DeFi Dot.Finance platform announced it will migrate to Moonbeam
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 “canarynet” powered by Kusama 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-enabled 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 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 which is responsible for finalizing transactions.
It’s possible to lease a slot for a maximum duration of 96 weeks.
The migration process
In a statement, Dot.Finance co-founder Nir Rozin said Moonbeam’s change is “pivotal” for the project:
Bringing our yield aggregation products to Moonbeam is pivotal for Dot Finance’s growth trajectory
The protocol performance aggregation contracts will need to be modified 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.