Support XC-20s: Zenlink Launches xcKSM/USDC and xcKSM/WMOVR Liquidity Farming
Moonbeam has released new functionality to enable native cross-chain token capabilities on Moonriver. The first cross chain asset supported on Moonriver is KSM (Kusama). To differentiate cross chain assets, Moonbeam has introduced the concept of XC-20s.
XC-20s are cross-chain assets that have an ERC-20 token interface, which is a new type of interoperable token that conform to the ERC-20 standard but are also Substrate-native assets. Consequently, users can interact with XC-20s as they would with other fungible tokens, for example, add them to MetaMask and create liquidity pools in DEXs. All XC-20s will have “xc” prepended to their name. For example, Kusama’s KSM representation on Moonriver is known as xcKSM. You can learn more about the XC-20s here: https://moonbeam.network/announcements/moonriver-adds-cross-chain-capabilities-and-xcksm/
As the most widely used DEX in the Polkadot ecosystem, Zenlink has been the first to provide support for the first XC-20 token, xcKSM. xcKSM Liquidity Farming has been launched, read on for more details and how to interact with xcKSM on Moonriver.
xcKSM Liquidity Farming
To build the first xcKSM DeFi use case, Zenlink has launched xcKSM/USDC and xcKSM/WMOVR Liquidity Farming, with daily farming rewards as follows. Users can now participate in xcKSM farming at https://dex.zenlink.pro/#/earn/stake
Farming Period: Long-term (if the incentive is adjusted or discontinued, a separate announcement will be made, please follow the Twitter or Zenlink Discord server)
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.
Note: Since the initial xcKSM/USDC and xcKSM/WMOVR pools do not have enough liquidity and the price impact of the swap is very high, we strongly remind users to be cautious about using the single token mode to supply liquidity to the pools.
Please follow the risk warning on the single token mode adding liquidity page, if you ignore the warning you may lose your funds due to the huge price impact.
How to Interact with xcKSM on Moonriver
We have integrated the Kusama<>Moonriver cross-chain Bridge service into the X-Transfer feature, so you will have two ways to cross-chain your KSM from Kusama to Moonriver and identify it as xcKSM in Moonriver.
Option 1: Cross-chain via the X-Transfer feature provided by Zenlink DEX
Step 1: Go to https://dex.zenlink.pro/#/swap, connect PolkadotJS and Metamask wallets to access the Bifrost network and Moonriver network respectively and find the “X-transfer” module.
Step 2: Select the token “KSM” and select the Source chain and Destination chain as Kusama and Moonriver respectively, then enter the amount you want to cross-chain. (Make sure you have the balance of KSM on the Kusama network in your PolkadotJS account)
Step 3: Enter the Moonriver address as the xcKSM receiving address, confirm the information is correct, then click the Transfer button below then sign in PolkadotJS to submit the transaction.
Once the cross-chain is complete you can follow the instructions here to check your xcKSM balance and participate in LP farming. The next steps don’t seem to be difficult for anyone who has participated in farming, enjoy!
Option 2: Cross-chain via Moonriver app
Moonbeam also officially provides a cross-chaining tool for users to use, and you can follow their tutorial: https://moonbeam.network/tutorial/cross-chain-assets-on-moonriver/
Learn more about Zenlink:
📍 — DEX DAPP | Website | Twitter| Github | Discord | Telegram EN | Telegram CN | Announcements Channel
📚 — Whitepaper | Tokenomics
