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Equilibrium Raises $2.5 Million to Compete in Polkadot Auction


Source: Crypto Briefing

Equilibrium, an interoperable DeFi project on Polkadot, raised $2.5 million to build its decentralized trading platform.

Equilibrium Promises Cross-Chain DEX 

The funding round saw participation from various crypto funds, including KR1, Signum Capital, Hypersphere, Block Dream, Genesis Block Ventures, DFG Capital, FBG Capital, and others.

Equilibrium first proved its competence when it won a grant from the Web3 Foundation to integrate Curve Finance, a popular automated market maker (AMM), with Polkadot.

The project is currently building various DeFi products, including a cross-chain decentralized exchange (DEX) and an interoperable money market.

Taking advantage of Polkadot’s interoperability, the team hopes to unlock liquidity from a wide range of tokenized assets across different blockchains. However, to be added to the Polkadot ecosystem, Equilibrium will need to win one of the parachain slots, a limited and expensive resource in the network.

Polkadot only supports a maximum of 100 parachains that are auctioned to teams that stake the maximum number of native tokens called DOT.

According to Equilibrium, the team would use the recent funding to buy more DOT tokens and stake them for the coming parachain slots auction.

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Author: Vishal Chawla