Solarbeam Review 2023
Solarbeam is a popular decentralized exchange created by Solar Ape in 2021.
It runs on 1 different chains including Moonriver.
Solarbeam offers features such as liquidity mining, lending, bridge, staking, yield farming, launchpad and more.
We rated Solarbeam 4/5, based on it's features, security, and future prospects.
Solarbeam allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by Solarbeam.
Supports decentralized lending. You add collateral and get crypto to play around with. Provided your collateral doesn't fall below a given price, you get to continue trading. Beware, you can lose your initial collateral if you're not careful. If you're a newbie, it's recommended that you stay away from this feature.
Has a cross-chain bridge. So you can move your crypto between different chains.
Has staking for it's native token; allows you to earn passive income.
Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.
Has a project launchpad that launches new tokens.
All DEXs charge trading fees. Solarbeam is no different.
Trading fees incentivise liquidity providers to provide liquidity to Solarbeam. This enables people like you to freely trade between tokens without incurring too much slippage.
Solarbeam does not charge withdrawal fees.
DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.
How to use Solarbeam?
- Get a crypto wallet that supports web3 on one Solarbeam's of supported chains.
- Deposit crypto into the wallet, ensuring you have tokens for gas
- Navigate to Solarbeam's homepage
- Connect your wallet to the website
- Goto Swap/Trade
- Choose a token that you'd like to swap to
- Finally, swap!
Where can I buy SOLAR ?
You can by SOLAR direct from Solarbeam. It is the native token of Solarbeam, and they will therefore offer the most liquidity.
Is Solarbeam safe?
Yes, Solarbeam is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.
What chains do Solarbeam support?
Solarbeam supports Moonriver.