AstridDAO, Starfish Finance, Avault Join Astar Incubation Program
In February 2022, we launched the Astar Incubation Program to support promising projects in the ecosystem and to bootstrap the total value locked (TVL) and volume on Astar Network.
Two months later, Astar Network has shot up to the stars, reaching $2 billion TVL and 500K daily transactions. A significant portion of the chart-topping TVL can be attributed to the first two projects that graduated from the Astar Incubation Program: ArthSwap and Starlay–both of which contributed $600M+ in total TVL. ArthSwap and Starlay have grown from little-known early-stage teams to two of the major DeFi juggernauts in the Astar and Polkadot ecosystem. As such, we feel that now is the time to onboard the second batch of Astar Incubation Program teams.
In the second batch, we will support three promising projects, AstridDAO, Starfish Finance, and Avault. We will provide support in a multitude of ways, from strategy, to fundraising, to community growth, to marketing, and more. We will work closely with the teams to bootstrap their projects and accelerate the adoption of Astar Network.
The following are the introductions to the new projects that are coming to the Astar Incubation Program. I’ve listed their estimated launch date and website as well. Be sure to look out for them in our portal after their launch.
Release Date: Late April, in the coming week!
AstridDAO is a decentralized money market and multi-collateral stablecoin protocol built on Astar and for the Polkadot ecosystem. AstridDAO allows users to borrow $BAI, a stablecoin hard-pegged to USD, against risk assets at 0% interest and minimum collateral ratio. This means you can use the value in your risk assets including $ASTR, $BTC, $ETH, $DOT, etc. without having to sell them.
Anyone can use AstridDAO to open a vault, deposit risk assets including $ASTR, $BTC, $ETH, $DOT, etc. as collateral, and borrow stablecoin $BAI. Vault owners must maintain a collateral-to-debt ratio above the minimum collateral ratio to avoid liquidation of the vault. However, with the instant liquidation mechanism and stability pool, AstridDAO can achieve the lowest minimum collateral ratio to ensure high capital efficiency and still remain safe.
Release Date: Mid-May
Starfish Finance is the next-generation DeFi hub native to Astar and the gateway to the multi-chain ecosystem. Starfish is the first automated market maker (AMM) platform built on Astar Network with a Polkadot-based stablecoin. Users enjoy exclusive access to initial DEX offerings (IDO), private token sales, and NFT-Fi for a true Web 3.0 and community-driven DeFi journey.
Starfish Finance leverages the unique dApp staking mechanism on Astar Network to amplify community bonding. Users can earn rewards when they stake their STAF tokens to nominate the protocol.
Release Date: End of April
Avault is a yield aggregator that provides DeFi users with automated compounding yields at empirically optimal intervals while pooling gas fees through smart contracts and with the best yield optimization strategies. With the Vault and Zap feature from Avault, users are able to yield with automated compounding to achieve higher capital efficiency and directly switch from a single asset (eg. ASTR) to an LP Token (eg. ARSW-ASTR LP) with one click.