Equilibrium, a Polkadot-based project for cross-chain DeFi, raises $5.5 million

DeFi • October 1, 2020, 10:01AM EDT
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Equilibrium, a Polkadot-based, cross-chain decentralized finance (DeFi) project, has raised $5.5 million. 

Sharing the news exclusively with The Block on Thursday, Equilibrium said the money was raised via a new "token swap" method, in which investors exchanged their old tokens with new ones.

Specifically, Native Utility Token (NUT), from Equilibrium's EOS-based product line, was exchanged for its new Polkadot-based token, called EQ. Venture firms BKEX Capital, PNYX Ventures, and Taureon also participated in the token swap sale.

Equilibrium CEO Alex Melikhov told The Block that the firm is building a DeFi protocol on Polkadot that would simplify the creation of decentralized applications on Substrates and Parachains. This, in turn, would help developers to migrate to Polkadot from Ethereum and other blockchains, Melikhov said.

Equilibrium's cross-chain protocol will offer pooled lending, borrowing, trading, and staking services, according to the project team. The protocol's developers intend to make Ethereum and other blockchains "fully compatible with each other" by offering a "unified interface" for DeFi use cases.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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