Starlay

Starlay Finance was a DeFi platform on the Astar Network, part of the Polkadot ecosystem, designed to offer a comprehensive suite of DeFi services with cross-chain interoperability.

1. Lending and Borrowing: Allows users to lend their crypto assets for interest or borrow against their holdings.
2. Yield Farming and Liquidity Mining: Offers opportunities for users to provide liquidity and earn rewards, promoting platform liquidity.
3. Cross-Chain Interoperability: Leverages Astar and Polkadot’s technology to facilitate seamless transactions across different blockchains, enhancing asset access and liquidity.
4. User-Centric Design: Focuses on simplifying DeFi interactions with a user-friendly interface, aiming to lower entry barriers for both new and experienced users.
5. Decentralized Governance: Empowers community members and LAY token holders with decision-making capabilities regarding platform development.
6. Native Token: LAY: Utilized for governance, transaction fee discounts, staking, and accessing platform incentives.

Starlay security breach on Acala Network (february 2024)

Starlay Finance on the Acala Network suffered a security breach, compromising all DOT and LDOT deposits due to unauthorized activities linked to a specific account. This incident highlights the critical need for robust security measures in the digital finance landscape, underscoring the team’s commitment to safeguarding user assets.