How to use Moonwell
What is Moonwell?
Moonwell is an open lending & borrowing DeFi protocol built on Moonbeam and Moonriver.
Moonwell Apollo, Moonwell's first deployment, will be on Kusama's Moonriver network, the sister network of Polkadot’s Moonbeam. Moonriver is where new products are expected to be incubated and developed prior to being deployed on Moonbeam.
Moonwell's Mission
Most DeFi platforms suffer from at least one of the following issues:
- Lack of security and trust
- Poor user experience
- Lack of education and information
- Poor community engagement
Moonwell solves all these issues.
Security & Trust
The DeFi space has seen countless hacks and exploits. Security is Moonwell's top priority.
Moonwell has partnered with several top security firms to audit and provide ongoing smart contract support to ensure the best security practices are followed. Additionally, agent-based economic simulations allow the protocol to adapt and mitigate the risks of adverse economic conditions.
User Experience
Virtually every DeFi platform suffers from a poor user experience.
Users are immediately flooded with information that is both overwhelming and overly-technical. Even experienced crypto users have difficulty navigating through a typical clunky and unintuitive DeFi website.
Even first-time DeFi users will be able to use Moonwell.
Education & Information
Moonwell will be the well of knowledge for all things DeFi.
Pools, liquidity mining, liquidations, collateral, supported assets — there are a lot of important, technical topics that need to be understood when using a lending and borrowing platform. Anyone in crypto will be able to easily follow and use the Moonwell protocol. The community is encouraged to add videos, tutorials, user guides, and announcements to the Moonwell website.
Community Engagement
The Moonwell community is where people can share their interests, passions, and ideas with each other. We want people to join our discord and telegram not only for information, but also to simply have fun, hang out, and be creative.
Charity
While DeFi has affected people financially, there’s no reason it can’t affect people physically and mentally too.
The Moonwell community will propose and vote for charities to support.
Why Polkadot & Kusama?
​Polkadot is a Layer 0 blockchain that allows other blockchains (parachains) to seamlessly communicate and send assets to each other. Polkadot’s interoperability, security, and low transaction fees make it the ideal infrastructure for the multi-chain world of Web 3.0.
​Kusama is Polkadot’s canary network. Kusama’s lower barrier of entry relative to Polkadot has resulted in rapid innovation and growth with no signs of slowing down.
The Polkadot and Kusama ecosystems are commonly referenced together as the “DotSama” ecosystem.
Why Moonbeam?
​Moonbeam is the first fully Ethereum Virtual Machine (EVM) compatible parachain on Polkadot.
Moonbeam combines the best of both worlds:
Users, developers, and infrastructure providers already familiar with Ethereum can easily use, deploy, and build on Moonbeam while benefiting from the scalability and interoperability of Polkadot.
Moonwell Artemis, our Moonbeam deployment, will be activated by the Moonwell community once favorable economic conditions on Moonbeam are met.
Why Moonriver?
​Moonriver is Moonbeam’s sister network on Kusama.
As the first EVM compatible parachain on Kusama, Moonriver has attracted numerous projects, developers, and users.
Moonwell Apollo, our Moonriver deployment, will be our first deployment given Moonriver’s already sufficient DEX liquidity and Chainlink oracle support. Moonriver is where new products are expected to be incubated and developed prior to being deployed on Moonbeam.
Moonwell User Manual
We go to the site https://moonwell.fi and click Launch App
We switch Metamask to the Moonriver network and connect to the site (if the network is not configured, then you will be prompted to add it)
I will show how to interact with the platform using MOVR as an example.
To interact with other assets, you will need to use a bridge (https://moonbeam.network/tutorial/cross-chain-assets-on-moonriver/)
On the platform, you can take a loan against your own funds or deposit them.
In order to deposit your funds, you need to specify the amount and click Deposit MOVR
Next, sign the transaction in Metamask
After signing, you will see that your deposit request has been successful.
In order for you to be able to use your asset as collateral, you need to sign a transaction to use the asset as a collateral, you need to click Yes and sign the transaction in Metamask
Click ENABLE MOVR AS COLLATERAL
After which the slider changes color and switches
To withdraw funds from the protocol, click Withdraw
Select the withdrawal amount and click Withdraw MOVR
Signing a transaction in Metamask
