Solarbeam Community Update 🚀🚀
It’s been quite the ride since we launched two and a half weeks ago on September 1st, but what a ride it has been.
It seems like we have all been missing sleep to build Solarbeam into Moonriver’s premier Decentralized Exchange. What started as just a couple pools and farms has grown into 11 liquidity pools and 16 yield farms. We also created Moonriver’s first liquidity locker to prevent rug pulls, Moonriver’s first faucet, and just released our own bridge to Ethereum and Binance Smart Chain. Solarbeam Total Value Locked (TVL) peaked at $135 million, with a market cap of just over $21.5M.
Healing pools, fertile soils, and secure vaults are what it’s all about around here.
In all seriousness, we have made leaps and bounds with our number of listings. We currently have 12 tokens listed, with 11 liquidity pool farms, the most recent of note being WBTC/USDC, which already has over $6M in TVL. Kudos to Anyswap for making this possible!
At launch, we simply had a standard solo farm for $SOLAR. Recently we have deprecated this farm — it no longer provides any yield. If you are part of the $66K worth of TVL still in it, please unstake your $SOLAR and move it to one of the recently created vaults.
We created three $SOLAR vaults to improve the tokenomics of the project. One is identical to the previous solar farm — it has no lockup period. The other two will lock your tokens up for either 7 days or 30 days, meaning you cannot unstake them within that time period. Do note that harvesting the rewards from one of these vaults, or staking more tokens, will reset the timer. You have to let each of these vaults sit for their respective amount of days without touching them at all in order to unlock your original stake.
The vaults improve $SOLAR’s tokenomics by lowering the circulating supply, and effectively reducing sell pressure. They help to prevent rapid sell-offs, and in exchange reward participants with higher yields.
The Liquidity Locker was our first big project after launch. One of the biggest risks in fledgling DeFi ecosystems is the classic rug pull. This happens when a token creator takes all of the liquidity out of a liquidity pool, usually making out with a hefty sum, and leaving everyone else in the red.
Our Liquidity Locker helps to prevent this, though it does require the creators of tokens to choose to use it. Essentially, the locker lets token creators deposit a certain amount of two types of tokens (say, $MOVR and $X), which is locked for a set amount of time. This ensures that, during that time frame, there is always liquidity available for the trading pair, which does two things:
- Helps to prevent the price from crashing to 0 if someone does unload their bags
- Ensures you can still exit your position if someone does dump
These two results massively increase the safety factor of buying brand new tokens, and give a huge legitimacy boost to new projects that use the locker. If a new project won’t use the locker, then they are likely up to no good.
Anyswap’s bridge has allowed a massive amount of capital to flow into the Moonriver ecosystem. The problem is that once you bridge, you need $MOVR to actually do anything. Using a centralized exchange to buy some $MOVR is an option, but it’s not a great one.
As such, we created Moonriver’s first ever faucet, to allow bridge users to get a tiny bit of $MOVR to do their first swap. The faucet is available for anyone to get a drip from, and kind souls keen on supporting the ecosystem can send some $MOVR to the faucet so that it does not run dry.
Our latest development is our own, on site bridge, powered by Anyswap. Integrating the bridge with our site provides a seamless experience for the user, without having to leave the Solarbeam website. It currently supports Ethereum and Binance Smart Chain, and we plan to expand these options in the near future.
Our two-way bridge features very low fees, and already has a few notable options, including DAI, USDC, USDT and ETH, as well as BNB and BUSD.
To date, we have established numerous strategic partnerships to increase the value of Solarbeam. Of particular note are Anyswap, Seascape, and BWare.
Anyswap has been absolutely instrumental in the rapid growth of the Moonriver ecosystem, as they quickly set up a bridge to allow assets from Ethereum and Binance Smart Chain to be transferred into the Moonriver ecosystem. They undoubtedly played a key part in our rocket ride to $130M+ TVL, and have our thanks. Most recently, we specifically partnered up with them, as they are powering our newly released in-house bridge, mentioned earlier.
We have also partnered with Seascape to provide liquidity and farms for $RIB, which was the very first ERC-20 deployed on Moonriver. $RIB will be used for gaming dApps that Seascape is developing. There will be more news soon regarding our partnership with Seascape, so stay tuned!
Our partnership with BWare is allowing us to have a dedicated Remote Procedure Call (RPC). Some of you may remember a week or two ago when the Moonriver network seemed to be struggling. The network itself was fine, but the RPC ran by the Moonbeam team was buckling under the heavy load of Solarbeam’s immense traffic! They fixed the issue, but we will be running our own RPC into the future to make sure Solarbeam can always perform at peak capacity.
In the coming weeks we will be releasing more information about our exciting and upcoming developments, including the completion of Certik’s security audit, more details on our partnership with Seascape, our own analytics, and the ever exciting launchpads.
Feel free to join us on this adventure by joining our Telegram group, Twitter, or our Discord group. We also have a thriving international community of Chinese, Russian, and Persian speaking users who are more than happy to help you feel right at home!
Thank you for all of the support,
The Solarbeam Team