Poly Network AMA Recap with Starswap
The blockchain-based staking platform Starswap (@StarswapEN), was invited to Poly Network (@PolyNetwork2) AMA, taken place on 9 March in the Poly Network Telegram Community. From the Live AMA with ElementX, Team Leader at Starswap, this recap fully grasps the information discussed during the AMA.
INTRODUCTION
Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OEC, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $15 billion USD involving more than 330K cross-chain addresses on different blockchains.
Starswap is a rapidly growing DEX on Starcoin blockchain for exchanging and staking tokens. It aims to break the limitations of traditional centralized exchanges and provide investors with safer and more secure investment channels.The first version of Starswap has released on Mar 6, 2022, and more functions of cross-chain transactions will be released soon after, providing more possibilities of profit for investors.
All wallet holders on the Starcoin blockchain can freely exchange tokens, and get double benefits by providing and staking liquidity through Starswap. Moreover, Starswap supports single-coin mining which is a very low-risk and simple and practical way to make investment profits.
QUESTIONS AND ANSWERS IN LIVE AMA
Q1: How does Starswap attract investor attention?
A：Starswap is positioned as a universal Dex on the Starcoin chain, a Uniswap-inspired Automated Market Maker (AMM) protocol with fast trading speeds and low fees. You can use Starswap to exchange tokens and provide liquidity. And You can use it to do liquidity mining and single coin mining. It is amazing that you can make triple money through Starswap. You can make the first money by providing the liquidity, and make the second money by staking the liquidity in the Farm, and make the third money by continuing to staking the liquidity in the Stake.
Q2: Would you please further introduce how Starswap guarantees safety and stability？
A：Starswap is a secure and trustworthy network contract deployed on Starcoin. It adopts the POW consensus mechanism to build a two-layer network ecosystem on-chain governance, and uses the highly secure Move smart contract language. These are the cornerstones of starswap security. In addition, we adopt a fund security early warning mechanism. Once the user’s assets security is threatened, we will quickly activate it to protect the user’s assets security.
Q3: Can you introduce the tokens of Starswap?
A：STAR token is a token on the Starswap for platform governance. You can earn a token by exchanging in the Swap or by staking the LP token in the Farm.
STC token is a native coin on the Starcoin. You can earn a token by swapping, mining, trading, or participating in airdrops.
FAI token is a stable coin on the Starcoin. Its value is pegged to 1 USD, backed by STC as collateral. You can mine the token by staking or exchanging STC on the Swap.
Q4: Starswap has Farm and Stake, what about the return on these two approaches, is there any risk? What is the actual percentage of return? How should our users use them?
A：Stake locking will reduce the volatility of governing Token STAR, making Farm returns more stable as well. Overall, Farm’s returns will be higher than Stake’s because Farm will face impermanent losses and slippage, while Stake has almost no impermanence or slippage.
In fact, farm reached an annualized return of 1000% when the main network launched and has remained between 420% and 650% in recent days, which is very impressive. the Exchange rate between STAR tokens and STC was 100:9 at the time of IDO and is now approaching 100:49, with a good increase.
Q5: Can you give a brief overview of Starswap’s token economy?
A: Yes, Starswap uses STAR token to incentivize users to trade on the platform, provide liquidity and YieldFarming, and participate in the governance of the community. STAR total supply is 100,000,000, 70% of which is used to reward Farm and Stake mining, and initial supply is 15,000,000 STARs, with the remaining percentage released linearly based on time lock. Initially supply tokens are all used in the community.
Total Allocation is below:
· The Initial Dex Offering(IDO) 1%.
· LP mining rewards 60%.
· Stake rewards 10%.
· Community incentives 5%, for community incentives, airdrops, etc.
· Developer Funds 10%.
Q6: Why did StarCoin choose Poly Network among others for partnership?
A: This is because Poly Network has good features, such as realizing the free cross-chain of arbitrary information between heterogeneous chains, supporting an asset cross-chain, and having a proved reputation. In addition, the ecology of the Starcoin public chain is being more and more extensive and mature, which makes the cooperation with Poly Network more extensive and in-depth.
Q7: Any exciting plan for future developments？What shall users expect?
A: High-quality liquidity sources and assets are an important part of a project. There are several directions that are our main considerations:
1. A source of liquidity with a large user base and transaction depth, such as various public chains/side chains. Therefore, accessing the cross-chain bridge is an important direction for our next major release. Poly network can help us accomplish this very well.
2. Then there is the DAO. After the mainnet is launched, we will start planning how STAR holders can participate in our project, establish a decentralized ecology, and iterative voting and dividend rights.
3. Starswap Info, which supports multiple data display and analysis such as TVL, transactions and pools
4. Online more token pairs
Twitter: https://twitter.com/StarswapEN
Telegram: http://t.me/StarswapEN
Starswap Web: https://starswap.xyz
Starswap Docs：https://docs.starswap.xyz
The AMA with Starswap was pleasantly concluded. We will have more AMA coming. Please stay tuned!
