Starlay Finance Proposes Expansion to Aleph Zero

Proposal
1

Reference

Aleph Zero’s Website: https://alephzero.org/
Aleph Zero’s Social Media: Aleph Zero Community - Aleph Zero: Public Blockchain with Private Smart Contracts

Summary

Starlay Finance is excited to propose a further expansion of our cross-chain lending platform. This time, beyond the Astar Network, we are looking to extend our reach into the Aleph Zero ecosystem. The final decision will be determined by a community vote among Starlay stakeholders.

Motivation

Deploying our platform across multiple parachains is key to leveraging the potential of Polkadot’s Cross-Consensus Message Format (XCM) functionality. As a promising first step, we are proposing to bring Starlay to Aleph Zero. This expansion aims to broaden the user base in a manner that benefits all parties - Aleph Zero, Astar Network and Starlay Finance.

Specification

Development Scope

Our focus will be on the development of Starlay WASM on Aleph Zero.
Please note that the development of XCM-related functions is not included in this scope because it depends on the core development schedule of Polkadot and Parachains.

Benefit

The proposed expansion of our lending protocol to Aleph Zero will serve to diversify DeFi offerings within the ecosystem, attract new users with our cross-chain functionality, and enhance the overall user experience.

Cost

In order to facilitate this expansion, we require the grant from Aleph Zero for development, customization for their ecosystem

Time

We project that the implementation of our lending protocol on Aleph Zero will take approximately three weeks once after we complete our WASM development and audit

Risk Management

Recognizing potential risks such as technical glitches and security vulnerabilities, we plan to mitigate these by conducting rigorous testing and comprehensive security audits.

Next Action

Upon approval from the Starlay community, we will commence with customization for the Aleph Zero ecosystem and advance with the project.

Voting Schedule

Snapshot Voting: July 19, 09:00 UTC - July 22, 09:00 UTC.

Voting Option

YAE - Approve the proposal
NAE - Reject the proposal

3 Likes
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Do you plan to issue new tokens as you expand into Aleph Zero?

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Thank you for your question and for being a part of our community! We do not plan to issue any new tokens as we expand into Aleph Zero. We will continue to use the $LAY token. We believe this approach will best maintain the integrity and value of our existing token ecosystem. Please feel free to reach out if you have any other questions.

1 Like
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Thank you for the reply.
The total number of LAY tokens is set at 1,000,000,000, are there any plans to increase this limit?

I would like to know if you are going to increase the token issuance limit for Aleph Zero users.

1 Like
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Thank you for your question.

The total supply of LAY tokens is indeed set at 1,000,000,000. As of now, there are no plans to increase this limit. Any change in the total supply would have significant implications for the token economy and would only be considered after thorough analysis and community discussion.

1 Like
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Ok, Thank you for your answers.
I appreciate it.

1 Like
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By the way, why did you choose Aleph Zero as the new location for Starlay?
Is it because of the grant program?

1 Like
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Our decision to propose Starlay for Aleph Zero goes beyond just the grant program. Aleph Zero is a unique blockchain that offers interesting technical features and a growing ecosystem. Here are some reasons for our choice:

  1. Technical Capabilities: Aleph Zero is built using Substrate/ink!, allowing it to take advantage of Substrate’s modularity and flexibility. Aleph Zero also has a unique consensus mechanism that is fast and secure.
  2. Ecosystem Growth: Aleph Zero’s ecosystem has shown considerable growth, and we believe it will continue to expand. By introducing Starlay to Aleph Zero, we can tap into this growing user base and bring more diversity to the ecosystem.
  3. Alignment with Our Vision: We believe in a multi-chain future, and integrating Starlay with various networks is key to our strategy. Aleph Zero’s bridge to Polkadot and its standalone nature align well with this vision.

While the grant program provides us with much-needed support for the development and adaptation work, our decision is more deeply rooted in the technical and strategic alignment we see with Aleph Zero.

1 Like
9

Thank you for the detailed answer. :slightly_smiling_face:

Will LAY tokens be listed on the DEX in Aleph Zero?
Also, will the Starlay team provide liquidity for LAY tokens on that DEX?

1 Like
10

Thanks for your question.

Building a bridge to Aleph Zero for asset transfers is the first priority before even considering the listing of LAY tokens on a DEX within Aleph Zero. Currently, our team doesn’t have immediate plans to create this bridge and follow up with the provision of liquidity for LAY tokens on a DEX. It’s a significant task that requires careful strategic planning and prioritization.

That being said, we’re certainly open to initiatives from our community or third-party developers to establish such bridges and liquidity pools. It’s part of our mission to encourage a thriving and diverse ecosystem, and we believe community engagement is pivotal to this cause.

We deeply appreciate your interest and feedback, as the views and suggestions of our community are invaluable to us.

1 Like
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Ok, Thank you for your answers!

1 Like
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We’re excited to share that our recent snapshot vote has concluded. The proposal was passed with an overwhelming support of 67M VOTE and 100%! We want to express our gratitude to each and every one of you who participated. Your active participation truly shapes the direction of Starlay Finance!

As for our next step, we will commence with customization for the Aleph Zero ecosystem and advance with the project.

To review the vote results, follow this link:
https://snapshot.org/#/starlay.eth/proposal/0x9ffa32e5580d29d395f4f66bc022e484d4550b2d473892a220c91ff1d92f4e2d