Starlay Finance: Community Call — January

5 min readJan 21, 2024

Hello everyone, thank you for joining in this month’s community call. I am Seiya, and together with David and Kevin here, we are the core contributor called SCI (Starlay Chan Initiative). Our mission is to actively engage in Starlay’s governance and contribute to the protocol’s ongoing success. Today, we are eager to share the updates from Dec till now and our next plans as core contributors and one of the first service provider for Starlay

Here is the slide link: https://www.canva.com/design/DAF6KTGqgrM/YdhYdBmzonI45S1uh8p17w/edit?utm_content=DAF6KTGqgrM&utm_campaign=designshare&utm_medium=link2&utm_source=sharebutton

Recent updates

Financial report

For December 2023, the financial report shows an increase in both net deposits and fees compared to November. Net deposits rose from $3,320,000 to $4,450,000, marking an increase. Active borrows experienced a modest rise, going from $1,610,000 to $1,740,000. Fees collected in December were the highest for the quarter at $10,878, compared to $6,552 in November. Revenue also saw an increase, growing from $989 in November to $1,661 in December. This reflects a positive trend in financial activities for the month.

Governance

Proposal to Implement leverage function for liquid staking tokens and their original tokens(Vote completed)

This proposal aims to introduce a leverage function for liquid staking tokens and their original tokens within the Starlay platform. It seeks to capture the leverage demand for Liquid Staking, providing users with potentially higher yields while also considering the associated risks and technical implementations. https://forum.starlay.finance/t/proposal-to-implement-leverage-function-for-liquid-staking-tokens-and-their-original-tokens/78/5

Proposal to add vDOT, vASTR to Starlay on Astar EVM(Vote completed)

The launch of vDOT, vASTR on Starlay Finance is aimed at enhancing our DeFi offerings by integrating liquid staking with increased APR for our users. This initiative allows vDOT, ASTR holders to participate in staking while utilizing Starlay’s unique leverage lending functions for optimal asset utilization. Adding vDOT, vASTR is part of our strategy to innovate in the DeFi space, responding to community needs, and broadening cross-chain functionalities within the Astar EVM environment. https://forum.starlay.finance/t/proposal-to-add-vastr-to-starlay-on-astar-evm/82

Proposal for Noto Peninsula (Japan) Earthquake donation fund(Ongoing voting process)

The recent earthquake in the Noto Peninsula has had a devastating impact. In response, Starlay Finance is stepping up to offer support. This effort reflects our ethos of community assistance and global responsibility. https://forum.starlay.finance/t/proposal-for-noto-peninsula-japan-earthquake-donation-fund/83

Discussion in the Astar forum regarding delist Starlay from dApp staking proposal

Delisting proposal has been proposal in the Astar forum. There was lots of confusion and misunderstanding for Starlay. I’ve submitted all transparency report and updates. Ultimately, the community’s vote prevented the delisting of Starlay. https://forum.astar.network/t/proposal-to-delist-starlay-from-dapp-staking/5754

Initiate Starlay updates on Astar forum

We created a channel for Astar ambassadors and Astar’s active applications to share recent activities and future plans. https://forum.astar.network/t/starlay-in-dapp-staking-program/5785

Protocol Expansion

Starlay launch on Acala

Testnet launch is completed and we’re on the functionality test and the mainnet launch will be soon, aiming during this month. Initial tokens are DOT, LDOT and USDC

Euphrates pre-deposit started and we achieve $1M in the Euphrates in just one day

Leveraged DOT staking on Starlay

The opportunity for this strategy lies in the spread between the staking yield that LSD tokens provide, and the DOT borrow rates on Starlay Finance. Here is an example of a 1 transaction for opening a 1.9x leverage LDOT position on Starlay, User holding=100DOT, LDOT LTV=50%, LDOT=0.14044DOT. The outcome would be a position with 1068 LDOT collateralized and 90 DOT borrowed.

Also here is the Leverage staking DOT borrow rate versus staking reward forLDOT. As shown in the image, LTV, LDOT reward and DOT borrow rate affect the APY

New token list

vDOT has been successfully launched and the vote initiated as well

PR and communication

Had an AMA on the Polkadot official: https://twitter.com/Polkadot/status/1742942174482665850
Got a significant impression for Euphrates pool https://twitter.com/starlay_fi/status/1747685617046106209
Co-marketing with Bifrost for Airlyft: https://twitter.com/BifrostFinance/status/1747638839546351751

Rough roadmap 2024

This roadmap was conceived by SCI and might be changed

Focus for this month

For Jan, we, as core contributors, are honing in on key objectives to propel our mission forward:

Advance discussions and preparations for adding new tokens, with a keen focus on LST in light of the leverage function talks and more higher LTV model for LSTs<>the original token
Wasm code refinement and proceed audit refinement for LAY incentive controller
Recruitment for further SCI team expansion: Our resources for expansion are currently limited. To grow effectively, we need to increase our team, particularly in areas like development, business development, and service provision.

Conclusion

Our dedication to guiding Starlay towards a decentralized horizon is unwavering, and your support is the cornerstone of this journey. We’re grateful for your presence today and look forward to marching alongside you into a promising future. Thank you and let’s keep building together.