Beamswap
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Beamswap

Announcing Partnership with Nomad and Launch of madStablecoin Yield Farm Pool

To enhance the user experience of trading stablecoins without worrying about different varieties and liquidity fragmentation, we’ve partnered with Nomad and are introducing madStablecoins to the Beamswap DEX.

Asset varieties and liquidity fragmentation hinder the trading experience

Since its inception, the Moonbeam network has attracted multiple bridges from other blockchains, which led to the creation of different variations of some crypto tokens, including correlated assets.

More options to choose from resulted in increased friction in speed and efficacy of transactions, as well as confusion among users regarding which variation of a particular asset they should use and trade. Besides, the liquidity pools of certain assets have become fragmented and split between multiple versions, further reducing the liquidity capacity of individual varieties.

Ultimately, there is no core standard for asset variations. Multiple platforms require users to first swap assets of the same value from unsupported to supported variation (charging exchange fees in the process) before they can use their services. For example, if you hold anyUSDC on one of the DEXs, you can’t use that USDC on a DEX that only supports the madUSDC version.

Stablecoins and other correlated assets should be seamlessly movable and usable across different platforms, but unfortunately, their different variations cause intense frictions, which hinders interoperability across different Moonbeam-based protocols.

We’re excited to announce that we’ve partnered with Nomad to supply more streamlined support for stablecoin trading as we introduce madStablecoins to the Beamswap DEX.

Nomad — security meets interoperability

Nomad is the leading trust-minimized bridge on the Moonbeam network. Highly focused on the security of users and their assets, the Nomad messaging protocol is designed to prevent bridge exploitations and sustain more effective cross-chain interoperability.

“Our protocol accelerates the adoption of cross-chain communications to help bridge siloed DeFi ecosystems together in the most secure and cost-efficient way.” — James Prestwich, CTO and Co-Founder at Nomad.

The Nomad protocol solves liquidity fragmentation of correlated assets on Moonbeam caused by their multiple versions. By supporting deeper liquidity and higher transaction speed, Nomad will help us foster a better trading experience for our users and higher value for their assets.

Beamswap transition to Nomad stablecoins

Recently, the Beamswap platform has been upgraded to a Stable AMM DEX to optimize the cost of trading stablecoins and correlated assets.

In the newest upgrade, the Beamswap DEX is introducing Nomad stablecoins, primarily madUSDT, madUSDC, and madDAI.

Nomad protocol will help us accelerate the cross-chain integration of assets for Beamswap users, and provide enhanced security of their funds and activities. With Nomad, we’ll also be able to bridge ecosystems cost-effectively and usher in the Moonbeam/Polkadot multichain vision.

Aligned with the latter, we aim to collaborate on standardizing the assets across the Moonbeam/Polkadot space and unifying the ecosystem with improved efficacy and user experience.

Nomad Stablecoin Yield Farm Pool on Beamswap

Through collaboration with Nomad, we’re releasing a Nomad 3POOL with dual rewards on the Beamswap Yield Farm:

Holders of the above stablecoins can easily swap them to their Nomad version on https://app.beamswap.io/farm, stake them, and harvest dual rewards. 🚜

https://app.beamswap.io/farm

New users, on the other hand, can easily bridge their USDC/USDT/DAI directly to Moonbeam using a simple Nomad bridge at https://app.nomad.xyz/.

https://app.nomad.xyz/
https://app.nomad.xyz/

With Nomad’s trust-minimized infrastructure, Beamswap aims to improve the bridging process of crypto-assets while boosting their safety and enhancing liquidity.

Harness more effective cross-chain asset communication with madStablecoins and farm staking rewards along the way. 🚀

About Beamswap

Beamswap is a DeFi Hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.

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