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Dot Finance migrates to Moonbeam, supporting Polkadot

By:
on Jan 4, 2022
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  • At the beginning, yield strategies will focus on Solarbeam’s pools
  • Dot Finance’s vaults will rely on secure oracles offering hard to manipulate price feeds
  • Dot integrates with the Sushi decentralized exchange to increase users’ farming returns

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Dot Finance has migrated to the Moonbeam parachain and will be integrated on Moonriver immediately, Invezz learned from a press release. Moonriver is Moonbeam’s canary network on Kusama.

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A DeFi platform automating yield farming

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Dot Finance is a DeFi platform developed to help users generate returns from the ecosystem around them and to automate yield farming. Previously, Dot Finance ran on Binance Smart Chain, but the project can start with its original goal of supporting the young Polkadot ecosystem with the launch of Moonriver and Moonbeam.

Initial strategies to focus on Solarbeam pools

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In the first stage of the migration process, Dot Finance’s yield aggregation contracts will be adapted for Moonriver. At the beginning, yield strategies will focus on Solarbeam’s pools, some of the most rewarding and stable ones in Moonriver.

One strategy will be to farm SOLAR through the exchange’s integrated staking feature directly. Another will involve compounding the value of the user’s liquidity pool tokens.

Types of pools supported

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Dot Finance will support the following pools initially. Others will follow:

  • SOLAR/MOVR
  • USDC/MOVR
  • ETH/MOVR
  • WBTC/MOVR
  • USDT/USDC
  • DAI/USDC
  • ETH/USDC
  • WBTC/USDC
  • SOLAR/USDC

Dot Finance’s vaults will rely on secure oracles offering hard to manipulate price feeds through a partnership with DIA. Nir Rozin, Dot Finance’s co-founder, commented:  

Bringing our yield aggregation products to Moonbeam is pivotal for Dot Finance’s growth trajectory. Merging Dot Finance’s tools for DeFi with Moonriver’s safe, secure, and resilient architecture will help spearhead Polkadot adoption while reducing participation barriers for users.

Incentives for the launch

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To enable transfers of Dot Finance’s PINK token from BSC to Moonriver, Dot Finance is collaborating with decentralized cross-chain swap protocol Anyswap. Furthermore, holders will be encouraged to migrate through new staking pools for PINK on Moonriver.

Plans for the future

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This may be a significant milestone, but it’s just the beginning for the innovative new project. In the near future, Dot Finance will integrate with the Sushi decentralized exchange to increase users’ farming returns. Many other protocols will follow. Dot Finance will integrate Chainlink oracles when they become available, ensuring prevention of price manipulation attacks and other crimes.

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