defi project, I’m helping Libra Finance, etc, we can create their liquidity on our end.
Hi Sir, can you share with us about this great team’s plans for global expansion? Currently, which market will be the main focus or focus in building and growing to gain customers, users and partners??
We would like to focus on global maket first. so far, I cannot say it’s successfully.
There are a lot of local users from Japan, Turkey, Vietonam, Indonesia. even tho english community. We need to consider AMAs for global community.
Considering there are many new Crypto projects in progress, many projects are just copy paste. What is the uniqueness and selling point starbank to investors? And what is the long-term strategy to make starbank sustainable for users and investors?
We can collaborate with NFT projects as NFT Owned Liquidity. Not documented yet.
I hope we can make announcement soon. Our liquidity should be inside some nft token.
Is there any future plans for partnership or to get whales involved in this project..
I’m always talking to some potential partnerships. via disclose / slack/ telegram.
agreed with some already, but haven’t made almost announcement yet, cuz it’s vaugue.
I am thinking announcements even tho vague.
In terms of whles, no plan yet. but I would like to prevent whales
with the current market condition aren’t you worried that people might be scared to invest in this daring times..if no what are your plans to convince potential investors
Good question. and cuz this protocol is not easy than NFT. so we need to expain the protocol often by such opportunities.
Could you give me 2 or 3 key points to convince me and other angel investors invest in project for the long-term? And Do you have AUDIT certificates, or are you working to AUDIT your project, to make It more secure and reliable ?
1. Audit already, but we will have additonal audit cuz we have plan to change some contracts.
2. Starbank is under Astar Buiilders Program. it’s already approved.
3. The protocols is kind of DEX, can earn protocol fees by trade. and the protocol fees will be used to buyback and burn.
So far, what major achievements has starbank Project achieved? What difficulties and risks did you encounter in the process of project implementation, and what factors prompted you to overcome the difficulties?
I guess Astar might have minor bugs for dev. I faced problems when I deploy. To understand the behavours, it takes time. now it’s not a prob.