MAI Finance expands to Moonriver on the Solarbeam DEX with RelayChain
The QiDao, Solarbeam and Relay teams are excited to announce a further expansion of their multi-chain collaboration. Beyond already enabling the cross-chain bridging of the MAI stablecoin between Polygon, its native chain, and Avalanche, MAI can now be bridged to Moonriver!
Liquidity pool is set up on Solarbeam:
- MAI-USDC: Rewards in SOLAR
QiDao, through its Mai Finance frontend, is a decentralized borrowing protocol developed on the Polygon network, which went into production in May 2021. It allows users to draw interest-free loans against accepted tokens used as collateral. Loans are paid out in MAI (= miMatic), the 1st ever Polygon based stablecoin, which is soft pegged to the US dollar (1 MAI is worth around 1 USD).
Solarbeam is the early TVL leader for decentralized exchanges on Moonriver. At their peak, they had reached a TVL of over $125 Million. Daily trading volumes range between $10 and $30 million per day. Impressive numbers for such an early project. Their token, SOLAR, is the most liquid native asset next to MOVR itself. Aside from a clean swapping UI and generous farming rewards, Solarbeam’s roadmap includes a launchpad and an NFT marketplace. Their goal is to provide a comprehensive and convenient one-stop platform for the cryptocurrency community.
RelayChain enables fast and secure cross-chain token transfers between the world’s leading blockchains. The platform offers Bridging as a Service (BaaS) to partner dApps wishing to expand their footprint beyond a single chain. RelayChain currently supports bridges between any combination of Ethereum, Polygon, Binance Smart Chain, Avalanche and Huobi ECO Chain. Multiple other networks including KSM/DOT, Fantom, Solana and Cosmos, will be added in the near future. A unique feature of RelayChain is that liquidity providers will be rewarded in the native gas tokens (ETH, AVAX, BNB, MATIC, etc) of the chain where they provide the liquidity.
The significance of being able to bridge the MAI token to Moonriver cannot be understated. Currently, users have no method to bridge any stablecoins directly between Moonriver and Polygon or AVAX. This all changes with Relay enabling MAI transfers between any combination of these networks.
More About QiDao/Mai:
More About Solarbeam:
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