Hundred Finance Launches on Moonriver
While it has only been 24 hours since our Week in Review post in which we discussed many of the exciting developments going on at Hundred Finance, we hope our community will forgive us if we drop another dApp deployment and collaboration announcement today. You see, we on the team are incredibly pleased to be able to reveal the platform’s latest chain integration with the Moonriver blockchain, on top of which we can also reveal an upcoming collaboration with RomeDAO that will help build robust liquidity on the chain!
Moonriver goes Live
Moonriver is an Ethereum-compatible blockchain environment on the Kusama network. Operating as a parachain, Moonriver helps substrate and ethereum-based crypto projects expand their reach to new users and markets through a multi-chain approach. Hundred Finance is thus very excited to be launching there and making our first forays into the wider Polkadot ecosystem.
With contracts deployed and markets now open, we will begin the initial liquidity incentive program on the Moonriver chain on Thursday, January 13th, at 0:00am UTC (Wednesday night). As usual, rewards will be emitted to those who supply and stake stablecoins on the protocol.*
With Hundred Finance deployed, the Moonriver community will be able to:
- Enjoy incredibly low rates on stablecoin borrowing, secure in the knowledge that markets are protected by industry-leading Chainlink Price Feeds.
- Engage in on-chain leveraging of crypto assets by either supplying crypto, borrowing stablecoins and selling for more crypto to long, or supplying stablecoins, borrowing crypto and selling for more stablecoins to short.
- Supply assets and stake them for HND emissions, the governance token of our multi-chain-focused borrowing and lending platform.
- Stake HND for veHND in order to play a part in managing platform APRs and the future governance processes of the protocol.
The native token of the Moonriver blockchain is MOVR. This is used to pay transaction fees in much the same way as ETH, FTM and ONE are used on our other networks. Happily, users who bridge assets to Moonriver but find that they lack the MOVR necessary to begin paying for transactions are able to take advantage of a Gas-Swap initiative offered by the Solarbeam DEX platform. Once qualifying assets have been sent to the network using a bridge, they can be gaslessly swapped for MOVR for a 1% fee. This initiative greatly improves accessibility for new users of the Moonriver ecosystem and should help Hundred Finance’s users get started.
RomeDAO HND Bonding
In a first for the project, we’re very happy to make a preliminary announcement that, in collaboration with RomeDAO, we will shortly be launching a bonding program designed to cater to users of the Hundred Finance protocol.
RomeDAO is a Moonriver-based version of the OlympusDAO project with a vision of “gamifying” the governance of decentralized finance. Aiming to build an entirely community-owned reserve currency, like Hundred Finance, the project has been launched without venture capital involvement or large allocations made to founders. Instead, the treasury for RomeDAO is primarily acquired through the selling of bonds in exchange for qualifying assets and liquidity tokens.
The collaboration between Hundred Finance and RomeDAO will see bonds issued for HND-MOVR liquidity tokens. This will have the advantage of both ensuring that liquidity remains available for HND on Moonriver on an ongoing basis, while also acquiring an energetic and DAO-based participant in our project’s future.
We anticipate the implementation of the bonding program to come shortly and will write a post dedicated to exploring how to participate and the full implications of the collaboration when the time comes. Given our objective to unite communities in an equitable and economic financial system, we’re excited to join Rome in pursuing a united vision of a DAO-led future for DeFi. For more details on RomeDAO’s bonding program and project, an excellent post describing their approach to growing their treasury can be found here.
Conclusion
We on the Hundred Finance Team look forward to welcoming Moonriver users and RomeDAO participants to our wider, multi-chain community, a community built on a growing number of integrations and collaborations conducted throughout the cryptocurrency space. These are exciting times for our protocol and we are pleased to be able to share the journey onwards as we implement tech and new innovations for the good of the protocol and its users.
*As a reminder, assets supplied to the protocol and used as collateral to borrow other assets are unable to be staked for HND rewards. This is because adding hTOKENs to the staking contract removes them from the user wallet, which would leave borrows uncollateralized. In this manner we disallow “folding” or “looping” as a means of farming the HND token.
