Beta Finance January Newsletter
We hope everyone has had a Happy Chinese New Year! The first month of 2022 has been one of the most volatile months in DeFi, where the price of ETH dipped down nearly 50% to $2,200, the price of BTC dropped down to $33,500, and the broader market had a major sell off. We hope our community members were able to hedge their risks with Beta Finance, and re-enter to buy the dip!
Welcome to a quick rundown of what we’ve been up to this past January at Beta Finance.
- Live on Avalanche
- BETA bridging + Liquidity Mining on Avalanche
- BETA/ETH Chainlink price feed
LIVE on Avalanche
Beta Finance went live on Avalanche on January 19, starting with markets for AVAX, WETH.e, and WBTC.e. Since our launch, users have deposited over $10M++ of tokens into markets on Beta Finance, with a cumulative borrow/short volume of $4.4M++ across the three markets.
Users are able to lend, borrow, and short tokens, while spending less than $1 on gas! Beta Finance provides the simplest way to short sell crypto assets on-chain in the Avalanche ecosystem by using any supported collateral (USDC.e, DAI.e, USDT.e, WETH.e, or AVAX). More markets are coming to Beta Finance soon — with most recently the SPELL market. See our guide for more information on how to start using Beta Finance on Avalanche.
BETA Bridging + Liquidity Mining on Avalanche
Beta Finance will continue to run liquidity mining incentives for our users on both Ethereum and Avalanche. Earn BETA tokens through using the protocol! We are continuing to work with the Avalanche Labs team and additional partners to bridge the BETA token over to Avalanche as soon as possible.
Once this is complete, users will be able to claim token rewards in the same structure as is done on Ethereum. The liquidity mining program is updated every two weeks on both chains, and tokens are claimable after a one week calculation period following the end of the two week period.
Chainlink BETA/ETH Price Feed
We are happy to announce that the BETA/ETH price feed is now supported by Chainlink on Ethereum. Other protocols that rely on Chainlink price feeds for their tokens are now able to support BETA securely. The Chainlink contract for the BETA/ETH price feed is available here and more information can be found in the docs.
We are hiring!
We’ll continue to keep the community updated through our socials, so be sure to follow us on Discord, Twitter, and Telegram!
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
