Equilibrium Decentralized Finance Protocol Completes $ 2.5M Series A Funding Round With Several Major Industry Companies Participating
Equilibrium, the first interoperable money market on the Polkadot blockchain, will leverage funding to develop DeFi services, including an end-to-end lending platform and professional-grade DEX with cross-chain support.
The round of financing was attended by such companies as KR1, Signum Capital, Hypersphere, Block Dream Fund, Genesis Block Ventures, CMS holdings, AU21 Capital, DFG Capital, PNYX Ventures, FBG Capital, LD Capital and a number of others.
The statement said that the $ 43 million in DOT tokens received will go to the Polkadot parachain lease auction. The auction will take place from 12 to 25 April.
Equilibrium is ready for a quick start
The message says that the protocol is ready to go, launched and working with the Ethereum bridge and decentralized stablecoin.
The built-in margin trading functionality is on the way. It is based on a risk-free approach to assessing the cost of borrowing. This makes the system more robust and different from other DeFi platforms.
Alex Melikhov, CEO of Equilibrium, exclusively told BeInCrypto that compatibility with other DeFi protocols will soon be added:
“To date, we view the lack of interoperability as the biggest obstacle to the development of the DeFi industry. In particular, decentralized applications (DApps) must be able to communicate with each other, no matter what blockchain they are built on. But thanks to Polkadot, this problem will soon be resolved. “
Equilibrium is one of the DeFi projects developed at Polkadot. The project recently received a grant from the Web3 Foundation to integrate Curve Finance into the Polkadot ecosystem.
The Equilibrium mainnet was recently launched and the team won a parachain slot on the Rococo V1 testnet on April 2.
This investment round will allow the protocol to become a full-fledged parachain.
The auction will be held in two stages: token swap and crowdfunding. Here’s how it would work:
“Participants deposit DOT and in return receive EQ tokens at an initial rate of 0.07 DOT per 1 EQ. They simultaneously receive the right to receive back the DOT for free in exchange for EQ at the end of the parachain lease, while retaining any bonuses earned in the EQ. “
The Equilibrium team said that by raising 250,000, DOT expects to meet the lease deadline.
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