Beta Finance is Live on Avalanche

🔺We’re thrilled to announce that Beta Finance is LIVE on Avalanche! 🔺

Beta Finance’s cross-chain debut is our gateway towards introducing a simple, seamless, and rewarding experience to hedging and short selling in the Avalanche DeFi ecosystem.

• WETH.e, WBTC.e, and AVAX will be the first money markets on Beta Finance on Avalanche
• Liquidity mining rewards will be available for users who interact with money markets on Beta by depositing, borrowing, and short selling
• Supported collateral USDC.e, USDT.e, DAI.e, WETH.e, and AVAX

Our team will be working towards listing new money markets, which will offer Beta and Avalanche communities new ways to hedge and short crypto holdings while introducing new avenues to price discovery and speculation.

Liquidity Mining on Avalanche

• Liquidity mining period: Jan. 19, 2pm UTC — Feb 2, 1pm UTC
• 115,000 BETA will be distributed to lenders, borrowers and short sellers of $AVAX $WBTC.e and $WETH.e
• Claiming rewards on Avalanche instead of Ethereum results in significantly cheaper transaction costs

Our first liquidity mining program for our Avalanche markets will run from Jan. 19, 2022 at 2PM UTC to February 2, 2022 at 1 PM UTC, with an updated liquidity mining period announced on February 2. Liquidity mining periods will be consecutive and each period will span two weeks, followed by a 1-week calculation period, after which rewards will be claimable on our dApp.

While Beta Finance is working with Ava Labs on completing the BETA token bridge needed for distributing liquidity mining rewards on Avalanche, users will be able to see all pending rewards in the dApp still.

From our survey with the community on the preferred reward distribution, we will be waiting until the BETA token bridge is completed to allow users to claim rewards on Avalanche.

We are working to have the token bridge completed as soon as possible in time for the end of the first liquidity mining period. We will keep our community updated on the progress of bridging BETA token over to Avalanche.

Migrating from Ethereum to Avalanche

For Avalanche, we currently support MetaMask and WalletConnect. Users migrating from Ethereum to Avalanche can simply connect their crypto wallet to Avalanche C-Chain to begin using Beta Finance on Avalanche. If there are any issues please contact the team on Telegram or Discord.

Short Selling on Beta Finance x Avalanche

Beta Finance on Avalanche offers a simple, integrated tool that allows users to short any existing money market in an atomic transaction. We’ve already written a detailed how-to guide on lending, borrowing, and shorting on Avalanche to prepare you for our cross-chain integration.

Built to support volatile assets, our isolated collateral model means users are only responsible for the collateral that is explicitly linked to a position.

On launch, AVAX, WETH.e, USDT.e, USDC.e, DAI.e will be supported collateral for our Avalanche markets. You do not need to deposit/lend any of these assets before using them as collateral.

Short trades on Avalanche will leverage liquidity from Trader Joe and Pangolin. After users provide the amount of collateral to be used and the amount of token to be borrowed and shorted, the Beta Finance dApp will automatically calculate the most optimal trade on the integrated DEX exchanges.

The “My Positions” dashboard on the dApp interface allows you to easily view and manage all your shorting, borrowing and lending positions.

See our Gitbook documentations for more details on Beta Finance and our risk framework.

Secure Price Feeds

Beta Finance uses the Alpha Oracle Aggregator, which aggregates from two of the largest data oracles providers, Band Protocol and Chainlink. This means enhanced market coverage and more robust and secure price feeds for our Avalanche money markets that will be more manipulation resistant, making Beta Finance secure against recent money market exploits.

Closing Thoughts

Our integration with Avalanche marks the first step in Beta Finance’s eventual expansion to other L1 and L2 chains. We’re excited to bring you all of the innovative functionalities and trading opportunities that Beta Finance and the Avalanche ecosystem has to offer. Join us as we ride the #Avalanche.

Follow Beta Finance

We’ll continue to keep the community updated through our socials, so be sure to follow us on Discord, Twitter, and Telegram!

We are hiring!

Beta Finance is looking to expand our team and is actively hiring. If you are passionate about DeFi and excited to build the next generation of infrastructure for DeFi, we’d love the chance to learn more about you! Please see our job opportunities here.