Starlay Finance is a fast-rising lending protocol on Astar Network powering a novel model for quick and easy borrowing and depositing assets. Currently, the project has a valuation of over $400TVL in about two months, earning it the No.1 lending protocol spot on Polkadot.
The platform’s CEO, Neo, announced the commencement of the collaborated $LAY token sale through two IDO events with the ArthSwap team. These events will take two different means and on different platforms, ArthSwap and Starlay. As for the marketing side, ArthSwap is in charge of this token sale entirely.
On April 28, UTC 11:00 AM, 2022, the first event will take place on ArthSwap LaunchPad, the No.1 DEX project on Astar Network, which Starlay Finance partnered with early in the year. There will be 0.5% of the total $LAY supply available on ArthSwap for purchase. The system is structured in a “first come, first serve” manner. This means as soon as the available supply is over, the sale has ended irrespective of the time allocated.
On ArthSwap, $LAY, which is currently priced at $0.30, will be available for 48 hours at a 50% discount rate of $0.15. Within the stipulated time frame, a user can lock ASTR/USDC/USDT correlating to the amount they want.
The second IDO event is scheduled to take place on Starlay Finance itself in the form of an auction. The event will differ from the first one in different ways. First, the price will not be fixed and will depend on the locked volume and token demand rate by the auction participants. Also, Starlay development team is developing an auction launchpad that will be integrated into the platform’s app soon.
To participate in the $LAY token sale, every user has to lock up USDC within 48 hours of the event. These funds can also be unlocked and safely retrieved within 48 hours. Also, the increase in participants, the more expensive $LAY becomes. As such, every user is allowed to specify an upper price of $LAY in advance, and if the price exceeds the cap, USDC will be returned automatically. But as a reward system, those who lock USDC without setting a cap will receive an additional 5% bonus, while users will receive a 10% bonus if they declare in advance that they will not cancel.
That means you can foresee an additional reward of up to 15%.
With Starlay Finance, there’s more.
Despite being a young team, Starlay is a highly driven team of professionals with years of experience. The token sale is a step forward in the right direction, yielding more fruit with time. Currently, the LAY token is not transferable, its utility is restricted, but once it is, the operations can be increased tremendously.
The project has a lot of updates, partnerships, and new features in the pipeline. Some include the lending and borrowing marketplace, Makai, leverage feature to boost users’ APR, Auction Launchpad, Integration with Kagla Finance, and Muuu Finance, which enables $LAY holders to boost APR and Voting Escrow & Fee Distribution.
Starlay Finance is a highly promising project to look out for as it was one of the few ideas selected for the Astar Network’s Incubation Program and was first backed by the Astar team and a range of venture capital firms.