Starfish Finance

Yield Farming

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Starfish Finance is an advanced multi-chain DeFi and NFT-Fi hub developed by the Astar Builders program. It leverages Balancer V2 to create liquidity pools with up to eight assets, offering yield farming and stablecoin/token swaps via its DEX. Moreover, Starfish provides $DOT liquid staking for earning rewards while maintaining liquidity. The platform also supports cross-chain NFT collateralization using Celer Network’s IM Framework, enabling users to stake NFTs and borrow from the Reserve Vault. Lenders can provide liquidity to the vault for interest, and SEAN token holders can participate in discounted NFT auctions.

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FAQ

What is Starfish Finance and what services does it offer?

Starfish Finance is an advanced multi-chain DeFi and NFT-Fi platform developed under the Astar Builders program. It allows users to create complex liquidity pools with up to eight assets, engage in yield farming, swap stablecoins and tokens on its DEX, and participate in $DOT liquid staking. Additionally, it offers peer-to-pool NFT financing with cross-chain collateralization, allowing NFT staking for borrowing from the Reserve Vault, and providing lenders opportunities to earn interest.

How does the multi-chain functionality of Starfish Finance enhance its offerings?

Starfish Finance's multi-chain functionality enables interoperability across different blockchains, enhancing its DeFi and NFT-Fi services. With Balancer V2, it supports complex liquidity pools and various asset interactions, including cross-chain NFT collateralization through Celer Network’s IM Framework. This inter-chain messaging allows users to efficiently manage assets and transactions across multiple blockchains, increasing the flexibility and utility of the platform.

What benefits do users gain from Starfish Finance’s $DOT liquid staking?

Through Starfish Finance’s $DOT liquid staking, users can unlock additional liquidity while still earning staking rewards. This mechanism allows stakers to participate in DeFi activities without sacrificing the benefits of staking rewards. They can leverage their staked $DOT for liquidity in various DeFi applications, thus optimizing their asset's utility and income potential.

How does Starfish Finance compare to other DeFi platforms?

Compared to other DeFi platforms, Starfish Finance stands out by integrating multi-chain capabilities and NFT-Fi features. It offers a one-stop solution combining traditional DeFi services like liquidity pools and yield farming with innovative NFT collateralization and cross-chain functionalities. Its Balancer V2 integration supports complex asset interactions, and the collaboration with Celer Network for cross-chain operations makes it a versatile choice in the DeFi ecosystem.

What role do SEAN token holders play in the Starfish Finance ecosystem?

SEAN token holders in the Starfish Finance ecosystem enjoy the advantage of accessing liquidated NFT auctions where they can purchase NFTs at discounted rates. This provides a unique incentive and utility for SEAN holders, enhancing their engagement with the platform. Additionally, owning SEAN tokens could potentially confer governance rights or other benefits within the Starfish Finance ecosystem, aligning holders’ interests with the platform’s success.

How does Starfish Finance address cross-chain NFT collateralization?

Starfish Finance facilitates cross-chain NFT collateralization by leveraging Celer Network’s IM Framework, an inter-chain messaging mechanism. This integration allows users to stake NFTs as collateral on their native chain and borrow assets from Starfish's Reserve Vault. This setup not only increases liquidity options for NFT holders but also broadens the scope for various DeFi activities and lending opportunities across chains.

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