Explore more use cases for xcDOT on Zenlink: X-Transfer, Bootstrapping, Farming and more!
With the launch of XCM, Polkadot introduced cross-chain functionality for all parachains for the first time, and now DOT tokens can be moved across chains from the Polkadot Relay Chain to the Moonbeam network and are accessible and usable as xcDOT.
Zenlink X-Transfer has integrated DOT(xcDOT) cross-chain transfer between Polkadot relaychain and Moonbeam network, It means that in addition to the utility options available on the Relay Chain like staking, governance, and bonding for parachain crowdloans, DOT tokens holders can now benefit from the extensive DeFi options on Moonbeam. In this article, we will introduce how users can use DOT to participate and benefit from DeFi activities on Zenlink, just follow us and read on.
Transfer DOT from Polkadot Relay Chain to Moonbeam network via X-Transfer
X-Transfer is an XCM utility feature of Zenlink, which integrates cross-chain and token transfer functions and will be a great convenience for the community. It supports transferring DOT or xcDOT between Polkadot Relay Chain and Moonbeam quickly and low cost.
Before making a cross-chain transfer, please make sure you have enough DOT balance on Polkadot Relay Chain for cross-chain transfer and set aside a small amount of DOT for cross-chain network fees. (Due to Polkadot’s dust account settings, you must keep the minimum amount 1.052 DOT in your Polkadot account)
For more information on how to use X-Transfer to transfer tokens please refer to this tutorial: https://wiki.zenlink.pro/zenlink-dex-dapp/x-transfer#how-to-use-x-transfer-to-transfer-tokens-between-parachains-or-between-relaychain-and-parachain
NOTE: This is a generic tutorial demo, you just need to select the token as “DOT” and choose the source chain and destination chain as “Polkadot” and “Moonbeam” respectively, other steps are the same.
In order for GLMR/xcDOT to have better liquidity before trading, we will create a GLMR/xcDOT liquidity pool through Bootstrap and we will offer ZLK rewards to all Bootstrap Pool contributors, more details about GLMR/xcDOT Bootstrap are as follows.
Minimum target provision（Minimum liquidity requirement to enable swap and staking）
- GLMR: 40,000
- xcDOT: 7,000
Maximum target provision
- GLMR: 400,000
- xcDOT: 70,000
Start & End Block
- Start Block: When the Bootstrap contract is deployed
- End Block: #979210
- Time conversion: start time 2022–5–6 11:00 am UTC, end time 2022–5–7 12:00 pm UTC, total duration 25h
- Total Incentives: 2000 ZLK + 500 GLMR
- Rewards you can earn = Your LP Share * Total Rewards
Bootstrap Tutorial: https://wiki.zenlink.pro/zenlink-dex-dapp/user-guide/using-zenlink-dex#bootstrap
GLMR/xcDOT LP Farming
As a next step, once the Bootstrap is successfully completed, we will initiate GLMR/xcDOT LP Farming to provide DeFi gains for xcDOT holders and also provide the Dotsama community with the best DEX platform for swap xcDOT tokens. Below are more details on the xcDOT farming pool.
Rewards calculation formula: actual rewards users can earn per block = (number of users staked tokens / total number of staked tokens) * reward release rate
Rewards Claim: users can claim rewards once in each reward interval, please refer to the countdown displayed on the front end of Zenlink DEX for the specific time to claim rewards.
By now, you’re proficient in using xcDOT to pursue DeFi investment opportunities on Zenlink, just enjoy!
More xcDOT use cases will be available on Zenlink, please join the Zenlink community for the latest news.
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