Apologies for Confusion

Dear Community,

I hope this message finds you all well.

First of all, the team deeply apologizes for causing confusion in some channels and communities. We confirmed several comments saying that we are scammers. Someone was saying that we are cheating on the community.

Please, let us deny these words.

First, we will NOT run away and won’t cheat on anyone. We will devote ourselves to developing and expanding the Starlay ecosystem.

Before explaining the reasons for the decisions we have made so far, please let me summarize the situation from our team’s perspective.


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## Determining LAY Price

We determined the price of LAY when launching the protocol. The price was not determined without any estimation but based on calculations that we shared [here](https://medium.com/@starlay_fi/lay-price-updated-3722b0ef5082). At this time, LAY was calculated as $0.3. This is because the veLAY feature is designed so that ALL PROTOCOL REVENUES ARE RETURNED TO THOSE WHO HAVE LAY AND VOTE IT, not to the Starlay Core team. At the time, $500M TVL was the largest AAVE-based lending protocol. (We hope the calculation didn’t sound unrealistic for everyone at the time we shared the article.)

The first IDO took place in late April. At this point we did not know how much the price of LAY would be at the auction, so we decided to sell it for $0.15, a 50% discount from our pre-calculated price. The ASTRs collected here are used for providing liquidity at the time of LAY's listing and are still being provided on ArthSwap as liquidity step by step.

![](https://images.mirror-media.xyz/publication-images/C729SO4gsx7-UIPo2W2R1.png?height=81&width=1077)

## Apology for the First Confusion in the Second Token Sale

We’re thinking this is the first big confusion we have caused to our community.

There was an investor we decided not to count as a participant at the end. We received many comments from the community. We sincerely apologize for making confusion in the community by this.

Also because of the LUNA incident that occurred two/ three days before the token sale, the price of LAY didn’t rise as we expected. I hope all members of the community had the same feeling.

Due to the gap between the price of LAY's first and second token sales, we decided to list LAY as soon as possible to determine the token price in markets, with everyone.

## Apology for the Second Confusion due to Small Liquidity when Listed

We saw posts that some members in the community couldn’t swap properly due to the small liquidity at the beginning. Please accept our apologies for the confusion caused by this. We hope now most users are swapping without a large issue.


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## We will Continue to Develop for Starlay

We are now implementing veLAY. The code is being reviewed with RuntimeVerification, a Tier 1 auditing firm, to be secure as best as possible. That will be released by the end of June.

If you are dissatisfied with the decisions we made so far, once again, please let us apologize. We’re trying our best to develop a great product with the community. Perhaps, sometimes we didn’t have the capability to hear all opinions from the community.

However, we will not stop developing products. We will do our best for all those who support us. We have worked extremely hard; every core member cut back on sleep and personal time to develop a great UX and useful features. At this moment, there are no defects with the product. We will continue to make Starlay Finance more robust. It will be appreciated if we can get continuous support from the community.

Sincerely,

Neo

DeCartel

![](https://images.mirror-media.xyz/publication-images/k0JfJPGckN1SJZ1zx262d.png?height=1080&width=1920)

Hi everyone. This is Neo, the founder of Starlay Finance.

Today, I’m thrilled to announce that Starlay Finance has formed a new alliance “DeCartel” with some promising DeFi protocols.

## DeFi Should be an Infrastructure for Everyone

DeFi is still in the beginning stage of its evolution. According to this [data](https://dune.com/rchen8/defi-users-over-time) from Dune Analytics, the number of uniques users in DeFi has been increasing over time and is currently at the record of 4.6M unique wallets.

![](https://images.mirror-media.xyz/publication-images/CjEFR0pKdaRy4LELxCsM4.png?height=524&width=1872)

I expect this number to continue to grow exponentially; in two years, even people who are not interested in technology will be using DeFi in their daily lives, whether they’re aware of it or not.

However, the threshold for that to happen is pretty high today. Major DeFi protocols, which have been deployed on Ethereum or such, are so complex for non-developers, which seems to be an entry barrier. That is a serious issue for the majority. On top of that, as users begin to use and become accustomed to DeFi, they will be concerned about sustainable revenue from the protocol. Even if the security is a high standard, no one will use it if the APR is 0%. That must be the second point to scale for the masses.

Starlay Devs are working to solve these two challenges, and the first step in this direction was the release of Starlay Finance, Kagla Finance, and Muuu Finance. These three are still being upgraded and evolving into better protocols, but with the release of Muuu Finance on the 28th of April 2022, we are ready to take the next step toward our mission.

![](https://images.mirror-media.xyz/publication-images/6zHeSBN1fOWwfCVHO3d7E.png?height=1080&width=1920)

DeCartel, which we are announcing today, would be a significant step toward building a new DeFi network to improve these challenges substantially.

