In the ever-shifting landscape of decentralized finance, adaptability is not just an option; it’s a fundamental requirement.
This July, Solarbeam confronted an unexpected challenge when our partner bridge, Multichain, fell victim to a security breach. This event starkly underscored the paramount importance of security and refocused our attention on promoting the safety of native Moonriver assets.
In response to this pivotal event and with a clear commitment to safeguarding our community, we find ourselves compelled to make essential changes to our Solarbeam farming ecosystem. In the coming sections, we’ll detail the retirement of several farms and the redirection of our focus and incentives towards a limited selection of core farms, all in pursuit of a more secure and resilient future.
The Farm changes will take place on Tuesday September 12th.
Focus on Native Kusama Assets
Our commitment to promoting native Kusama assets remains unwavering, and we’re taking concrete steps to strengthen the native liquidity within the Moonriver ecosystem.
We’ve identified key farms where we’ll significantly increase Solar incentivization, thereby encouraging a deeper engagement with native Kusama assets. These core farms play a pivotal role in the Solarbeam ecosystem, and we’re dedicated to supporting them for the long haul.
Additionally, we’ll also highlight the native farms that will experience a slight increase in their Solar allocation, ensuring that we continue to foster diversity and resilience within our ecosystem.
Here’s a glimpse of the farms that will see adjustments in incentivization:
Significant Solar Increase:
Slight Solar Increase:
In our continuous pursuit of security, sustainability, and efficiency within the Solarbeam ecosystem, we find ourselves at a juncture where certain farms must be retired. This decision is not made lightly but is driven by a commitment to safeguarding our community and resources.
The retired farms will be moved to the “Inactive Farms” tab, allowing users to withdraw their assets at their convenience. However, they will no longer receive incentives.
Several categories of farms will be affected by this retirement:
The recent exploit of the Multichain bridge cast a shadow over Ethereum and BSC assets, rendering them un-backed. To ensure the safety of our users, we are effectively retiring all affected farms in this category.
The retired farms in this category include:
Relay Chain Assets
Due to limited support from the Relay Chain bridge in recent times, we are retiring farms associated with these assets. This strategic move is in alignment with our focus on sustainability and security.
While Lido witnessed considerable success and adoption on Kusama, they have opted to restrict their exposure to several chains for the time being. As a result, the Lido farm associated with our ecosystem will also be retired.
Two additional farms, characterized by low volume and inactivity, will also be retired as part of this process.
Blue-Chip assets and the future
As we pivot towards prioritizing native Kusama assets, it’s only natural to ponder the fate of industry giants like BTC and ETH within our ecosystem. We recognize their significance, and we’re dedicated to ensuring their continued presence on Moonriver.
In light of this, we’re actively engaged in the search for a new, trustworthy bridge to seamlessly connect Ethereum assets to the Moonriver network.
While this effort is underway, it’s important to acknowledge that the landscape of bridged assets will see a significant transformation. Our future stance on bridged assets will prioritize caution, ensuring our exposure to them is more limited than before. This strategic shift not only aligns with our commitment to native assets but also serves to reduce the risk of potential exploits.
Stable tokens and stable AMM farms
Stability in the volatile world of cryptocurrencies is like a North Star for many investors. It provides a haven during turbulent times and a bridge to traditional financial sensibilities. At Solarbeam, we’ve long recognized the importance of stable assets, and our stable farms have been a reliable choice for those seeking stability amid market fluctuations over the past year and a half.
However, the unfortunate truth is that most of these stable assets were intertwined with the Multichain incident, which led us to reevaluate their place in our ecosystem. Currently, the sole stable deployment on Kusama is FRAX, and even though it can be bridged to Ethereum here, the limited options have constrained our ability to support stable farming as we’d like.
As we march forward, our commitment to re-enabling stable farming remains unwavering. Yet, the path to achieving this goal hinges on the emergence of native stable tokens within the Kusama network. There are promising signs that Kusama will soon welcome a significant native stable token, and when that opportunity arises, we will be ready to rekindle the stability-focused offerings on Solarbeam.
As we conclude this journey through the changes and transformations in Solarbeam, we want to take a moment to express our deepest gratitude to you, our incredible community of users and supporters.
These have been challenging times, marked by unforeseen hurdles and necessary adjustments. Yet, through it all, your unwavering support and trust have remained steadfast. It’s your commitment that fuels our determination to continually improve, adapt, and build a stronger, more secure ecosystem for everyone.
Solarbeam exists because of you, and your feedback, resilience, and belief in our mission are the driving forces behind our progress.
As we move forward, your voices and perspectives will continue to be invaluable guides. We look forward to sharing this exciting journey with you, as we collectively explore new horizons, redefine the rules, and pioneer new opportunities in the DeFi landscape.
Thank you for being an integral part of the Solarbeam community.
Solarbeam is a decentralized exchange, providing liquidity and enabling peer-to-peer transactions on the Moonriver Network. The goal is to provide a comprehensive and convenient, one-stop platform for the cryptocurrency community.