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.
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. 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.
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.
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