Moonwell and Moonbeam. A Collaboration of the Season.
Moonwell’s composable design can accommodate a full range of Defi applications in the greater Polkadot and Kusama (DotSama) ecosystem by developing three core sectors:
> Security and trust
> User Experience
> Research and Innovation
1. Security and trust.
Due to the transparency of the Blockchain, The Defi space has undergone several hacks and exploits. Moonwell seeks to better the security and in turn earn the trust of users.
2. User Experience.
This is a key factor most Defi platforms neglect, as it’s not put into consideration.
Interacting with an app/website with a poor user experience can be somewhat tiring and overwhelming as users tend to lose interest. Moonwell offers the best user experience even for newbies
3. Research and Innovation.
Blockchain Technology is evolving, every day we wake up to new and Innovating technologies and ideas. What bridges the gap for good research is curiosity. Moonwell keeps you up to date with technical terms/topics that need to be understood when using a lending platform, the protocol calls itself the well of knowledge for all things Defi.
Are you a Defi enthusiast or looking to learn more about Defi? Visit Moonwell.
Other Sectors include:
4. Community Engagement.
A strong community backing is paramount to any cryptocurrency project’s sustainability because communities help new projects grow. Thus you will agree with me that “behind every good project is a strong community”. Moonwell understands this and is passionate about creating a strong community where members can freely voice their ideas and opinions. You can join our discord and telegram not only for information, but also to simply have fun, hang out, and be creative.
Charity is a DAO responsible/put in place to help people financially. This will be a core part of Moonwell, it is known as Charity Governance. Here community members get to vote and make decisions on charities to support.
I’m sure you must be wondering, of all the platforms why moonbeam, Let’s clear up that curiosity. Moonbeam is an Ethereum-compatible smart contract platform for Polkadot. It allows multi-chain projects to be easily extended to Polkadot.
Polkadot is a blockchain protocol that connects a network of several blockchains called parachains, allowing them to function and communicate with each other.
Surely this collaboration will indeed benefit moonbeam in several ways as it will build a united pool of community members to support each project.
Also since securing a para chain slot auction requires a lot of DOT biddings to participate, here moonwell can come in handy as a lending and borrowing protocol to aid in helping moonbeam secure an auction when the help from community members might not be enough or without much help from the members at all and in turn help moonbeam maintain their parachain slot auction on Polkadot.
Moonwells Deployment and Product journey.
Moonwells first deployment will be on Kusama’s Moonriver, the sister network of Polkadot’s Moonbeam. Moonwell Apollo, the Moonriver sending, will be the task’s first deployment given Moonriver’s now adequate DEX liquidity and Chainlink oracle support. Moonwell Artemis, Moonwell’s Moonbeam deployment, will be enacted by the Moonwell community once ideal financial circumstances on Moonbeam are met.
If there’s anything history has shown us is that good projects/products commence with strong community backing.
Most Defi products lack the efficiency to maintain this community and are inconsistent. Therefore moonwell seeks to improve those inconsistencies by addressing the issues other Defi platforms face and integrating even more features that make this protocol collaboration with moonbeam, the collaboration of the season.
Introducing Interoperability & xcKSM to Moonwell Apollo
Moonwell Apollo’s launch on Moonriver is designed to support crosschain interoperability, allowing xcKSM. xc is a prefix for the XC-20 token and KSM is Kusama’s native token.
XC-20 tokens are a unique element of the Polkadot and Kusama ecosystems, enabling users and developers to benefit from the power of native and interoperable Substrate assets while maintaining the simplicity and familiarity of an ERC-20 token.
The XC-20tokens are supported for borrowing and lending and can be interacted with through a DEX, or through Metamask.
XC-20 tokens Usecases
1. Cross-chain transfer with Moonriver
Cross-chain deals with the exchange of data between several networks, this includes cross-chain transfers, withdrawals, and deposits. On the Moonriver network, Moonbeam Network has offered a complete, step-by-step guide on how to interact with XC-20 assets. Click here to read more.
2. Trading using DEX(Decentralized Exchange)
A DEX is a peer-to-peer marketplace where transactions occur directly between crypto traders.
xcKSM may also be exchanged for other crypto assets on a decentralized exchange. To learn more about asset exchanging on a DEX, click here.
Utilizing Moonwells Protocol.
Well so far so good I’ve been really excited about moonwell coming to moonriver and moonbeam but more so excited about the utility products that come with it.
Here’s a guide to transferring KSM to Moonriver and depositing It to Moonwell
STEP 1. Make sure the account that holds your KSM tokens is in the polkadot.js extension on your browser.
STEP 2. GO to apps.moonbeam.network and click on the moonriver on the top.
STEP 3. Scroll down to the cross chain asset section where xcKSM is listed, then click deposit.
STEP 4. A popup will appear, then click on connet and on the next popup click yes allow this application access.
STEP 5. Now select the address that holds your KSM and add an amount that you will like to transfer, then scroll down and click send.
STEP 6. A popup will appear input your password to confirm the transaction.
STEP 7. We now have xcKSM on moonriver.
Note: The amount transferred mightbe slightly less than the actual amount, that is simply because of gas fee.
STEP 8. Go to moonwell.fi, under apollo, click on launch app.
STEP 9. Then connect your wallet.
STEP 10. On the carousel, scroll left or right and find kusama . Now we are ready to deposit xcKSM then input the amount you want to deposit and click on approve & deposit xcKSM.
STEP 11. Then confirm the approval transaction.
STEP 12. And finally, confirm the deposit transaction.
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