## What is DeCartel?

DeCartel is a new type of alliance, which is formed by Starlay Finance and some promising protocols to stabilize DeFi space, where protocols work together to enhance the value of each protocol, providing users with a refined UX and stable rewards.

In April 2022, Terra announced that they formed a cartel with Frax Finance and other active protocols to cooperate for more incentives in the Curve War on Ethereum. The point is that they've decided to collaborate rather than engage in competition wastefully because it would be beneficial for both parties. This case indicates the importance of independent protocols working together for middle-term mutual benefits.

Starlay Finance currently has the largest TVL in Polkadot. We faithfully want to provide a better user experience and higher rewards for users. By forming DeCartel for the benefit of users around Starlay Finance, we will push forward powerful features that would be impossible by only a stand-alone DeFi.

One specific measure that can be revealed now is Mutual Airdrop. For example, if a user has a certain amount of $LAY, a snapshot is taken at irregular intervals and an airdrop event is conducted from the protocols participating in DeCartel. The amount of $KGL or $MUUU distributed to the user depends on how many amounts of $LAY the user has. This will encourage heavy DeCartel users to participate in the governance of every protocol. This will not be a one-time event but will take place over and over again at irregular intervals.

![](https://images.mirror-media.xyz/publication-images/RFArkVSgP2Js8EJzl694K.png?height=1080&width=1920)

More information about DeCartel will be updated on this [page](http://decartel.xyz/).

## DeCartel Experts/ Protocols

Currently, DeCartel is comprised of four protocols: Starlay Finance, ArthSwap, Muuu Finance, and Kagla Finance. Also, these are clear roles for each other: Lending Market, Universal DEX, Stable AMM, and Vot

Hello Neo DeFi World

# DeFi is just a beginning

The hottest topic in the crypto industry seems to be DeFi. It goes without saying that the essential key takeaway in Web3 is ownership and proof of existence. Although it looks the new waves are coming one after another, such as NFTs, Metaverse, GameFi, these all are basically on top of DeFi because human being measures the value of the ownership and the proof by quantitative indication. In other words, DeFi is now the infrastructure of the crypto industry.

The DeFi, born on Ethereum, has evolved tremendously in its not-so-long history. MakerDAO creates stablecoin, Uniswap offers AMM-type DEX, and Compound opens a money market. Many other protocols have been created in the last two years, which have created a fat protocol by leveraging each other. The reason why the networks are made is that one of the vital traits of the smart contract is an open API, which allows any other protocol to call it easily. However, what if the blueprint for protocol interfaces could be architected with the grand design from the beginning to be useful, rather than as an afterthought? That is the challenge we are doing right now.

# Indispensable blocks

Defillama, a web page that aggregates DeFi data, shows what DeFi is essential on each chain. It is important to note that the categories of protocols with the largest TVLs on any chain are roughly similar. The list below is the top five categories of DeFi protocols across all chains.

Mar 30, 2022:

* DEX: $70.18B
* Lending: $54.49B
* Bridge: $33.23B
* Yeild: $22.85B
* CDP: $22.73B

[https://defillama.com/categories](https://defillama.com/categories)

As you can see, these top five are in high demand by any chain, and cannot be ignored when building other applications. Other categories such as derivatives and aggregators are basically on top of the base layer, utilizing them to establish themselves as a protocol.

Looking further into Defillama, it is obvious that there are not many protocols with TVLs exceeding $1B. Furthermore, since web3 has a culture that allows forking from originals, there are many copies, which cannot be completely ignored because of adding unique features, but the patterns we should grasp would be so limited. I have great respect for all the protocols that have been developed so far, and the history and data show us an idea of what is efficient to build in what order.

# One team for great UX

We are a team continuously developing DeFi protocols: Starlay, Kagla, and Muuu.　 Starlay is a money market where users can deposit/borrow their own assets with a variable interest rate based on the demand. Kagla is an AMM for stable-pair swapping. Muuu is a yield booster for the vote escrowed functions, initially supporting Kagla and Starlay.

Each protocol has its own tokenomics and a completely different UI, but the protocols influence and add values to each other. This mechanism will not only provide benefits to users but also will be a central position to activate the entire ecosystem. More details are linked at the bottom of the page.

Starlay Finance

[https://medium.com/@starlay_fi](https://medium.com/@starlay_fi)

Kagla Finance

[https://medium.com/@kagla_fi](https://medium.com/@kagla_fi)

Muuu Finance

[https://medium.com/@muuu_fi](https://medium.com/@muuu_fi)

# DeFi yet to be seen is coming

Starlay has exceeded $300M within a month since its release, which is currently the largest TVL in the Polkadot ecosystem. Our team continues to develop new features and community growth every week and will announce the IDO schedule soon. Kagla and Muuu will be public shortly as well.

Our challenge is just the beginning, and we will gradually expand what we wanna try to realize. We are gonna release challenging features on top of a promising chain. Please look forward to the following announcements and grow them together.