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Yet another exciting update is set to take place in the decentralized finance (DeFi) space. This time around, a unique lending and borrowing protocol Minterest will go live on Moonbeam.
Moonbeam is a Polkadot parachain, bringing to life the best of both Polkadot and Ethereum blockchains. According to the official blog post, launching on Moonbeam will enable Minterest to offer the highest long-term yield ever in the DeFi space. In this article, you’ll learn more about the Minterest-Moonbeam partnership.
Also, Minterest has raised USD 6.5 million in a recent funding round, where the goal is to facilitate a more user-focused DeFi structure. The launch on Moonbeam will also help achieve this.
We are thrilled about the Moonbeam partnership!
By launching on #Moonbeam, Minterest offers the highest long-term yield in #DeFi plus all #Polkadot advantages and seamless access via regular web3 wallets!
Learn more here: https://t.co/zqZyb8P7ks & https://t.co/JATSyNI80y
— Minterest (@Minterest) November 4, 2021
The ETH-compatible smart contract parachain on Polkadot, Moonbeam, will also help facilitate the migration. Providing Minterest will the technical support needed to move to Moonbeam successfully.
On the other hand, Minterest will help attract liquidity to the Polkadot parachain platform. This borrowing and lending protocol will also help promote avenues for Moonbeam community members to interact with and benefit from its protocol.
The choice to migrate to Moonbeam follows an in-depth and strategic appraisal of all of Minterest’s options. CEO and Founder of Minterest, Josh Rogers, spoke highly of the integration with Moonbeam. Adding that the partnership with Moonbeam is an essential update for the entire Minterest ecosystem.
Also, Moonbeam has shown great potential in being the most suitable protocol for the next phase of Minterest development. Josh further added that “[…] Moonbeam’s developer-friendly approach and ability to provide a gateway to Polkadot and all of its native assets are just some of the reasons we chose Moonbeam.”
Minterest – A User-Focused Protocol
According to DeFiPulse, the Total Value Locked (TVL) in the DeFi space is USD 105.69 billion. Therefore, Minterest is interested in servicing these billions of dollars locked up in the DeFi space.
Therefore, its activities acquire the entire value (100%) of interests and reimbursing it to users. The protocol furthermore makes use of a unique buyback feature as well as an on-chain liquidation process. Both processes automatically revert all revenue to platform contributors.
Having the Minterest protocol deployed on #Moonbeam is a big milestone for the project and a big step towards bringing a fairer and better #DeFi experience to the #crypto community. https://t.co/6jLtr2DxHp
— Minterest (@Minterest) November 3, 2021
Speaking on the Minterest-Moonbeam integration, Rogers also disclosed that, “By launching on Moonbeam, we can offer our users a product that combines the best of both worlds. Since Moonbeam is built on Polkadot, we gain instant access to world-class network security, low gas fees, and all the functionality that Polkadot brings. At the same time, Moonbeam’s compatibility also enables our users to access the protocol via existing Web3.0 wallets seamlessly.”
On the other hand, Moonbeam Founder Derek Yoo also disclosed that his entire team was looking forward to supporting Minterest. Adding that “[…] Minterest’s approach to distributing all protocol revenue back to token holders is both unique and in keeping with the spirit of Web3.”
We hope you’ve enjoyed the information about the Minterest-Moonbeam partnership.