At the time of writing, it’s 72.99%. Be aware that this can fluctuate, though. The name is UniLend, and they are bringing permissionless lending to Moonriver. They are also bringing first-time flash loans to Moonriver.
Therefore, this brings the high yield for wrapped MORV to UniLend. Find out what both UniLend and MORV are about. Let’s have a look and dig in.
What Is UniLend?
UniLend is a DeFi protocol that is comprehensive and permissionless. Unlike other DeFi protocols, on UniLend you can list any asset. Currently, their supported blockchains are Ethereum and Polygon. This unlocks the comprehensive DeFi options on this platform.
1/UniLend’s Permissionless Lending & Flash Loans Protocol now Live on @MoonriverNW🚀
⚡️We’re the first ever #flashloans on Moonriver!
🔑Any token on Moonriver will be able to utilise our #DeFi functionality permissionlessly.
— UniLend Finance | We're Hiring! (@UniLend_Finance) February 7, 2022
For example, decentralized trading and borrowing/lending. They also offer the most cost-effective flash loan in the industry. That is according to their statement in their docs.
Furthermore, they offer a variety of real-world synthetic assets and derivates. For instance, gold and silver or major FAANG stocks. Another good news is that Certik audited their protocol.
What Is MOVR?
MOVR is the utility token of the Moonriver canary net on Kusama. It has similar supply and economic behaviors as Moonbeam. However, it has a different token distribution. This supports the unique goals and qualities of the network.
Because MOVR is on Polkadot, it’s currently not supported by UniLend. So, we need to wrap it and bridge it over to Unilend. For this, we can use the PolkaBridge.
How to Get 72% Yield On WMOVR
With these steps, you will be able to get this APY on Unilend:
- Swap on Solarbeam: WMOVR is an ERC-20 token of MOVR. You can swap it from MOVR to WMOVR. You can also change it back to MOVR there.
- Send it to UniLend with the PolkaBridge. You connect a wallet, for instance, MetaMask, to the bridge. Now you can transfer your WMOVR tokens to MetaMask.
- Connect your MetaMask to UniLend on the Moonriver chain. This is easy to do since MetaMask will display all the information you need. You only need to click the connect button. If you are on a different network, MetaMask will ask you if you want to change networks.
- Set up: Put the number of tokens in the box that you want to stake. Great job, you’re done, and your reward will be a 72.99% yield on your staked WMOVR.
The only option shown on your screen is WMOVR. See the picture below. So, now you are ready to stake your WMOVR tokens. Lending will provide liquidity to the UniLend platform.
Source: UniLend app
Here is a more elaborate video, that will take you step-by-step on how to stake on this platform.
We showed you how to wrap your MOVR tokens and send them via the PolkaBridge to UniLend. Once there, you can stake these WMOVR tokens at a current rate of 72.99%.
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