Minterest, a DeFi loan protocol, to be launched on Moonbeam, an Ethereum-compatible smart contract parachain on Polkadot
Interest, a “value-added” lending and borrowing protocol developed to make decentralized finance (DeFi) fairer to end users, has confirmed that it will be launched on Moon Beam, an Ethereum (ETH) compatible smart contract parachain built on Peas.
As mentioned in an update shared earlier this week with CI, Moonbeam will offer recognized “world class” technical support to help with the protocol migration, while, in turn, Minterest will serve as a magnet to “attract liquidity on the Moonbeam parachain. “
By joining the Moonbeam ecosystem, Minterest is committed to “creating opportunities specific to the Moonbeam community, allowing them to engage with and benefit from the protocol,” notes the announcement.
Josh rogers, CEO and Founder of Minterest, said:
“We have taken a big step forward by choosing to rely on Moonbeam. After undertaking a thorough and strategic assessment of Minterest’s options, it became clear that Moonbeam was the ideal deployment destination and by far the best solution for the next phase of protocol development. Moonbeam’s developer-friendly approach and ability to provide a gateway to Polkadot and all of its native assets are just a few of the reasons we chose Moonbeam.
Created by industry professionals to serve billions of Locked-In Total Value (TVL), Minterest is said to be the first lending protocol that aims to capture 100% of value “from interest, flash loan, and liquidation fees. which are then passed on to users “.
Unique features include “an automated on-chain liquidation process and a buy-back mechanism that automatically passes income on to contributing users of the platform,” the update revealed.
Moonbeam has made significant contributions to the development of Polkadot’s Ethereum Virtual Machine (EVM) and “has an impressive ecosystem, with over 70 committed projects to build on the platform,” the announcement added.
“By launching on Moonbeam, we are able to offer our users a product that combines the best of both worlds. Since Moonbeam is built on Polkadot, we get instant access to world-class network security, low fuel costs, and all the features Polkadot brings. At the same time, Moonbeam’s compatibility also allows our users to seamlessly access the protocol through existing Web3.0 wallets.
Derek yoo, founder of Moonbeam, said:
“As DeFi protocols mature, they are measured with some of the same financial metrics used to measure traditional business performance. One of these metrics is protocol revenue. Minterest’s approach to redistributing all protocol revenue to token holders is both unique and in keeping with the spirit of Web3. We look forward to supporting the Minterest team in growing their DeFi ecosystem on Moonbeam. “