DOT festival on Astar, event #1: APR celebration of XCM transfers with ArthSwap
XCM integration is one of the main steps for Polkadot and its parachains. By enabling DOT transfers from the relay chain to specific parachains, DeFi usage shifted to another level.
Astar Network will utilize this new possibility to the maximum with the start of the DOT festival, kind of a promotional APR party. How to benefit from that event the most? Let's start with their event #1!
DOT festival on Astar Network, event #1
The first event of the DOT festival is settled up on ArthSwap. ArthSwap is a one-stop Defi protocol that focuses mainly on swapping, staking, and liquidity mining, so it can be considered as an “Astar-native” dApp.
ArthSwap recently launched a new trading pair and also the liquidity pool DOT/WASTR, where is increased the rewards multiplier. For LP providers, there are reserved extra 1 000 000 ASTR as the first event of the DOT festival, the XCM celebration. The more you stake and the earlier you start staking, the higher rewards you can expect. ASTR rewards earned during all three events will be vested till the DOT festival ends, so from now within 3 months.
So what are the triple rewards in event #1 which you can earn?
- rewards from trading fees for the trading pair DOT/WASTR
- harvesting $ARSW farming rewards
- getting a fraction of 1 000 000 ASTR rewards
Event 1 timeline:
- start: 31th May 13:00 UTC
- end: 8th June 12:00 UTC
You just need to do these 4 easy steps to grab triple rewards on ArthSwap:
- get your AstarPass, which maps your native substrate account to an EVM account — the registration manual can be found here
- bridge DOT to Astar by using Astar Portal
- provide liquidity for DOT/WASTR pool on ArthSwap
- stake your LP tokens into DOT/WASTR-LP farm
The actual APR for DOT/WASTR-LP is 244%.
About Astar
Astar Network is a Smart Contract Hub for WASM + EVM on Polkadot. dApp staking is an innovative way how developers to get extra paid for developing dApps on Shiden and Astar. Nominators on the other way are incentivized to stake their $SDN and $ASTR tokens on dApps they like and want to support.
About XCM, the messaging format on Polkadot
At the beginning of May, the Cross-consensus messaging format (XCM) was launched on the Polkadot network as the result of upgrade v9190 of the relay chain. This upgrade was the subject of referendum #60 of the on-chain governance, which resulted in enabling interoperable parachain messaging on Polkadot through HRMP channels.
XCM allows Polkadot-based blockchains aka parachains to communicate, which means sending messages and sending tokens from one parachain to the other. XCM messaging enables communication also between relay chain, smart contracts, pallets, bridges, and sharded enclaves like SPREE-kind of trust wormholes. Polkadot finally started the path to becoming an interoperable multi-chain ecosystem.
While the full-featured XCMP (Cross-Chain Message Passing) is still under development, kind of a XCMP-lite version is implemented known as Horizontal Relay-routed Message Passing (HRMP). XCMP will once developed and implemented, allow parachains to exchange messages with other parachains on the same Relay Chain.
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