DeFi Wrap-Up by YieldBay
Ahoy sailors! Here are your weekly Dotsama DeFi updates with a list of the highest APR yield farms for our sailors.
Disclosure: This content is for informational purposes only, and you should not make decisions based solely on it. This is not investment advice. Please exercise extreme caution if you intend to participate in any listed opportunity.
1. The first XC-20 on Moonbeam, $xcDOT, is now live & ready for use within Moonbeam’s DeFi ecosystem!
$DOT is finally live on @MoonbeamNetwork after the #XCM (Cross-Consensus Messaging) release on @Polkadot! $DOT may now be used throughout #Moonbeam's #DeFi eco as $xcDOT. #GLMR #MOVRmoonbeam.networkMoonbeam Adds Cross-Chain Capabilities and xcDOT | MoonbeamThe DOT token is now available for use within Moonbeam’s DeFi ecosystem, allowing holders to actively use them in DEXes, liquid staking, and lending/borrowing.
The implementation of xcDOT will allow users to move their DOT quickly and simply, and use it on a growing number of DApps. xcDOT gives Polkadot supporters more ways to enjoy the EVM-based ecosystem that is flourishing on Moonbeam.
2. Wanchain integrates with Moonbeam Network
🌉@wanchain_org integrates with Moonbeam and now supports asset transfers beyond the confines of the #Polkadot ecosystem! See the announcement & learn more👇🗣️ #Wanchain has deployed new #Moonbeam bridges! 🌐 These bridges connect @MoonbeamNetwork, @MoonriverNW, @Polkadot and @wanchain_org, supporting $GLMR, $MOVR, $DOT and several other #substrate assets. 🌉 https://t.co/wXcSFHiZ3w https://t.co/GQV9a8SU4CWanchain @wanchain_org
Wanchain, the global leader for blockchain interoperability solutions, has integrated new bridges that connect respectively Wanchain (WAN) with Moonbeam (GLMR), Moonbeam with the Polkadot Relay Chain (DOT) and Moonbeam with Moonriver (MOVR).
In addition to bridging GLMR, MOVR and DOT, Wanchain is also deploying bridges that are compatible with Moonriver’s Substrate crosschain assets xcKSM, xcKAR, xcKINT, xcRMRK, xcBNC, and xcKBTC.
3. QiDao Protocol will be deploying on Moonbeam Network!
🚨Breaking: @QiDaoProtocol is coming to @MoonbeamNetwork + @Polkadot after proposal to support @StellaSwap vaults was approved with 99%!🚀🥳 Huge milestone for greater utility & composability for $STELLA. More #DeFi yield strategies for you coming up! vote.mai.finance/#/proposal/0x7…
The proposal to add support for @StellaSwap Vaults was approved with 99% of the votes! $STELLA gets a huge use case, and in turn it will introduce liquidity mining for $MAI LPs on their DEX.
4. Congratulations to Polkadex and all the supporters on winning 16th Polkadot's parachain auction!
5. Time to unstake your DOT from Polkadot
~6.5 million $DOT or ~$100 million USD is currently unstaking from @Polkadot over the next month to put to work in the DOT economy on parachains. DOT Liquid Staking with $LDOT on @AcalaNetwork about to go live, and the @TapioProtocol $tDOT stableswap synthetic is coming 🤫
DOT transfers from Polkadot to Acala have been upgraded now allowing 2-way transfers between the Relay Chain and parachain. Users can start transferring their DOT liquidity to Acala in preparation for DOT liquid staking.
With 6.5 million $DOT or ~$100 million USD currently unstaking from Polkadot over the next month to put to work in the DOT economy on parachains, we can’t wait to see DOT Liquid Staking with $LDOT on Acala Network to go live.
6. Meanwhile, ParallelFi is the first parachain that offers liquid DOT staking
You can get sDOT and enjoy benefits such as instant unbonding and maximizing yield (stake&farm at the same time).
DOT hodlers get 14.5% APY for staking + sDOT which you can lend for extra APY (currently 42% ) then borrow to push APY higher.
7. Polkadot has completed an upgrade allowing parachains to message each other via XCM “cross-consensus messaging”.
After passing community vote, v0.9.19 has been enacted on Polkadot. This upgrade included a batch call upgrading Polkadot’s runtime to enable parachain-to-parachain messaging over XCM and upgrading #Statemint to include minting assets (like NFTs) and teleports.
Polkadot launches cross-chain messaging system to solve blockchain’s bridge problem. It opens the doors for bridgeless token movement and interconnectedness between parachains.
HIGHEST YIELD FARMS THIS WEEK
ceWETH/CONV on Convergence 131%
CONV/ceUSDT on Convergence 117%
PETS/MOVR on Moonlit Finance 457%
ZOOM/MOVR on Moonlit Finance 269%
Note: The APR of yield farms changes rapidly. The numbers indicated above may not be representative for long.
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