During the blockchain sector’s history, multi-chain applications and interoperability are categorized as the most crucial points of Web3’s offerings. With Polkadot’s ecosystem containing cross-consensus messaging (XCM) and parachains, Astar acquires multi-chain assets. However, they can take benefit from functional interoperability. The network asserted that this is the chief crucial point for them to create the upcoming generation of exclusive decentralized applications and take the Web3 world to new heights.
Aster Network and Equilibrium Collaborate for Unique HRMP Channels between the Platforms
Astar Network mentioned that by collaborating with Equilibrium to open HRMP channels, they are commencing a unique chapter toward fulfilling their objective. The platform is of the view that by starting additional channels on its network, they are readying to restart the “ink contracts”. Along with this, they will start creating new ways to benefit the resilient XCM format offered by Polkadot.
Astar mentioned that the Wasm builders operating on the network have exclusive possibilities because of Equilibrium’s expanding package of products. These services take into account cross-chain markets, liquefied xDOT crowdloans, and lending/borrowing facilities. Astar will introduce a couple of new assets named EQ and EQD. EQ is considered a strong token structured to be utilized throughout the ecosystem of Equilibrium. It has been integrated into SubWallet as well as the other leading infrastructure groups.
Astar to Launch Liquidity Mining Projects and EQ Governance This Quarter
The Astar Network disclosed that it will release governance for the EQ token and the latest liquidity mining projects in the current quarter. The other token named “EQD” is also Polkadot-native but it is a stablecoin pegged into USD. The stablecoin operates on Equilibrium. The respective stablecoin is overcollateralized. It is minted against several assets running on the platform of Equilibrium.
Those holding EQD can now utilize the respective asset with DeFi-centered projects offered in the ecosystem of Astar. EQD permits the holders to construct a portfolio to hedge against an unstable market while keeping on taking part in DeFi-related activities. Hoon Kim, the CTO of Astar, noted down a broad view of the platform’s vision related to XCM.
This vision provides a remarkable beginning, as per Astar. Equilibrium is an all-inclusive DeFi forum based on Polkadot. It permits the borrowing and trading of digital assets with high leverage. EQ is the local utility token of Equilibrium and is utilized for Equilibrium’s communal governance.
