Beta Finance Launch on Avalanche

Published on: 24.12.2021

The Beta Finance team has been working hard towards providing the best user experience by expanding to one of the best performing blockchains in the market. They finally ready to announce that Beta Finance will officially deploy on Avalanche on Jan. 5, 2022 with new money markets!

They are starting off by rolling out a few money markets on Avalanche, but this is only the beginning. Beta Finance users will soon be able to experience all of the innovative functionalities and trading opportunities that the protocol and Avalanche ecosystem has to offer.

Money Markets on Avalanche

WETH.e, WBTC.e, and AVAX markets will be the first markets to hit Avalanche on Jan. 5. Their new markets will carry over all of the same functionalities they had on Ethereum. With Beta Finance’s shorting automation and isolated collateral model, Avalanche users will soon be able to practice new trading strategies and create new hedging opportunities for the first time. Shorting will be just as easy on Avalanche, but this time we’ll be leveraging liquidity from Trader Joe and Pangolin DEXs to facilitate short positions on Beta Finance.

With the isolated model, Avalanche users do not need to lend assets out in order to borrow and short, as lended assets cannot be used as collateral. You will be able to use your DAI.e, USDC.e, USDT.e, and AVAX as collateral for borrowing and shorting without needing to lend first. Thus, we will not be having stablecoin markets available on Beta Finance.

The Avalanche markets will be powered by Alpha Oracle Aggregator, which integrates Band Protocol and Chainlink roacles for enhanced market coverage and more robust and secure price feeds. They rolling out their markets gradually to safeguard liquidity, which guarantees smoother trading and safe exit strategies for traders. More markets will be listed on Avalanche over the coming weeks.

New Liquidity Mining Programs on Avalanche

Coinciding with their debut on Avalanche, they be launching the first liquidity mining program for their newly minted Avalanche markets on Jan. 5. Liquidity mining periods will be consecutive and each period will span two weeks, followed by a 1 week calculation period.

The BETA token bridge is still in the process of being completed, and rewards will not be claimable on Avalanche until this is complete. But to avoid further delays to the launch they are giving the community the opportunity to decide on a temporary solution.

1. Wait for the BETA token bridge to be completed and claim rewards on Avalanche

2. Make BETA rewards from Avalanche users claimable on Ethereum, following the distribution schedule of 1 week after the period ends (by Jan. 26 for 1st period).

The timeline for when the token bridge will be complete is dependent on the Ava Labs team, and they are looking to have this completed as fast as possible and will keep the community updated on the progress. So let us know which reward distribution timeline you prefer by filling out a quick survey here.

They looking forward their roadmap to become the leading money market protocol for lending, borrowing, and shorting crypto assets. They excited to introduce the Beta Finance community to a host of new projects and integrations the Avalanche ecosystem has to offer.