Dear Astar community, it is a pleasure to be here. I’m Seiya, Co-founder and CEO of Neemo Finance. We would like to apply for the Unstoppable Community Grant.
Our plan is to launch nsASTR, a Liquid Staking Token (LST) for the ASTR token, on the Astar EVM. This will involve creating a yield-bearing token that increases in price, allowing for seamless integration with lending platforms and other DeFi protocols without requiring extra connectors, as nsASTR is not a rebase token. This design simplifies adaptations and increases usability. Initially, we will return all revenues earned from our dApp staking protocol rewards to users, providing them with higher earnings. Furthermore, we will enable native staking and unstaking, allowing users to stake and unstake ASTR on other L2s and mint nsASTR, thereby enhancing the utility of ASTR across multiple L2 chains.
We are applying for Unstoppable Grants and dApp Staking, requesting 2M ASTR tokens to be staked on dApp staking on Neemo Finance (or if possible, ASTR token to be staked via Neemo protocol and mint nsASTR) from the community treasury.
Neemo Finance is a spin-off protocol from Starlay Finance. As approved in discussions at Starlay Finance, we will develop LST on Astar. You can find the forum discussion (Forum discussion: https://forum.starlay.finance/t/new-protocol-initiative-for-starlay-finance/112?u=seiyachida). Originally, we planned to integrate BTC L2 first and then proceed with ASTR, aiming to leverage BTC liquidity to positively impact the Astar ecosystem. However, after an internal team meeting, we saw significant potential in the Astar ecosystem. If our proposal is approved, we will shift our focus entirely to Astar, including stopping all BTC-related initiatives. With our experience from Starlay, Kagla, and Muuu, along with our new team members' LST expertise, we are committed to enhancing DeFi on Astar.
Our mission is to build a robust DeFi primitive within the Astar ecosystem, upon which we will construct a further DeFi ecosystem. Neemo is composed of team members with extensive Web3 experience, including LSTs, lending, stable DEX, and yield optimization. Most of our team has long experience in developing LSTs in the Ethereum ecosystem, and we aim to replicate this on Astar by leveraging the unique dApp staking feature.
By adopting mainstream DeFi strategies, we create more utility on the chain. This will increase user numbers, which in turn will attract more dApps, boosting the entire ecosystem. Additionally, as we will later explain, we distribute votes to other protocols on dApp staking, supporting the overall DeFi ecosystem and making it stronger.
Neemo Finance plans to develop nsASTR (Neemo Staked ASTR), an LST token for ASTR, and launch it on the Astar EVM, with future implementations on other L2 chains. Our LST has unique selling points: Price increase (Yield bearing) structure, Dual staking modes, Native staking and unstaking on L2s, dApp staking reward distribution, Leveraged staking, Distribution of dApp staking votes to other DeFi ecosystems, Point mechanism, and Airdrop to LAY, muLAY, veLAY holders. We are also considering the development of ETH LST with native staking on L2.
Unlike the traditional model where staked assets often remain static in valuation, ASTR’s LST adopts a price increase structure similar to wstETH and LDOT. This approach allows seamless utilization in lending or any DeFi protocol without extra connectors since it’s not a rebase token, making adaptations easy.
Bonus Rewards Condition: dApp Staking bonus rewards from the Voting era have a unique condition: if the dApp balance drops below the Voting era balance, no bonus rewards are given. Since Neemo allows users to stake and unstake tokens at any time, massive unstaking could trigger the condition where no bonus rewards are earned. Given this condition, we build our dual staking modes address specific conditions related to dApp Staking bonus rewards during the Voting era. Standard Staking allows users to deposit their ASTR tokens and receive nsASTR tokens in their wallets. Time-locked Staking is available only during the Voting sub-period. It involves locking ASTR/nsASTR tokens in a separate smart contract and offers additional benefits
