DeFi-NFT Convergence by Starfish Finance Proposed on Polkadot

By October 1, 2022Polkadot
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DeFi-NFT Convergence by Starfish Finance Proposed on Polkadot

The decentralised finance project Starfish Finance, which runs on the Astar Network, has presented its outlook for how NFTs and decentralised finance will come together on Polkadot. The community-driven project asserts that Starfish Finance ($SEAN) will act as the fortress that harbours the eventual merging of the DeFi and NFTs worlds to create a brighter star.

Based on Balancer v2, the Starfish protocol was created. On top of a full stack DeFi product suite, it allows consumers the choice to construct liquidity pools of up to eight different crypto assets. 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.

One of the numerous planets around the Astar Network ecosystem, one of the most prominent chains in the Polkadot galaxy, is Starfish Finance. A starfish named Sean, who resides on its home planet, has pledged to explore the cosmos and construct new castles.

In order to enable owners to access finance without giving up ownership of their prized artefacts, the team is now working in conjunction with notable NFT projects. The company hopes to list Starfish Finance on more exchanges that may be announced as the protocol advances. Starfish Finance is now listed on Huobi, a significant top-tier centralised exchange.

The team will release their DeFi suite for the remainder of 2022 and make adjustments to their timeline for the launch of NFT collateralized lending and borrowing.

Starfish Finance has built a reputation as a one-stop shop that supports a multi-chain future and provides multi-token stable and weighted swaps. Starfish began the year by coming up with the idea, gathering money, establishing strategic alliances, creating a welcoming community, and launching the testnet.

Everything that happens once Starfish DAO, also known as The Aquarium, eventually forms, is made possible. The community council will be responsible with supporting many aspects of the project, from technology to marketing and from product to art. Members of the community will play a significant role in managing events and initiatives to expand the multi-chain Web3 economy, as well as in onboarding and whitelisting new NFT projects as acceptable collateral for Starfish’s NFT-Fi.

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  • DeFi-NFT Convergence by Starfish Finance Proposed on Polkadot
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