About

Stargaze is a decentralized and community-driven proof-of-stake Layer1 for NFTs built on Cosmos. The protocol features a zero gas fee NFT Launchpad, where creators can sell their collections to the community, and a NFT Marketplace, set to launch on June 6, 2022 where users will be able to trade and stake their NFTs. STARS, Stargaze native token, can be used for network fees, minting NFTs, voting on governance proposals and helping secure the network through staking. Stargaze, thanks to the interoperability provided by Cosmos IBC and Gravity Bridge, can interoperate with every Cosmos ecosystem blockchain and with Ethereum and its Layer2s.

History

Stargaze was founded on February 28, 2020 by Public Awesome developers team to be a community-driven NFTs-specific L1. The mainnet launched on October 10, 2021. The protocol started off with a 1 billion genesis supply. 25% of the supply were used for a 250 million tokens airdrop to ATOM and OSMO stakers. Of the remaining tokens, 20% went to the Community Pool, the protocol DAO, another 21,5% went to the Foundation to develop the ecosystem and the others got split between founders, advisors, validators and investors. On December 18, 2021 Stargaze bootstrapped liquidity for STARS in a Liquidity Bootstrapping Pool (LBP) on the Osmosis blockchain. LBPs are used for price discovery, liquidity bootstrapping, and fair token distribution, giving users the possibility to purchase an asset before a common price has been determined by buyers and sellers in a secondary market. In order to create a 95% STARS (50,000,000) and 5% OSMO (135,000) pool, Stargaze requested a 135,000 OSMO loan from Osmosis’ treasury, payable upon completion of the LBP. The initial uneven weight of both STARS and OSMO at the initiation of the pool was deliberately chosen by LBP creators to prevent bots from acquiring the majority of avaible tokens and immediately selling them for profit. Over the duration of the LBP, the weights of STARS and OSMO in the pool constantly readjusted until the weights of both assets reached a 50:50 ratio and a price was discovered. The LBP lasted for 3 days, during which 18 millions STARS were sold, achieving a 0,107$ price for STARS. On December 21, 2021 Stargaze community withdrew half of the liquidity from the LBP and payed back the loan to Osmosis' treasury while storing the other half in the Community Pool. On January 25, 2022 Stargaze introduced the Fair Burn fee structure. According to it, 50% of every fee will ben burned and the other 50% will be sent to the Community Pool. On March 3, 2022, Stargaze Launchpad was released and on March 11, 2022 the first 15 NFT collections avaible on Stargaze Launchpad were revealed during the Genesis Mint.