DeFi Aggregator Dot.Finance is Migrating to Moonbeam Parachain

Key takeaways:

• Compound yield farming protocol Dot.Finance is migrating to Moonbeam parachain and simultaneously integrating with Moonriver
• New staking mechanics were designed to incentivize PINK token holders to migrate from BSC
• Dot.Finance is a DeFi liquidity aggregator designed to maximize the efficiency of digital assets in the Polkadot ecosystem

Dot.Finance, a decentralized finance (DeFi) aggregator aiming to enhance liquidity and grow the adoption of the Polkadot network, has announced its migration to Moonbeam parachain and simultaneous integration on Moonriver.

Automated yield farming coming to the Polkadot ecosystem

Up until now, Dot.Finance was servicing the liquidity and yield farming needs of Binance Smart Chain (BSC) users. However, Dot.Finance is finally fulfilling its original goal of providing DeFi solutions in the Polkadot ecosystem. With the launch on Moonbeam’s Polkadot parachain and on Moonriver, the project’s Kusama parachain, Dot.Finance’s yield aggregation smart contracts and compound yield farming are coming to Polkadot.

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Initially, users will be able to earn income on their digital holdings by providing liquidity in Solarbeam’s liquidity pools, which allows them to compound the value of their LP tokens. The following pools will be supported at launch: SOLAR/MOVR, USDC/MOVR, ETH/MOVR, WBTC/MOVR, USDT/USDC, DAI/USDC, ETH/USDC, WBTC/USDC, and SOLAR/USDC. DIA’s secure oracles will ensure that the price feeds are secure and immune to price manipulation tactics.

Dot.Finance is collaborating with Anyswap to facilitate the migration of the platform’s native PINK tokens from BSC to Moonriver. Anyswap is a cross-chain interoperability protocol that allows DeFi users to seamlessly transfer their funds across different blockchain ecosystems. Newly created PINK staking pools are designed to entice holders to jump from BSC to the Moonriver blockchain.

Nir Rozin, Dot.Finance’s co-founder explains how the integration with Moonriver will help increase Polkadot adoption: 

“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.”

While the launch on Moonriver represents a notable achievement on the Dot.Finance’s roadmap, the company is not sleeping on its laurels. Integration with SushiSwap decentralized exchange and the implementation of Chainlink oracles are in the pipeline and coming in the near future.

The First Batch of Parachains Goes Live on Polkadot as the Platform Completes Its Launch

Moonbeam was one of the five winners from the first batch of auctions that were recently launched on their respective Polkadot parachains. Parachains are customizable blockchains that connect to the Polkadot Relay Chain and benefit from security guaranteed by a robust network of stakers. Moonbeam raised over 35 million DOT, worth over $1 billion during the crowdloan period. 

Dot.Finance has been showing excellent market performance as of late. The platform’s native PINK token has gained more than 30% in the first few days of 2022 and is trading at a monthly high of $ 0.137791 at press time.