Decentralized finance (DeFi) protocol Dot Finance announced on Tuesday that it has begun a full-scale migration to Moonbeam, a smart contracts platform that won Polkadot’s second Parachain auction.
The protocol, previously deployed on Binance Smart Chain, will gradually move to Moonbeam’s canary network on Kusama ‘Moonriver’ before full-fledged migrating to Moonbeam.
— Dot.Finance (@dot_finance) January 4, 2022
Nir Rozin, the co-founder of Dot Finance, said in a press release:
“Bringing our yield aggregation products to Moonbeam is pivotal for Dot Finance’s growth trajectory. Merging Dot Finance’s tools for DeFi with Moonriver’s safe, secure, and resilient architecture will help spearhead Polkadot adoption while reducing participation barriers for users.”
Dot Finance is a DeFi platform that allows users to automate yield farming and maximize rewards by providing access to a variety of high-performing financial instruments. Currently, Dot Finance has two main products: Staking of native token PINK and Yield aggregation.
Dot Finance’s Yield Aggregator is a service that collects information on yield farming and helps users maximize profits automatically with low fees. Meanwhile, its staking service offers users to earn rewards by depositing PINK tokens and receiving a share of PINK Distribution profits.
As the name implies, Dot Finance was originally intended to run on Polkadot. It was deployed to BSC until Polkadot went into full-scale operation in an attempt to lower barriers to entry and provide DeFi services to a wide range of users.
Moonbeam is an Ethereum-compatible smart contracts platform that won Polkadot’s second parachain auction in November last year and started minting blocks last month.