DeFi Yield Farming Platform Dot.Finance Migrates to Moonbeam Parachain
- Dot.Finance has announced its migration to Moonbeam parachain.
- And its immediate integration on Moonriver, Moonbeam’s canary network on Kusama.
- Dot.Finance with Anyswap will enable transfers of PINK tokens from BSC to Moonriver.
Dot.Finance has announced its move to the Moonbeam parachain, as well as its instant inclusion into Moonriver, Moonbeam’s Kusama canary network. To note, Dot.Finance is a DeFi platform that automates yield farming and allows users to profit from their environment.
Dot Finance was previously only available on Binance Smart Chain, however now that Moonriver and Moonbeam have been released, the project may return to its original goal of assisting the Polkadot ecosystem.
Moreover, the first step in the transfer will be to adjust Dot.Finance’s yield aggregation contracts to work with Moonriver. Solarbeam’s pools will be the focus of the first yield methods, as they are among the most stable and rewarding in the Moonriver environment.
According to its team, there will be two strategies: one based on compounding the value of the user’s liquidity pool tokens, and the other using the exchange’s integrated staking capability to directly farm SOLAR.
To add on, SOLAR/MOVR, USDC/MOVR, ETH/MOVR, WBTC/MOVR, USDT/USDC, DAI/USDC, ETH/USDC, WBTC/USDC, and SOLAR/USDC are the first pools to be supported. Dot.Finance’s vaults will rely on secure oracles with difficult-to-manipulate pricing feeds thanks to cooperation with DIA.
Dot.Finance is cooperating with Anyswap, a decentralized cross-chain swap protocol, to enable transfers of Dot.Finance’s PINK token from BSC to Moonriver as a way to encourage the launch. In addition, new staking pools for PINK will be available on Moonriver to attract holders to migrate.
Despite the fact that this is an important milestone in Dot Finance’s plan, the project is just getting started. Dot.finance wants to link with the Sushi decentralized exchange in the near future to maximize users’ farming results, as well as many other protocols. As soon as Chainlink oracles become available, the project will incorporate them, ensuring total security against price manipulation attempts.
Read more: https://coinquora.com/defi-yield-farming-platform-dot-finance-migrates-to-moonbeam-parachain/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
