Launched! High-yield USDC & USDT Moonwell strategy on Kusama

OH! Finance’s new Moonwell strategy has launched on Kusama’s Moonriver ecosystem! We’re expecting up to 30% APY on this strategy. Oh! Now that’s some good yield!

Approaching $250 million in total value locked (TVL), Moonwell is the first and largest open lending and borrowing DeFi protocol on Moonriver. Like OH! Finance, the Moonwell project puts utmost importance on security and simplicity.

Our new strategy will use light folding to return industry-leading yields on single-sided USDC and USDT deposits at launch.

Moonwell and Moonriver give DeFi an exciting future and the team as OH! Finance is excited to build and work in it.

First, let’s go through how to get funds onto the Moonriver network, and then we’ll take a closer look at the “Dotsama” ecosystem, Moonwell, and more.

How to Move Funds to Moonriver

There’s two approaches to moving your funds onto the Moonriver network. One uses DeFi. The other uses centralized exchanges (CEXs). Let’s take a look at DeFi first.

The DeFi Method

You’ll need to have your MetaMask wallet set up for the Moonriver network first. It’s easy. Just follow the instructions on the Moonriver docs site. Or if you already know how to add a new custom network in MetaMask, here’s the current network information:

New to MetaMask? You can find installation and usage instructions on the MetaMask FAQs site.

If you already have tokens somewhere in the DeFi ecosystem, you can use the bridge by SolarBeam to transfer tokens from many different chains to Moonriver. Currently, Solarbeam uses bridge services from two different sources: the integrated bridge powered by Multichain (formerly known as Anyswap) and third-party provider Relaychain.

SolarBeam provides an excellent how-to guide. But if you don’t want to click, here’s what you do. (Note: Before bridging, please ensure you are connected to the wallet which contains the funds you are intending to bridge.)

If bridging from Ethereum or Binance Smart Chain to Moonriver (or back), do this:

Step 1: Select the origin network

Step 2: Select the destination network

Step 3: Select the token you wish to bridge

Step 4: Approve the bridge on the site, and in your Metamask wallet.

If bridging from Polygon, Avalanche, or Fantom to Moonriver (or back), do this:

Step 1: Select the origin network

Step 2: Select the destination network

Step 3: Select the token you wish to bridge

Step 4: Approve the bridge on the site, and in your Metamask wallet.

You can also swap supported tokens for MOVR on SolarBeam to pay for transactions on the Moonriver network. Per the SolarBeam site, 0.01 MOVR will currently pay for about 10 transactions on Moonriver. Swapping for MOVR is a gas-less transaction but there is a 1% fee.

Once your funds are on Moonriver, simply go to https://oh.finance/ and deposit your tokens in the vault.

That’s it!

The Centralized Exchange (CEX) Method

On some CEXs you can buy MOVR, the native Moonriver network token, and withdraw it to the Moonriver network. Check your favorite CEXs before attempting to do this, of course. See CoinGecko or CoinMarketCap for information on where you can buy MOVR. As always, use only CEXs you trust. And don’t forget to use the Moonriver network when withdrawing funds from the exchange.

About Moonwell, Moonriver, Moonbeam, Kusama & Polkadot

Yes, it can all be a bit confusing. Let us help with that, starting from the bottom-up.

Polkadot is a Layer 0 blockchain with a relay chain (the main network) and parachains (user-created networks). The relay chain is where transactions are made permanent. Parachains, however, can be built however the user would like, but still stand on the same robust security as the main chain. DOT is Polkadot’s native token.

Kusama is essentially the test network for the Polkadot blockchain. It provides a platform for experimentation and earlier code release before launch on Polkadot. For this reason it is sometimes called the “canary network.” Kusama uses KSM as its native token. Like Polkadot, Kusama is a Layer 0 chain. Also like Polkadot, Kusama has parachains. Thus, “Dotsama.”

Moonriver is a Layer 1 Kusama parachain that combines the familiar tooling of Ethereum with increased scalability from Polkadot’s architecture. Moonriver is the canary chain for Moonbeam on the Kusama network. Moonriver is where new products are developed prior to deployment on Moonbeam. Moonriver launched to Kusama in June 2021. Its native token is MOVR. Don’t know how to use Moonriver? Check out the how-to above in this article ;)

Moonbeam is the Polkadot-hosted instance of Moonriver, having launched in December 2021. Its native token is GLMR.

Moonwell is a recently-launched open lending and borrowing DeFi protocol being built on Moonbeam and Moonriver. Moonwell Apollo is its launch on Moonriver. Later, it will launch Moonwell Artemis launch on Moonbeam. Launched only about a month ago, it is already approaching $250 million in TVL. Moonwell, indeed.

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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