The Issue: Liquidity Fragmentation Due to Multiple Versions of the Same Asset

A major issue on Moonbeam since its launch 4 months ago has been liquidity fragmentation, whereby different variations of the same asset has caused friction and confusion for users. For example, there are 2 prominent USDCs on Moonbeam: anyUSDC (Multichain-wrapped USDC) and madUSDC (Nomad-wrapped USDC). The lack of standardization causes friction across the network; anyone holding madUSDC on another DEX cannot utilize that USDC on StellaSwap, which has been supporting anyUSDC since the start.

This prevents interoperability of assets across protocols on Moonbeam. Therefore, it is a huge inconvenience to users. We understand.

Transition towards madAssets: New Farm Launches & Enhanced Yields to Simplify DeFi

In order to solve this issue and prepare for the future, StellaSwap is excited to work closely with Nomad to support madAssets as the leading asset class within Moonbeam. Together with Moonbeam team, they have decided to foster ecosystem standardization for convenience and more importantly, to strengthen the bridging process via Nomad’s trust-minimized infrastructure.

In order to establish a secure standard for the ecosystem and facilitate convenience to users, we would begin the transition process towards using madAssets, namely Ethereum (ETH) and USDC.

madAsset Farm Launch: More Yields to Look Forward to!

They are launching 2 madAsset farms in preparation for the transition, of which both are dual-rewards!

• New Farm: madETH-GLMR & madUSDC-GLMR
• Dual-Rewards: $STELLA + $GLMR
• Farms Open for Deposit: 09 May, 16:00 PM UTC
• Farm Rewards go Live: 10 May, 16:00 PM UTC

Reduction in Emissions for anyUSDC & anyETH Farm

Consequently, we have to reduce the emissions for anyUSDC-GLMR & anyETH-GLMR farm in preparation for the transition. This provides ample time for users to transit towards madAssets in a seamless manner. Reducing our overall emissions is also vital for a healthy tokenomcis. However, do note that the transition is only for ETH and USDC. StellaSwap will still utilize Multichain assets beyond these 2 coins.

The details of the reduction in emissions is as such:

• Reduced Emission Farm: anyETH-GLMR , anyUSDC-GLMR & anyETH-anyUSDC
• Timeline: 4 Weeks of linear reduction (25% each week until it reaches 0)
• 1st Emissions Reduction: 12 May, 16:00 PM UTC

Convert to madAsset or Bridge in Using Nomad’s Bridge to Yield Farm

The ETH-dual farm that we launched last week serves to facilitate easy transition of swapping between anyETH & madETH with ultra-low slippage. Therefore, any users that currently possess anyETH can easily swap into madETH in preparation for madETH-GLMR launch.

Alternatively, new users can easily bridge their ETH & USDC directly using a simple bridge via Nomad here: https://app.nomad.xyz/

About Nomad Protocol

Nomad is a new design for radically cheaper cross-chain communication without header verification. We expect operating Nomad to cut 90% of gas costs compared to a traditional header relay. To accomplish this, we took inspiration from optimistic systems (a la Optimistic Roll-ups). Nomad features many of the features we prize in an optimistic mechanism, like public verification, low gas fees, broad participation, but has a slightly different security model.

Website | Twitter |

About StellaSwap

StellaSwap is the first and leading Moonbeam DEX that offers an integrated gateway to the DeFi world. Users can swap, earn, yield farm, bridge assets, explore new projects and engage in NFT trading all from a single unified platform. StellaSwap’s products are structured in such a way that facilitates decentralized governance of STELLA holders, while continuing to innovate on the collective foundations by design.

Website | Twitter |

Source

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