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DeFi Wrap-Up by YieldBay

blog.yieldbay.io

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.

Sylvia Plath
May 8, 2022
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DeFi Wrap-Up by YieldBay

blog.yieldbay.io

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!

Twitter avatar for @GlmrNews
GLMR News @GlmrNews
$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 #MOVR
moonbeam.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.
2:07 PM ∙ May 4, 2022
131Likes23Retweets

 

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

Twitter avatar for @MoonbeamNetwork
Moonbeam Network @MoonbeamNetwork
🌉@wanchain_org integrates with Moonbeam and now supports asset transfers beyond the confines of the #Polkadot ecosystem! See the announcement & learn more👇
Twitter avatar for @wanchain_org
Wanchain @wanchain_org
🗣️ #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/GQV9a8SU4C
12:55 PM ∙ May 5, 2022
175Likes34Retweets

  

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!

Twitter avatar for @StellaSwap
StellaSwap - (We're Hiring) @StellaSwap
🚨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…
Image
4:22 PM ∙ May 6, 2022
131Likes33Retweets

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!

Twitter avatar for @polkadex
Polkadex @polkadex
IT'S OFFICIAL ✅ Polkadex has secured a @Polkadot parachain slot with a resounding win in auction 16! 🍾 Polkadexers came together to loan 973k DOT (>97% of auction cap) to the Polkadex Crowdloan, making it batch 3's biggest 🤯 Thank you Polkadexers 🙌 Just gettin started 👀
Image
7:48 PM ∙ May 6, 2022
597Likes173Retweets

5. Time to unstake your DOT from Polkadot

Twitter avatar for @danreecer_
Dan Reecer 🅰️🕊⚪️ @danreecer_
~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 🤫
Image
6:58 PM ∙ May 6, 2022
619Likes99Retweets

 

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”. 

Twitter avatar for @Polkadot
Polkadot @Polkadot
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.
Image
1:13 PM ∙ May 4, 2022
2,723Likes807Retweets

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

Moonbeam 

GLMR/FLARE on Solarflare 156%

FLARE/USDC on Solarflare 149%

GLMR/GLINT on Beamswap 132%

ceWETH/CONV on Convergence 131%

CONV/ceUSDT on Convergence 117%

Moonriver

WMOVR/stKSM on Sushiswap 476%

WMOVR/xcKSM on Sushiswap 473%

PETS/MOVR on Moonlit Finance 457%

ZOOM/MOVR on Moonlit Finance 269%

MFAM/MOVR on Solarbeam 264%

Note: The APR of yield farms changes rapidly. The numbers indicated above may not be representative for long.


In case you haven’t, don’t forget to subscribe to The Bay Journal newsletter to stay up to date with DotSama farms and the happenings in the bay.


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