Minterest To Be Deployed On Moonbeam
04.22 UPDATE: Due to significant market support to prioritise Ethereum as the protocol’s launch network, we are launching on Ethereum first and will launch on Moonbeam later.
The news follows Minterest’s recent $6.5m raise to create a new, fairer DeFi structure that puts users first
Tallinn, Estonia – November 3rd, 2021 – Minterest, a value-capturing lending and borrowing protocol designed to make DeFi fairer for users, has announced that it will be deployed on Moonbeam, an Ethereum-compatible smart contract parachain on Polkadot.
Moonbeam will provide recognised world-class technical support to assist with the protocol’s migration, while, in turn, Minterest will act as a magnet for attracting liquidity onto Moonbeam’s parachain. In joining the Moonbeam ecosystem, Minterest is also committing to creating opportunities specific to the Moonbeam community, allowing them to engage with, and benefit from, the protocol.
Josh Rogers, CEO and Founder of Minterest said, “We have made a significant step forward in choosing to build on Moonbeam. After undertaking an extensive and strategic assessment of Minterest’s options, it became clear that Moonbeam was the perfect deployment destination, and by far the best fit for the next phase of the protocol’s development. Moonbeam’s developer-friendly approach and ability to provide a gateway to Polkadot and all of its native assets are just some of the reasons we chose Moonbeam.”
Created by industry leaders to service billions in total value locked (TVL), Minterest is the world’s first lending protocol that captures 100% of value from interest, flash loan and liquidation fees which then get passed on to users. Unique features include an automated on-chain liquidation process and a buy-back mechanism which automatically passes on surpluses to contributing platform users.
Moonbeam has made significant contributions towards the development of Polkadot’s EVM and boasts an impressive ecosystem, with over 70 projects committed to building on the platform.
Rogers said, “By launching on Moonbeam, we are able to offer our users a product that combines the best of both worlds. Since Moonbeam is built on Polkadot, we gain instant access to world class network security, low gas fees, and all the functionality that Polkadot brings. At the same time, Moonbeam’s compatibility also enables our users to seamlessly access the protocol via existing Web3.0 wallets.”
“As DeFi protocols mature, they are being measured with some of the same financial metrics used to measure traditional company performance,” said Derek Yoo, Founder of Moonbeam. Minterest’s approach to pass all protocol surpluses back to token holders is both unique and in keeping with the spirit of Web3. We are looking forward to supporting the Minterest team in growing their DeFi ecosystem on Moonbeam.”
“So welcome to Minterest, in your best interest”
Minterest is a unique borrowing/lending protocol built by industry leaders to service the billions in Total Value Locked (TVL), in DeFi lending projects, with the specific aim of putting user benefits at its core. It provides users with a decentralised financial platform that is fair and inclusive.
The Minterest protocol has the world’s first buyback mechanism which automatically captures and passes on rewards to platform users via its unique on-chain liquidation process. This means that users participate in rewards generated by the protocol, in addition to earning industry leading borrowing/lending rates. This results in potentially the highest long-term yields in DeFi.