SCI is excited to announce the next phase of our expansion, this time into the Acala Network ecosystem. The final decision to proceed will be made through a community vote among Starlay stakeholders.
Our goal is to leverage Polkadot’s Cross-Consensus Message Format (XCM) functionality by deploying our platform across multiple parachains. Introducing Starlay to the Acala Network is a strategic move to widen our user base, benefiting all parties involved - the Acala Network, Astar Network, AlephZero and Starlay Finance.
Expanding to Acala Network will diversify DeFi offerings, attract new users with cross-chain functionality, and enhance the overall experience.
SCI handles the cost of implementation
A grant from Acala Network will be used for our audit cost and the remaining will be back to the Staraly Treasury
Milestone 1 - Preparation for Starlay EVM Testnet Launch on Acala Network (4 weeks)
Conducting integration testing with wallets, oracles, and relevant services.
Performing user interface testing on the Acala chain testnet.
Deploying and adapting smart contracts for the Acala chain.
Evaluating and integrating token listings for the Acala network.
My question is why the initial token does not include acala token?
Thanks for your question. The decision on which tokens to be included initially in the ecosystem depends on various factors, including token stability and demand.
Tokens like DOT and USDC are known for their stability. LDOT, due to its nature as LST (Liquid Staking Token), has its price pegged to DOT, providing a level of stability. Additionally, there’s a high demand for such tokens in lending scenarios, as evidenced by the adoption of similar tokens like stETH and wstETH in protocols in Aave on the Ethereum blockchain.
I believe ACA is relatively low stability and demand.
How does deploying starlay on Acala Network affect lay token?
There is high possibility to grow LAY token price if the demand for Starlay on Acala network is high. Since reward is distributed to veLAY token holder, this makes LAY more attractive if there is demand on Acala Network.
Thanks to @artat suggestion, I divided this discussion into 2 parts: 1. Starlay finance deployment on Acala Network, 2. Initial tokens and their parameters on Acala Network, so that we are able to have a clear discussion and decision making.