Another exciting development is on the way in the decentralized finance (DeFi) space. Minterest, a one-of-a-kind lending and borrowing protocol, will go live on Moonbeam this time.
Moonbeam is a Polkadot parachain that combines the best features of the Polkadot and Ethereum blockchains. According to the official blog post, launching on Moonbeam will allow Minterest to provide the highest long-term yield in the DeFi space ever. This article will tell you more about the Minterest-Moonbeam collaboration.
In addition, Minterest recently raised USD 6.5 million in a funding round with the goal of facilitating a more user-focused DeFi structure. The launch on Moonbeam will also contribute to this goal.
Moonbeam, Polkadot’s ETH-compatible smart contract parachain, will also aid in the migration. Providing Minterest with the technical assistance required to successfully transition to Moonbeam.
Minterest, on the other hand, will aid in the attraction of liquidity to the Polkadot parachain platform. This lending and borrowing protocol will also help to promote ways for Moonbeam community members to interact with and benefit from its protocol.
Why the name Moonbeam?
The decision to migrate to Moonbeam was made after an in-depth and strategic evaluation of all of Minterest’s options. Josh Rogers, CEO and Founder of Minterest, praised the integration with Moonbeam. In addition, the collaboration with Moonbeam is an important update for the entire Minterest ecosystem.
In addition, Moonbeam has shown great promise as the best protocol for the next stage of Minterest development. “[…] 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,” Josh added.
Minterest is a protocol that focuses on the user.
Total Value Locked (TVL) in the DeFi space is USD 105.69 billion, according to DeFiPulse. As a result, Minterest is interested in servicing the billions of dollars that have been locked up in the DeFi space.
As a result, its activities acquire the entire value (100%) of interests and remit it to users. The protocol also includes a one-of-a-kind buyback feature as well as an on-chain liquidation process. All revenue is automatically returned to platform contributors in both processes.
In addition, Rogers stated about the Minterest-Moonbeam integration, “By launching on Moonbeam, we can offer our users a product that combines the best of both worlds.” Because Moonbeam is built on Polkadot, we have instant access to world-class network security, low gas fees, and all of Polkadot’s functionality. At the same time, Moonbeam’s compatibility allows our users to seamlessly access the protocol via existing Web3.0 wallets.”
Moonbeam Founder Derek Yoo, on the other hand, stated that his entire team was excited to support Minterest. “[…] Minterest’s approach to distributing all protocol revenue back to token holders is both unique and in keeping with the spirit of Web3,” the company says.