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Starfish Finance, the DeFi project running on Astar Network, shared its vision for how NFTs and decentralized finance will merge on Polkadot. The Community Project predicts that the worlds of DeFi and NFTs will eventually merge and form a brighter star, with Starfish Finance ($SEAN) serving as the fortress that hosts this union.
Borrow and lend with your NFTs
Starfish Finance is one of many planets orbiting the ecosystem of the Astar Network, one of the brightest parachains in the Polkadot galaxy. Living on its main planet is a starfish named Sean, who has sworn to venture out into the galaxy and build new castles.
The Starfish protocol is based on Balancer v2. It gives users the freedom to create liquidity pools containing up to eight different crypto assets in addition to a full suite of DeFi products. Beyond its DeFi capabilities, users can stake NFTs on their native chain through Celer Network’s instant messaging framework, a cross-chain messaging mechanism, to take advantage of collateralized cross-chain NFT lending and borrowing.
The Starfish Finance protocol has been audited by CertiK and the Starfish team has highlighted community safety as their number one priority. The team is now in the process of entering into collaborations with renowned NFT projects to provide liquidity that will allow owners to access capital without giving up ownership of their cherished collectibles. Starfish Finance is already listed on Huobi, a leading major centralized exchange, and the team aspires to more listings which may be announced as the protocol develops.
From the beginning, Starfish Finance has positioned itself as a one-stop-shop that offers stable, weighted multi-token swaps and embraces a multi-chain future. Starfish started the year with design, fundraising, forming strategic partnerships, building an inclusive community, and launching testnet. For the remainder of 2022, the team will roll out its DeFi suite and refine its launch of NFT collateralized lending and borrowing in the roadmap.
The eventual formation of Starfish DAO, dubbed The Aquarium, will set the stage for all that is to follow. The community board will be responsible for nurturing different parts of the project, from product to art, and from technology to marketing. Community members will play an important role in onboarding and whitelisting new NFT projects as eligible collateral for Starfish’s NFT-Fi, in addition to managing events and activities to grow the economy Web3 multi-channel.