Beta Finance X Avalanche
We’ve been spending time interviewing DeFi users to learn more about their pain points when using Beta Finance. One pain point stood out in particular: transaction costs. Transaction costs that are hundreds of dollars price out many potential users.
As a result, the team at Beta Finance has been exploring several options to expand the protocol cross-chain and deliver a better experience. We’re excited to announce that after careful consideration, we’ll be bringing Beta Finance to the Avalanche network!
Compared with other solutions, we chose Avalanche because of
- Reduced transaction costs and shortened transaction times
- Strong liquidity on DEX’s for executing short positions
- Ethereum-compatible and production ready
We have been putting in the work to ensure our upcoming integration with Avalanche will drive greater utility, efficiency, and protocol opportunities for both BETA and AVAX users.
Additionally, as an Alpha Launchpad project, we have been monitoring the successful launch of Alpha Homora V2 and AlphaX on Avalanche. To further leverage the Alpha ecosystem, we are following Alpha’s footsteps and coming to Avalanche. This is our first step to scale Beta Finance to additional L1s/L2s and partner with more protocols.
Faster, Cheaper
Transactions on Ethereum have priced out many potential DeFi users, as the overall cost for initiating and closing a short position is ~0.05 ETH at a gas price of ~100 GWEI. With higher gas prices, the transaction costs will be higher. At the current price of Ethereum, this prices out many potential users.
In contrast, on Avalanche transaction costs are significantly decreased and transaction speeds are higher. We’re excited with our results from testing, as we believe users will now be able to take greater advantage of trading opportunities with a smaller amount of capital.
- The cost to open and close a short position is less than $1 USD
- The time to successfully open a position is less than 5 seconds.
Why the Avalanche ecosystem?
The Avalanche network has been building out a large ecosystem of DeFi applications and more. Our integration with Avalanche will open the gates to a host of new projects and tokens to be listed on Beta Finance.
We believe all tokens, including the long tail of volatile assets, need to have a money market on Beta Finance. Existing money markets on Avalanche do not support this. Beta Finance will be able to support the creation of money markets for newly developed and more volatile AVAX projects. Our short-selling tooling can open up new on-chain trading and hedging strategies and enable new opportunities for price discovery and speculation. We’re looking forward to playing a key role in facilitating new financial strategies to offset crypto volatility in the Avalanche ecosystem.
Building Onwards
Cross-chain expansion is a critical step in our roadmap to become the leading money market protocol for lending, borrowing, and shorting crypto assets. Our debut on Avalanche is on the near-term horizon as our builders are finishing up final touches. Soon, Beta Finance users will be able to experience all innovative functionalities and trading opportunities the Avalanche community has to offer.
This is our first step and we are hopeful that this will pave the way for Beta Finance to launch on additional L1s and L2s.
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.
