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DeFi Platform Dot.Finance Migrating to Polkadot Parachain

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Tue, 01/04/2022 - 16:25
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Alex Dovbnya
DeFi platform Dot.Finance has announced that it’s going to migrate to Moonbeam
DeFi Platform Dot.Finance Migrating to Polkadot Parachain
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Dot.Finance, a decentralized finance (DeFi) protocol for automating DeFi yield farming, has announced that it’s migrating from Binance Smart Chain (BSC) to Moonbeam, the second parachain on the Polkadot blockchain.

The project will also immediately launch on Moonriver, a Kusama-powered “canarynet” for Moonbeam.

Dot Finance won the second parachain auction in late November following a successful crowdloan campaign, raising 35 million DOT (roughly $1.4 billion) from a total of 200,000 participants.

The Ethereum-compatible smart contract platform, which primarily focuses on interoperability, started producing blocks on Polkadot last month.

Apart from Moonbeam, Acala, Astar Parallel Finance and Clover were among the first parachains to go live on top of the Polkadot network in December.  

Ethereum co-founder Gavin Wood created Polkadot in order to make blockchains interoperable:

The parachain model was created with the belief that the future of Web 3 will involve many different types of blockchains working together.

There will be a total of 100 slots on the Relay Chain, the Polkadot blockchain that is responsible for finalizing transactions.                

It’s possible to lease a slot for a maximum duration of 96 weeks.

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The migration process   

In a statement, Dot.Finance co-founder Nir Rozin said that switching Moonbeam is “pivotal” for the project:  

Bringing our yield aggregation products to Moonbeam is pivotal for Dot Finance’s growth trajectory

The protocol’s yield aggregation contracts will have to be tweaked in order to make them suitable for Moonbeam. This is going to be the initial phase of the migration process.

Dot Finance has also made it possible to seamlessly swap its native PINK token from Binance Smart Chain to Moonriver in partnership with decentralized cross-chain swap protocol Anyswap.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.