Dot.Finance, a DeFi Yield Farming Platform, is migrating to the Moonbeam Parachain

Dot.Finance has announced its transition to Moonbeam’s parachain and its immediate integration into Moonriver, Moonbeam’s Kusama canary network. Dot.Finance, it should be noted, is a DeFi platform that automates yield farming and allows users to earn from their surroundings.

Dot Finance was previously exclusively available on the Binance Smart Chain, but with the introduction of Moonriver and Moonbeam, the project may be able to return to its original apurpose of aiding the Polkadot ecosystem.

Furthermore, Dot.yield Finance’s aggregation contracts will be adjusted to function with Moonriver as the initial stage in the transfer. The initial yield strategies will center on Solarbeam’s pools, which are the most steady and lucrative in the Moonriver ecosystem.

According to its team, there will be two ways: one based on compounding the value of the user’s liquidity pool tokens, and the other based on directly farming SOLAR via the exchange’s integrated staking functionality.

In addition, the first pools to be supported are SOLAR/USDC, USDC/MOVR, ETH/MOVR, WBTC/MOVR, USDT/USDC, DAI/USDC, ETH/USDC, WBTC/USDC, and SOLAR/USDC. Thanks to DIA’s collaboration, Dot.vaults Finance’s will rely on secure oracles with difficult-to-manipulate price feeds.

As a method to facilitate the launch, Dot.Finance is collaborating with Anyswap, a decentralized cross-chain swap technology, to enable transfers of Dot.PINK Finance’s token from BSC to Moonriver. Additionally, new PINK staking pools will be offered on Moonriver to entice holders to move.

Even though this is a significant step forward in Dot Finance’s strategy, the initiative is still in its early stages. plans to connect with the decentralized Sushi exchange soon to improve users’ farming outcomes, among other protocols. The project will include Chainlink oracles as soon as they become ready, guaranteeing complete protection against price manipulation efforts.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button