How to Use OH! Finance’s Moonriver Vaults

M aybe you’re new to Moonriver. Maybe you’re new to Kusama. Maybe you just installed MetaMask for the first time. No matter what, you’ve come to the right place, friend. At the end of this tutorial you will be earning up to 30% APY on USDC or USDT tokens!

Things You Will Need

• MetaMask
• USDC or USDT tokens in your MetaMask wallet on the Ethereum network
• ETH tokens in your MetaMask wallet on the Ethereum network

That’s it! Let’s get started.

W e recommend starting from the Ethereum network and bridging directly from there to the Moonriver network. There are other ways to get your assets to the OH! Finance vaults on Moonriver but those require more planning due to fees and liquidity. Feel free to stop by our Telegram channel if you have any questions.

You will need to add the Moonriver network to your MetaMask wallet if you haven’t already done so. The easiest way to do this is to go to the Moonriver docs site and click the “Connect to Moonriver” button. This will add the Moonriver network to MetaMask.

The simplest way to add the Moonriver network to your MetaMask wallet.

If you’d prefer to add it to MetaMask manually as a custom network, here’s the current network information:

• Network Name: Moonriver
• RPC URL: https://rpc.api.moonriver.moonbeam.network
• ChainID: 1285 (hex: 0x505)
• Symbol (Optional): MOVR
• Block Explorer (Optional): https://moonriver.moonscan.io/

Now that we have MetaMask set up properly, let’s DeFi!

F or this tutorial we’ll use the Solarbeam Bridge to get our USDC or USDT from the Ethereum network to the Moonriver network on the Kusama blockchain. You can find a useful guide to using this bridge on the Solarbeam Foundation’s doc site, but we’ll summarize the steps below.

Fun Fact! A crypto “bridge” allows the transfer of information and tokens between blockchains (or networks). See this article for more information about Ethereum bridges.

See the images and captions below for the step-by-step guide.

Solarbeam Foundation

1. Go to https://solarbeam.io/ and click “Launch App.” In the pop-up menu, select “Solarbeam (Moonriver).”

2. If you were on the Ethereum network the site will try to switch you over to the Moonriver network. You don’t want to switch yet, so click “cancel.”

3. Click “Bridge” in the top row menu to go to the Solarbeam Bridge site. The correct direction for bridging is pictured here— from Ethereum to Moonriver. If it shows anything else then switch to the Ethereum network in MetaMask. Note the minimum and maximum bridge amounts at the bottom of the page.

4. On the same bridge page as in step 3, click “Select a token” and then select USDC or USDT.

5. Enter the amount of USDC or USDT you want to send across the bridge then click “Bridge [USDC or USDT].” You will need ETH in your wallet on the Ethereum network to pay for the transaction (gas).

6. When the pop-up appears, click “Bridge [USDC or USDT]” again.

7. MetaMask gives you a pop-up showing the estimated gas fee for the bridging transaction. Click “Confirm” if you’re satisfied with the settings. This will initiate the bridge transaction, which takes a few minutes to complete.

8. You can switch MetaMask over to the Moonriver network while you wait.

9. If you’re on the Moonriver network then you’ll see when the bridge transaction completes in the History tab on the bridge site. The USDC or USDT tokens you send from Ethereum to Moonriver will now appear in your MetaMask wallet when you connect your wallet to the Moonriver network.

While you’re waiting for the transaction to complete you can add the USDC and/or USDT contract addresses to your MetaMask wallet on Moonriver. Tokens have different contract addresses on different networks. USDC and USDT may appear automatically once you have a non-zero balance, but it’s good practice to add them yourself. If you don’t know how to do so please see below.

10. Open MetaMask then click “Import tokens” (left) then copy-paste the appropriate contract address given below into the “Token Contract Address” field (right).

USDT contract address on Moonriver: 0xb44a9b6905af7c801311e8f4e76932ee959c663c

USDC contract address on Moonriver: 0xe3f5a90f9cb311505cd691a46596599aa1a0ad7d

S o now you’ve moved USDC or USDT from the Ethereum network to the Moonriver network. The last two steps are to swap USDC or USDT for gas (MOVR) and then, lastly, deposit USDC or USDT into the OH! Finance vaults.

You will need MOVR, the native token of Moonriver, to perform transactions on the network in the same way you need ETH to perform transactions on the Ethereum network. Let’s get some MOVR so we can use the Moonriver network.

11. With MetaMask on the Moonriver network, select the “Swap for Gas” tab on the bridge site, then select which token you want to spend to get MOVR. Select whichever token you bridged over — that is, USDC or USDT. This is a gas-less transaction, although there is a 1% fee on every swap, so it’s not free. According to the site, you can pay gas for about 10 transactions with 0.01 MOVR, but it never hurts to have a little extra just in case. Click “Approve & Swap” to initiate the swap.

12. Initiating the swap (see step 11) will bring up two successive MetaMask pop-ups. You will need to “Sign” both to complete the swap. Once completed, you have successfully swapped USDC or USDT for MOVR and now have MOVR in your MetaMask wallet on MOVR. You’re ready to roll!

13. Staying on the Moonriver network, go to https://oh.finance/. Now click “Launch App.”

14. Click “Earn” on the left side. You’re so close!

15. Click “Deposit” if you haven’t used the vault yet or “+” if you already have tokens in the vault.

16. In the pop-up window, input the number of USDC or USDT tokens you want to deposit and click “Deposit” again.

17. When the next pop-up window appears, verify the information and then click “Deposit.” When you deposit USDC or USDT into the OH! Finance vaults you are given OH-USDC or OH-USDT, respectively, in your MetaMask wallet in return. These are your deposit receipt tokens. Keep these — you will need them if you ever want to withdraw your tokens.

18. A MetaMask pop-up appears. Click “Confirm” to execute the transaction.

Congrats! You’re now getting up to 30% APY on your stablecoin deposit. You can’t beat that!

The Centralized Exchange (CEX) Method

Before we conclude we wanted to note that some centralized exchanges (CEXs) allow you to buy MOVR and withdraw it directly to your MetaMask wallet on the Moonriver network. Check your favorite CEXs before attempting to do this, of course, and see CoinGecko or CoinMarketCap for information on where you can buy MOVR. If you do this you would need to swap your MOVR for USDC or USDT on Moonriver before depositing into OH! Finance, so make sure to calculate all the fees, slippage, etc in advance. As always, use only CEXs you trust, and don’t forget to use the Moonriver network when withdrawing funds from the exchange.

About OH! Finance

OH! Finance is an optimized yield-generation protocol, focused on reducing risk and increasing volume exposure. Start earning industry-leading interest rates on stablecoins in just a few clicks: https://oh.finance

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