Friday, December 9, 2022
HomeDeFiDeFi project Starfish proposes DeFi-NFT merge on Polkadot

DeFi project Starfish proposes DeFi-NFT merge on Polkadot

On October 1, Starfish Finance, the DeFi project based on Astar Network, presented its view in a press release, on how NFTs and decentralised finance will merge on Polkadot.

The community-driven project asserts that Starfish Finance ($SEAN) will act as the fortress that hosts the eventual merging of the DeFi and NFTs worlds to create a brighter star.

One of the numerous planets around the Astar Network ecosystem, one of the most prominent chains in the Polkadot galaxy, is Starfish Finance.

Starfish

A starfish named Sean, who resides on its home planet, has pledged to explore the galaxy and construct new castles.

The Starfish protocol is based on Balancer v2. On top of a full stack DeFi product suite, it allows consumers the freedom to construct liquidity pools of up to eight different crypto assets. 

Moreover, beyond its DeFi features, Celer Network’s IM infrastructure, an inter-chain messaging system, allows users to stake NFTs on their home chain to take advantage of cross-chain collateralized NFT lending and borrowing.

The Starfish team has emphasised that the security of the community is their first priority, and the Starfish Finance protocol has undergone an examination by CertiK.

Moreover, the team is currently working in partnership with well-known NFT projects to offer liquidity that will enable owners to access funds without giving up ownership of their prized artefacts.

The company hopes to announce further listings as the protocol advances. Starfish Finance is now listed on Huobi, a significant top-tier centralised exchange.

Starfish Finance has established itself as a one-stop shop that provides multi-token stable and weighted swaps and supports a multi-chain future from the beginning.

Starfish began the year with fundraising, conception, the creation of an inclusive community, the development of strategic alliances and launch of a testnet.

The team will release their DeFi suite for the rest of 2022 and make adjustments to their roadmap for the launch of NFT collateralised lending and borrowing.

Everything that follows will be made possible by the eventual formation of Starfish DAO, also known as The Aquarium. 

The community council will be in charge of fostering many aspects of the project, from the product to the art, from the technology to the marketing.

Community members will play a significant role in coordinating events and activities to expand the multi-chain Web3 economy as well as in onboarding and whitelisting new NFT projects as valid collateral for Starfish’s NFT-Fi.

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