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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.
Up until now, Dot.Finance wasĀ servicing the liquidity and yield farming needs ofĀ 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 Moonbeamās Polkadot parachainĀ and on Moonriver, the projectās Kusama parachain, Dot.Financeās 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 Solarbeamās 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. DIAās secure oracles will ensure that the price feeds are secure and immune to price manipulation tactics.
Dot.Finance is collaborating with AnyswapĀ to facilitate the migration of the platformās 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.Financeās co-founder explains how the integration with Moonriver will help increase Polkadot adoption:Ā
āBringing our yield aggregation products to Moonbeam is pivotal for Dot Financeās growth trajectory. Merging Dot Financeās tools for DeFi with Moonriverās safe, secure, and resilient architecture will help spearhead Polkadot adoption while reducing participation barriers for users.ā
While the launch on Moonriver represents a notable achievement on the Dot.Financeās 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.Ā
Dot.Finance has been showing excellent market performance as of late. The platformās native PINK token has gained more than 30% in the first few days of 2022 and is trading at a monthly high of $āÆ0.137791 at press time.
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