Astar Network Defi: 170% APR on ETH and up to 140% APR on Stablecoins using Starlay Finance

Astar Network Defi: 170% APR on ETH and up to 140% APR on Stablecoins using Starlay Finance

Starlay Finance is a lending protocol on the Astar Network, an EVM-compatible blockchain that calls itself “the Polkadot-native dApp hub supporting Ethereum, WebAssembly, dApp Staking, and Layer2 solutions”.

Starlay is currently the largest dapp on Astar with $426M in TVL. Its $LAY token isn’t trading yet but will be available to claim after an IDO planned for later this month. Depositors can provide liquidity to earn interest as a stable passive income, while borrowers can leverage their assets without selling them out.

Starlay’s MAKAI feature allows users to automatically fold (deposit, borrow and re-deposit) their assets in order to boost yields, and this is what we’re interested in.

While the yields look extremely promising, bear in mind that they are projections based on the future price of the LAY token once it starts trading. Listed tokens are ASTR, USDC,USDT, DAI, BUSD, WETH, WBTC, and WSDN.

Bridging USDC from Fantom to Astra Network Next, I will show you how to bridge USDC from Fantom network to Astra Network using my Metamask wallet. You can similarly bridge from BNB, Avalauche, Polygon, Arbitrum, Flow, Oasis, Aurora, Harmoney, Moonrive, Optimism, Boba and Milkomeda Cardano networks as well. Head to the Celer Network Bridge and connect your MetaMask wallet to the Fantom network. You can bridge USDT and USDC separately, or send either and do the swap on ArthSwap. Currently, supported assets are wETH, wBTC, USDT and USDC.

Gas fees on the Astar Network are paid in ASTR and you’ll receive 0.005 ASTR when you bridge assets for the first time. If you need more, ArthSwap has published a guide to using the ASTR Faucet.

I am waiting for my airdrop Gas Tokens On Arrival of 0.005 ASTR token. It says estimated Time of Arrival of bridge funds is 5-20 minutes on Astra network. After approving. I had to hit refresh to see the transfer button. Then click on Transfer Button. Final time pay with FTM gas to confirm the transfer of assets. Wait 5-20 minute for funds to appear on Astra network. I could not find USDC astra network token address. So, I went to Portal.astra.netwrok and click on assets. I click Plus button next to USDC to add USDC token to Metamask Astra wallet. Now, I can see my 103.532. Celler bridge only charge me $0.04 to transfer out $100 worth of USDC from Fantom network. Also fact that I got free 0.005 ASTR token airdrop it is worth the bridging.

Depositing Funds to Starlay Finance Go to Starlay.finance. Click on Makai. Starlay finance is looping built in function. Looping is way to increase your leverage and increase your APY. x1 button mean no leverage. Leverage can be adjusted based on your risk tolerance. As the app suggests, please review the documentation before depositing assets! The loop feature allows for up to 5x leverage in deposit for the asset with 80% LTV by conducting the loop 27 times. I picked 5x leverage. Using the 5X leverage button, it turn out to be Deposit of $492.69 and borrowing of $391.88 at the net APY of 23.79. My health factor is 1.07 it is at side of liquidation. I need to watch for health factor not to fall below 1.0.

Finally, here are my risk and rewards summary. My general idea is as soon as LAY tokens are tradable they will be dumped by the farmers that will suppress the token price. Starlay Protocol is a new DEX on Astra Network and there is always risk of Smart contract exploits where all funds or partial of funds can be lost due to an exploits. There is no entry for Starlay Protocol on defisafety.com. I also wanted to get in on Starlay Protocol's possible future airdrop if any.

If you enjoy this Starlay Protocol's Easy Leverage Lending and Borrowing on Astra Blockchain video, please subscribe and hit the like button show some love. Happy crypto.

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Time Stamp: 00:00 Introduction Starlay Protocol 01:40 Setting Up MetaMask for Astra Network 02:33 Bridging USDC from Fantom to Astra Network with Celler Bridge 04:21 Depositing Funds to Starlay Finance 06:03 Risk and Reward on Starlay Finance

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