The decentralized finance project Starfish Finance, which runs on the Astar Network, has shared its outlook for how NFTs and decentralized finance will come together on Polkadot. The community-driven project asserts that Starfish Finance ($SEAN) will act as the fortress that harbours the eventual union of the DeFi and NFTs worlds to create a brighter star.
Starfish Finance is one of the many planets circling the Astar Network ecosystem, one of the most significant chains in the Polkadot galaxy. A starfish named Sean resides on its home planet and has vowed to explore the galaxy and construct new castles.
Based on Balancer v2, the Starfish protocol was created. On top of a full stack DeFi product suite, it gives users the choice to create liquidity pools of up to eight different crypto assets. Beyond its DeFi capabilities, Celer Network’s IM framework, an inter-chain messaging system, allows users to stake NFTs on their native chain to take advantage of cross-chain collateralized NFT lending and borrowing.
The Starfish team has emphasized that the community’s security is their top priority, and the Starfish Finance protocol has undergone an audit by CertiK. To enable owners to access capital without giving up ownership of their prized collectibles, the team is currently working in collaboration with renowned NFT projects. The team hopes to list Starfish Finance on additional exchanges that may be announced as the protocol advances. Starfish Finance is currently listed on Huobi, a significant top-tier centralized exchange.
Starfish Finance has built a reputation as a one-stop shop that supports a multi-chain future and provides multi-token stable and weighted swaps. Starfish began the year by coming up with the idea, raising money, establishing strategic alliances, creating a welcoming community, and launching the testnet. The team will release their DeFi suite for the remainder of 2022 and make adjustments to their roadmap to launch NFT collateralized lending and borrowing.
Everything that happens after Starfish DAO, also known as The Aquarium, eventually forms is made possible. The community council will support various aspects of the project, from technology to marketing and from product to art. Members of the community will play a significant role in managing events and initiatives to expand the multi-chain Web3 economy and onboarding and whitelisting new NFT projects as acceptable collateral for Starfish’s NFT-Fi.