Beta Finance March Newsletter
March was a packed month for Beta Finance! We want to take this opportunity to break everything down for our community and give a few insights into what is upcoming for Beta Finance.
- Launch of Minimum Liquidity Provision on Beta Finance
- BETA available on Avalanche
- Multichain Partnership
- Provide LP on Trader Joe for BETA/AVAX
- New market listings on Beta Finance
- Partnership with Alpha Venture DAO
Launch of Minimum Liquidity Provision on Beta Finance
On March 23, we announced that we are initiating minimum liquidity provision (MLP) on Beta Finance. This means for Beta Verified Markets on Avalanche, the protocol will be directly owning a minimum amount of liquidity to support market activity. This removes our dependence on mercenary capital or liquidity mining incentives to kick start market activity. We will be partnering with other protocols initially to help facilitate this new paradigm, and will be establishing a more robust guidelines for how new projects will be acquired by Beta Finance.
We believe that by doing so, Beta Finance will be an enduring protocol that will last in perpetuity. With MLP, markets are now guaranteed to have liquidity at all times. Beta Finance will become a more robust, capital efficient protocol by having:
- Low dependency on liquidity mining incentives
- Higher fees and earnings
- Stakeholder in the Web3 Ecosystem
- Multichain scaling
Beginning April 22, 2022 we will initiate ending the current liquidity mining incentives for our Beta Verified Markets on Avalanche. Until then, we will continue to have liquidity mining for 2 weeks, followed by a 1 week calculation period. Liquidity mining incentives for Beta Verified Markets on Ethereum will remain unaffected.
BETA available on Avalanche
In March, we brought BETA to the Avalanche ecosystem following our launch on Avalanche earlier this year. The token address for BETA on Avalanche is 0x511D35c52a3C244E7b8bd92c0C297755FbD89212. Since then, users have been able to earn BETA rewards through lending, borrowing, and short selling on our protocol.
🌕 8%+ APR for AVAX, WETH.e and WBTC.e markets on lending
🧁Over $200,000 USD earned by lenders and borrowers on Beta Finance in <2 months
Multichain Partnership
In order to bring BETA to Avalanche, we partnered with Multichain as the official bridging solution to Avalanche. Currently, there is support for bridging BETA between BNB Chain and Avalanche. To bridge between BNB Chain and Avalanche, go to the Multichain DApp.
- Select the BNB Chain as the source network and Avalanche as the destination network. You will then be able to search for and select BETA as the token.
2. Enter the amount you wish to bridge over. Note: Multichain charges a fee of 0.1% of volume, with a cross-chain minimum fee of 8.5 BETA.
3. (Optional) If you want to send BETA to a different address on Avalanche, click “Send To” and enter the address. Otherwise, BETA will be sent to the same address you are bridging with.
To bridge to Ethereum, users will need to go through Binance. Currently Binance is the official way we use to bridge BETA between Ethereum and BNB Chain. We are exploring options for how to improve the cross-chain support of the token still to enable a more seamless experience.
Provide LP on Trader Joe for BETA/AVAX
Currently, BETA is available for trading on Avalanche on Trader Joe through the BETA/AVAX pool. BETA holders are able to provide LP on Trader Joe and earn high fees from trading activity. The LP address for BETA/AVAX on Trader Joe is: 0x2cff4ef3367d77283d651ffe7591e04e73d0976a
When providing LP or trading, please make sure you are interacting with the correct token address. LPs will be able to earn fees from trading activity on Trader Joe.
To provide liquidity for BETA/AVAX on Trader Joe:
- Go to the “Pool” tab on Trader Joe and click “Import”
2. Select AVAX and BETA as the two tokens in the pool. If you cannot search BETA, enter the contract address into the search: 0x511D35c52a3C244E7b8bd92c0C297755FbD89212.
3. Click “Add Liquidity”.
4. Enter in the amount of tokens you wish to provide, and click “Supply”.
New market listings on Beta Finance
March brought about the launch of the most hyped NFT token to date, with Bored Ape Yacht Club airdropping ApeCoin. Beta Finance was one of the first money markets to list ApeCoin on Ethereum for lending, borrowing, and shorting on-chain.
On Avalanche, we announced the listing of the BETA market, along with the first market to have minimum liquidity provisioned. The protocol seeded 250,000 BETA tokens into the market, allowing us to kickstart activity without depending on mercenary capital or liquidity mining incentives.
Partnership with Alpha Venture DAO
As some of you may recall, Beta Finance was the first incubated project of the Alpha Finance Launchpad program. And now, we are excited to be a partner protocol with Alpha Venture DAO to support the future of Web3. We will be one of the leading protocols that will help advise and assist builders who are launching new Web3 products. Anyone interested in building a new project in Web3 can reach out to or learn more from Alpha Venture DAO here.
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
