Moonwell Artemis — Everything You Need to Know
There are an increasing number of decentralized protocols emerging to accommodate the ever-growing demands of users and developers and to meet the needs of new ecosystems. With the advent of parachains in the Polkadot and Kusama ecosystems, Moonwell’s vision to become the main hub for XC20 and ERC20 assets is more clear than ever.
Moonwell is an open, decentralized lending protocol that creates new opportunities for individuals to participate in the digital economy. Built on Moonriver and Moonbeam — scalable, EVM compatible chains with passionate communities of users and developers who want to create stable and accessible systems, Moonbeam serves as the gateway to the Polkadot ecosystem, and Moonwell Artemis will allow users to put their idle assets into use by supplying assets and essentially providing liquidity, to earn rewards, and utilize their assets securely and efficiently.
What is Moonwell Artemis (WELL)?
Moonwell Artemis uses battle tested code from the Moonwell Apollo protocol to provide an open, non-custodial lending and borrowing DeFi protocol. While Apollo is a community driven protocol with innovative features, Artemis users will enjoy polished features with faster transaction times, while still preserving the same level of security.
Moonwell’s goal is to be the most user-friendly, fast, and secure DeFi protocol in the ecosystem. With this in mind, an emphasis was placed on having a high standard of security. Multi-signature systems are implemented for all smart contracts used by the protocol, with the expert cyber-security team at Halborn Security auditing all contracts before deployment. Additionally, there is a generous bounty program through a partnership with the trusted team at ImmuneFi, which allows security researchers to submit their findings for review and earn a bounty for discovering security vulnerabilities.
Moonwell Apollo’s Successful Debut
The Moonwell Apollo launch was one of the most successful launches on the Moonriver network. The project reached $250m total supplied value after only 2 weeks.
February 22nd, 2022 was also a momentous day for Moonwell Apollo, as it marked the debut of the MFAM token which began distribution to users, in addition to MOVR rewards. The Moonriver Family Token (MFAM) is the native governance token of the Moonwell Apollo protocol. MFAM can be staked in the Moonwell Safety Module, which backstops the Moonwell Apollo protocol in the case of a shortfall event.
Apollo vs. Artemis: What It Means for You
While they are separate tokens on separate networks, the Apollo protocol is a community-oriented governance project where new features are tested by the Moonwell community before being included in the Artemis protocol.
The Apollo protocol is an exciting, community driven way to present new features, where users can participate firsthand in the growth of the platform. The Artemis protocol on the Moonbeam network will feature faster transaction times that will enhance the user experience.
Polkadot Ecosystem: Intro to Moonbeam Network
After a wildly successful crowd loan, Moonbeam launched in January 2022 and currently hosts more than 100 projects, integrations, and collaborations showing an active and vibrant community.
Moonbeam is an EVM (Ethereum) compatible smart contract parachain, serving as the gateway to the Polkadot ecosystem. Moonbeam makes it easy to build interoperable applications.
As Moonbeam is a parachain on Polkadot, it inherited one of Polkadot’s core abilities of seamless interaction with multiple parachains, as well as pooled security. This opens the door to the broader ecosystem of the Polkadot community, including other parachains.
This enables Moonwell to reach a broader potential user base beyond the Moonbeam network and Polkadot.
About Moonwell
Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem.
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