On May 11th, 2022, our community had a chance to Piotr Drumfeet – Director of marketing and community relations & Kaz – Founder Starbank to join in an AMA to give fruitful information about the key features and roadmap of Starbank – based on Balancer V2, is an automated market-making (AMM) decentralized exchange (DEX)
Time: 1 PM UTC – May 11th, 2022
Part 1: Project and Guest Introduction
Question 1. Firstly, can you give me brief introduction about your management team and Starbank ?
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 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.
Starbank team is a global team composed of
Kaz – Founder / Dev / Entrepreneur / Advisor
ALTQQ – Developer / React/VueJS Specialist
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
Question 2: Please share a few major milestones of Starbank during its development process!
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 a test website/MVP https://test.starbank.finance/
📍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 dedicated Starbank members
📍Key Partners: Astar, Avault, Alnair, Libra, GaiaStarter, Orcus, Sirius, Yield Faming Lab (YFL)
📍Current activity: On-going Gleam $SBX giveaway, Star OG Program, Hosting AMA, Contract Audit, Deployed swap and pool contracts, Test website/MVP launched(Users are able to swap and add liquidity)
📍Telegram community: 16k members
📍Discord community: 34.2k members
Question 3: Could you share with us your plan to expand locally as well as globally?
We are global team. On the other hands, there are a lot of Vietnam, Japanese, Indonesia and Turkey in our community for now.
So we just prioritize AMAs for their communities as of now.
We are not intended, it’s just by happend.
We are going to have more AMAs for not only above languages. Now we are seeking good communities asdie from above languages.
Not only languages, we are going to collaborate with some of protocols.
We haven’t disclosed all, made annoucements for all yet, but we are always talking about partnerships with some protocols. especially on AstarNetwork.
Amazing! I’m excited to hear that so many Vietnamese people join the StarBank community
Part 2: 5 questions pre-collected by Twitter
Question 1: @dimuyloko
Starbank is behind compared to AstarSwap, Starlay. 2 projects were very successful when achieving impressive TVL. What outstanding advantages do you have to achieve their achievements?
Actually, our protocol is not released completely yet. not yet incentivize some pools, and improving daily basis.
Plus, what my understanding is that they delayed their tokensale with temporary untransferable tokens even tho incentivize some pools.
We will make an annoucnement about moving our token sale schedule soon.
So fortunately, we can consider such similar strategies to gain TVL with incentivize.
Question 2: @sales_mob
I’m watching and very interested in Starbank but I see you haven’t announced your investors yet. You can tell which investment funds have invested in starbank.
Not yet, honestly. And we were thinking we don’t need seed investment in adnvaced before tokensale, cuz it might be selling pressure for small investors.
Plus, some suggested us not to get fund from unless Tier 1. I understand the suggestions. cuz some of VC are just selling without any help after their vesting period.
On the other hands, we are still talking to some in case of not only money.
Some offer us not only money, marketing, and some support.
Soon, we will make an announcement about moving schedule cuz of market conditions.
It’s good opportunity to re-consider how to proceed. It’s actually suggested by one of potential fund investors. We are communiating with such supportive investment funds.
Question 3: @drStangre9e
Is Your Starbank Project only for Big investors how about others with small funds , is it open to everyone?
What are your hopes for the Starbank project in the future and now? Are you satisfied at this time for the progress and success of your project?
For small investors ,we are going to prepare whitelist round ( with cap for each addresses ) ,
It’s for OG++( not only OG roles ) on our discord community and staking users on GaiaStarter ( one of new launchpads. our partnership. ) . and private sale & public sale. they will be good price than listing price than DEX.
We have wegihted pools, it works like Index Funds, automaded portofolio manager.
So we believe it’s good for smart investors to store their funds for long terms, and to get reward tokens.
We want to become one of best places to store for smart invetors, not only on Astar Networks. also Polka Ecosytem.
Question 4: @AleSulamita
Can I earn a passive income from your project Starbank? Are there any staking options available for this? What are the benefits of holding tokens in the long run?
Basically, Starbank is one of DEX/AMM. So the protocol can earn protocol fees ( swap fee ). Such swap fees go to be used for buyback & burn SBX token. Not only that, we have plan to release veSBX and xSBX as well. Users can get such tokens by staking SBX. These tokens will be incentived more, it’s for long terms holders.
Last question in part 2
@StarbankFinance is DEX AMM, but it is important to attract liquidity and create a large pool, the more liquidity there is in the pool, the less slippage the orders will have. So, what strategies will you use to attract enough liquidity and thus counteract the slippage of orders?
It has different logic from uniswap. It has weighted pools, stable pools, liquidity bootstrapping pool,
meta stable pools, etc.
They are managed on same vault contract, so it’s efficient in terms of slippage.
Like Unswap, we don’t need to have all of pairs. Plus, we are going to focus on some important pools like stable pools, etc.
The stable pools have stablemath, same logic to curve. As you know, stable pools are less risks than others. Of ourse, there are some exceptionals like UST. 😅
But we can collaborate some of stable token protocols. they need to put liqudiities on some DEX to make their usecases.
Not only stable pools, we can offer some protocols to create pools on our end. We can incentive some of pools by our token & partner tokens. It means that users can get dual rewards. We can collaborate with other protocols and create eco-system one by one.
Part 3: Guests will choose 5 best live questions from members to answer directly in the group
Q1: Visit Our website 1 Nearly 80% of investors only focus on short-term token price instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your tokens in the long term? @Fred_VNProz
As I said the protocol can earn protocol fee ( swap fee ) and buy back and burn.
I cannot say financial advice, but I, perosnally would like to keep the token even tho winner cuz it is one of DeFi pricipal, DEX.
Q2: What is the background, of the your project, team do you think team’s qualifications, and experience, able to support the long-term development, of the project? @Anh_Yen_Chu
In terms of my background is that web2 entreprenor. did a lot of projects and came to web3 projects. Not only this project, I personally supporting other projects.
It’s our project
however, we are supporting some project, e.g.
however, we are supporting some project, e.g.
etc., not only that.
cuz of such relationships, I believe we can grow together. and believe we can craete good ecosystem for the long-term.
Q3:Trust is very important in business. So, what makes investors, customers and users feel safe when working with ” Starbank’ ? And how will you get the trust of many users that have negative thoughts about Blockchain and DeFi? @Kahwnu82k2bw
It’s good question. In terms of this point, I would like to say Starbank is based on Balancer V2 fork. The balancer V2 has been audited several times by some audit companies. Of course, our contract ( almost same ) also has been audited.
Q4: are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? @andyyang12
Of course, global project. we don’t want to focus on only local.
but global has a lot of local communityes. we need to care of one by one. I mean that , for example, we will need to have AMAs for each language communities for all over the world.
Q5: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team? @Karen_Sithe81
around 17% for team, for Liquidity Mining Reward around 50-60, but cuz we will make an announcement about moving schedule, we might update the distribution. please check our document time to time. and ask us on discord if you question.
doc => https://docs.starbank.finance/
discord => https://discord.gg/pgt98HEeAb