Beamswap got a green light to launch a DEX on Moonriver Network
Complementing the revival of Moonbeam’s sister chain, Moonriver, Beamswap will release a comprehensive DeFi platform to boost network’s activity and serve a wider user base.
Happy days, Beamswap fam! 🚀
While the Beamswap DeFi Hub is running wildly successfully on the Moonbeam Network for the third year, we always seek to expand our reach and bring DeFi solutions to new target audiences.
The new destination? Moonriver Network.
We’re super excited to share that Beamswap has been voted to launch a brand-new DEX to complement the Moonriver Network’s relaunch this summer and was awarded the Moonbeam grant to fund the initiative. 🚀
A big thank you to all the voters and participants in the process, and the Moonbeam Network for their trust!
Now, what does this mean for the Moonriver and Moonbeam communities? Let’s explore. 👇
DeFi on Moonriver? Yes, please!
First, let’s recap how Beamswap got to this point.
In late April, the team submitted a proposal to revive the somewhat stagnant Moonriver ecosystem to Moonbeam Governance Forum for discussion and approval.
The proposal came as a response to Call for Input: Shaping Moonriver’s DeFi Strategy, posted earlier that month by the network’s Technical Council member.
After weeks of reviewing and assessing all submitted proposals, listed KPIs and objectives, Beamswap was selected as the optimal contributor to the revival of Moonriver’s DeFi aspect.
Read Beamswap’s ful Proposal 👉 here or check out its recap. 👇
Increased liquidity, revived network
The main aim of launching a decentralized exchange with AMM and CLMM on the Moonriver Network is to generate a stronger influx of new users and their transactional activity.
With network’s backing, a deeper liquidity would facilitate smoother DEX operations and enrich the relevance of the network, allowing users to tap into new DeFi opportunities to grow their crypto portfolio.
Besides, Beamswap would onboard a new liquidity managing partner to keep the platform scalable and responsive to an incresing user interest.
Beamswap’s experience in providing both AMM and CLMM infrastructure positions it as the ideal provider to deliver higher asset utilization and efficiency, low slippage on all trading pairs, and sustainability via default fee sharing.
In practice, Beamswap’s initiative would translate to greater experience for the Moonriver user base, with a multitude of DeFi features and access to network’s native $MOVR token through cross-chain solutions of Axelar and Squid. Ultimately, such organic growth would reduce the need to tap into public resources like network funding to sustain the exchange.
A Moonriver-based DEX by Beamswap
As outlined in the proposal, Beamswap will launch and maintain a native DEX on Moonriver. The platform will operate separately from Moonbeam-based Beamswap DeFi Hub, and represent its sister branch on Moonriver, supported by the network itself.
Similarly, the liquidity of network’s native asset, $MOVR, will be generated and sustained on Moonriver and by network users.
Product suite
Beamswap’s product suite of Moonriver-based DEX will include:
- Concentrated Liquidity v3 with external engine
- AMM DEX
- CLMM DEX with Stable AMM support
- LSD native exchange token staking
- Community projects liquidity (no listing fee)
- Cross-chain swap capability
- Axelar bridge integration
- Advanced router with Squid
- Launchpad (if needed)
In launching a Moonriver-based DEX, the greatest focus will be placed on deploying a concentrated liquidity v3 engine and a liquidity farming engine to sustain farming activity on Moonriver.
But it will not stop there.
With constant monitoring of network updates and assessment of possible integrations, Beamswap will continue to expand the realm of DeFi services on the platform to keep up with user demand and market trends.
Pools
The pools launched on the DEX would be a focal point for all users, allowing them to grow their portfolio through DeFi opportunities such as yield farming.
Primary pools with the most incentives would contain xcKSM, MOVR, and the native stablecoin pool.
Further incentives would be allocated to vested tokens provided by Bifrost. This way, the platform would ensure a low price impact for swaps of up to $100,000 and liquidations for Moonwell.
The following pairs would be considered for the initial version of the Moonriver-based DEX:
- MOVR — xcKSM
- MOVR — axlUSDC
- 3-pool: axlUSDC, axlUSDT, FRAX
- xcKSM — xcvKSM
- MOVR — vMOVR
The expected TVL would fast-track the DEX’s advancement to a deep liquidity book, allowing it to handle swaps of up to six figures without major slippage.
In collaboration with Moonwell and Bifrost, Beamswap could achieve significant TVL growth over a few months, boosting the activity and general relevance of the Kusama and Moonriver ecosystems.
Similiarly to the currently available pools on Beamswap, the asset pairs on Moonriver would deliver a high APY to incentivize users in providing liquidity to the platform and the network itself.
Timeline
So, when will the Moonriver-based DEX by Beamswap see the light of day?
The test deployment has already begun and is projected to be ready within a few weeks or one month after grant approval.
The release of the initial version of the platform, however, would coincide with the Axelar bridge and Moonriver Grants launch, planned for the end of Q2 2024. It would also feature Beamswap v3 functionality with Stable AMM, Launchpad, and cross-chain swaps.
From there on, the team will focus on upgrades, tweaks, and new feature releases, including Governance, Community Project Farming, and Advanced Routing.
Accountability matters
Now that the proposal has been approved, it’s time to roll up our sleeves. But deploying a DEX on Moonriver is not a done-and-forget deal.
The team would assess the proposal’s and the final solution’s success based on the three key metrics:
- MoonriverDEX v3 TVL
- MoonriverDEX monthly volume
- MoonriverDEX 30-day transactions
This framework would help Beamswap stay accountable and responsible towards the Moonriver ecosystem and the project’s backers.
It would also help us outline the following steps, make necessary adjustments, and overall deliver an optimal experience for end users.
DeFi-ing the Moonriver stream
Building from the past successes of the Beamswap and Beamex platforms on the Moonbeam network, the team is now off to conquer and improve new territories.
Regardless of the hosting environment, the Beamswap team’s grand vision remains the same — to create solutions that serve a wider audience and the networks they are based on. Deeper liquidity leads to increased activity and ultimately helps networks fortify their relevance in the broader Web3 ecosystem.
A new DeFi platform on the Moonriver network backed by increased liquidity aims to do just that. Platform users, both institutional and retail, will be able to execute trades with higher efficiency while saving on fees and slippage.
Get ready for the new era of the Moonriver Network with Beamswap, spread the word, and help it live to its fullest DeFi potential! 🚀
(Until then, perfect your trading skills on Beamswap v3 and Beamex. 👇)
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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