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Starfish Finance proposes DeFi NFT convergence on Polkadot

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Starfish Finance, the DeFi project running on Astar Network, has shared its vision on how NFTs and decentralized finance will merge on Polkadot. The community-driven project predicts that the worlds of DeFi and NFTs will eventually merge and form a brighter star, with Starfish Finance ($SEAN) serving as the fortress hosting this union.

Borrow and lend with your NFTs

Starfish Finance is one of many planets orbiting the Astar Network ecosystem, one of the brightest parachains in the Polkadot Galaxy. On its home planet lives a starfish named Sean who has vowed to venture into the galaxy and build new castles.

The Starfish protocol is based on Balancer v2. It gives users the freedom to create liquidity pools with up to eight different crypto assets on top of a full-stack DeFi product suite. Beyond DeFi capabilities, users can deploy NFTs on their native chain via Celer Network’s IM framework, an inter-chain messaging mechanism, to benefit from cross-chain secured NFT lending and lending.

The Starfish Finance protocol has been audited by CertiK and the Starfish team has emphasized that the security of the community is their top priority. The team is now in the process of collaborating with prestigious NFT projects to provide liquidity, allowing owners to access capital without relinquishing ownership of their prized collectibles. Starfish Finance is already listed on Huobi, a large, top-tier centralized exchange, and the team is targeting additional listings that may be announced as the protocol develops.

From the start, Starfish Finance has positioned itself as a one-stop shop offering stable and weighted multi-token swaps and aiming for a multi-chain future. Starfish started the year by conceptualizing, fundraising, forming strategic partnerships, building an inclusive community and launching the testnet. For the remainder of 2022, the team will roll out its DeFi suite and refine its NFT-backed lending and borrowing roadmap.

The eventual formation of Starfish DAO, dubbed The Aquarium, will pave the way for everything that comes next. The local council is tasked with promoting different parts of the project, from product to art and from technology to marketing. Community members will play a large role in onboarding and whitelisting new NFT projects as eligible collateral for Starfish NFT-Fi, in addition to managing events and activities to grow the multi-chain Web3 economy.

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