Beta Finance to Launch Omni on Arbitrum on June 20th

Beta Finance is set to expand its decentralized lending platform, Omni, to Arbitrum. The platform, which has already seen success on the Ethereum Foundation and BNB Chain, will be launched on Arbitrum on June 20th.

Refer to the official tweet by BETA:

BETA Info

Beta Finance operates as a permissionless money market on the Ethereum blockchain, facilitating lending, borrowing, and shorting of crypto assets. It’s designed to provide a scalable and user-friendly money market where tokens can be autonomously and permissionlessly listed. After its initial launch on Ethereum Mainnet, Beta Finance aims to extend its services to other layer one and layer two solutions.

Within the Beta Finance ecosystem, users can lend their crypto assets to earn interest, borrow against them, or initiate short positions using collateral. The platform“s distinctive feature is its elimination of traditional order books, instead routing short trades via decentralized exchanges that employ automated market makers. This mechanism is especially important for ensuring efficiency in the DeFi space, allowing for a “1-Click Short” functionality. Beta Finance adopts an isolated collateral model, ensuring that a compromised asset doesn”t jeopardize other positions on the platform. They initially support collateral types like ETH, USDC, USDT, and DAI, with variances in collateral factors depending on the asset’s stability.

The BETA token is a digital asset based on the ERC-20 standard on Ethereum and the BEP-20 standard on Binance Smart Chain (BSC). It serves as an integral component within the Beta Finance ecosystem, likely facilitating various operations and governance functions.