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Last updated: Nov 22, 2022
Solarbeam is a decentralized exchange and an automated market maker built on the Moonriver parachain on the Kusama network. The project launched in September 2021, aiming to become a one-stop DeFi solution on the parachain, and soon after that, became the largest DEX on Moonriver.
The Solarbeam team puts a great emphasis on creating a stable environment and user-friendly interface to allow more newcomers to easily onboard the world of decentralized finance.
As it is common for Kusama ecosystem projects, Solarbeam has a sister DEX, Solarflare, that operates in a similar way on Polkadot’s Moonbeam parachain. Both projects are being developed by the Solarbeam Foundation team.
Solarbeam enables multichain peer-to-peer transactions for users allowing them to trade crypto assets directly from their wallets with no need to lose custody of their tokens. The platform also offers lots of yield farming opportunities for users, offering them rewards in its native token SOLAR for staking MOVR or adding liquidity to Solarbeam’s single asset pools, or paired liquidity pools.
Another useful feature available for Solarbeam app users is its Swap for Gas tab. This is an actual iteration of one of Solarbeam’s first products which was a faucet enabling users to acquire a small amount of MOVR needed for signing transactions on the network. Now users may simply swap supported tokens for MOVR to pay for their transaction fees. Just 0.01 MOVR is enough to pay for gas for around 10 transactions.
Solarbeam Bridge enables users to transfer their assets across multiple chains such as Ethereum, BNB Chain, Avalanche, Polygon, and Fantom. Despite the DEX listing dozens of tokens from various chains, for any cross-chain interactions Solarbeam relies on third-party bridging services, particularly on Anyswap and RelayBridge. While AnySwap is used for asset transfers between Ethereum, BNB Chain, and Moonriver, the RelayBridge adds interoperability with Polygon, Avalanche, and Fantom. Users are prompted that the use of these bridges usually takes up to 15 minutes for transactions to get finalized.
Eclipse is an IDO and NFT launchpad platform on Solarbeam. Its main purpose is to enable not just VCs but also common DeFi users to gain access to promising new crypto projects before they go live.
The Solarbeam dApp also comes with a dashboard full of analytical tools and graphs.
Metamask and Wallet connect conclude the list of the Solarbeam wallet options. Users need to manually switch to Moonriver parachain before using Solarbeam. Users are prompted that in order to use Solarbeam they will need the parachain’s native MOVR token to process transactions on Moonriver.
As a DEX, Solarbeam supports popular assets from Moonriver, Ethereum, Solana, and other chains. Solarbeam fees for any swaps on the platform are always 0,25% of the trade.
Aside from DEX features, Solarbeam offers users a way to receive multiple rewards and high APRs from staking and providing liquidity. For that may be used single asset staking pools or Standard and Stable AMM farms. Liquidity providers earn fees on all the trades proportional to their share of the pool they have taken part in. For Standard pools, the fees are set to 0.20%, for Stable pools the ratio is 0.02%. These fees accrue in real time by being added to the pool, and liquidity providers may claim their rewards by withdrawing liquidity from Solarbeam pools.
The Solarbeam team has prepared a number of tutorials in order to help users that are new to the cryptocurrency landscape to get used to the Solarbeam app.
SOLAR is meant to become a governance token on Solarbeam. It has a max supply of 44 million tokens.
The token launched on Solarbeam with initial liquidity at 14,000 SOLAR & 100 MOVR. SOLAR price at the time was $1.
There were no pre-sales or private sales of SOLAR. The token is distributed through a declining curve of emissions where 70% of all supply will be distributed among LPs.
Solarbeam follows a buyback&burn mechanics. For that, the DEX charges a small 0.05% fee on all peer-to-peer trades. Collected funds go to the SOLAR treasury, where half of them are used for SOLAR buybacks and burns.
Users may also lock their SOLAR to get veSOLAR. The longer the lock period, the more veSOLAR the users get. veSOLAR can then be staked to earn more SOLAR in addition to the locked tokens. In future, veSOLAR will enable users to take part in the Solarbeam ecosystem governance.
For further inquiry, users may turn to the project’s tokenomics description.
Although the Solarbeam team stays pseudonymous, some of the DEX’s founders and most active team members are available for contact through the project’s docs section. One of the Solarbeam founders going under the pseudonym firek1d is currently in charge of operations at the company. The other co-founder named Solar Ape is involved with the project from a developer role, while a person known as Two Tooths, remains the only completely unreachable Solarbeam co-founder.
Soon after Solarbeam's launch, the project passed a Security assessment by Certik in November 2021 scoring 90/100 on security means. Solarbeam’s smart contracts were also analyzed in December 2021 by Haechi. Both audits didn’t report any critical issues and all findings have been resolved. There is also an upcoming audit from Halborn announced by Solarbeam on Twitter in September 2021. As an additional security measure, the protocol applies a multisig for every major execution on the product.
As it usually happens with DEXes, successful partnerships usually turn out to become another farm or liquidity pool on Solarbeam. Such is, among others, the partnership with Kintsugi, Interlay’s canary network that has brought a kBTC/wBTC stable farm to the Solarbeam’s community. In a similar way, the partnership with QiDao has been reflected in the MAI stable pool appearance on Solarbeam.
As Solarbeam relies on bridging assets from other chains, the DEX is doing so through its partnerships with AnySwap and RelayChain bridging solutions.
According to the project’s roadmap, the next big step for Solarbeam will be the implementation of its announced governance system. For that, the Solarbeam team plans to introduce its vested SOLAR, or veSOLAR, a concept inspired by a similar product on Curve. While veSOLAR holders will be eligible to take part in the governance of the project by voting for proposals or placing their own, vested tokens will also bring them multipliers for Solarbeam’s IDO platform, possible rewards from partners, and other bonuses.
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