Equilibrium Receives A Grant Of $27,000 From Web3 Foundation To Develop Its DeFi Pallet
Equilibrium Receives A Grant Of $27,000 From Web3 Foundation To Develop Its DeFi Pallet
September 23, 2020
Equilibrium Receives A Grant Of $27,000 From Web3 Foundation To Develop Its DeFi Pallet
Equilibrium Receives A Grant Of $27,000 From Web3 Foundation To Develop Its DeFi Pallet
September 23, 2020

Equilibrium, the decentralized finance startup, has received a grant of $27,000 from the Web3 Foundation to develop its DeFi pallet.

It has been reported that the updated pallet would enable the Equilibrium parachain to introduce a developer environment for DeFi applications and this will include an Ethereum Virtual Machine, aiming to attract Ethereum DApp developers, who can reuse their existing code. Also, it will provide tools that enable other projects to migrate to the Polkadot platform.

However, the Web3 Foundation offers grants of up to $100,000 to organizations who are developing new technologies.

Equilibrium’s DeFi pallet is universal, can be reused and implemented on other parachains.

Björn Wagner, the co-founder and COO of Parity Technologies, the technical arm of the Web3 Foundation, explained:

“Equilibrium has the potential to solve many of the existing challenges we see in DeFi today by supporting multiple networks and generating engagement in scalable, integrated cross-chain solutions.”

Likewise, Equilibrium’s own cross-chain money market is the first DeFi app to use its parachain.

ALSO READ :  Brave Browser Gains More Than One Million New Users In March Alone

As per the report, Equilibrium shifted its focus to the Polkadot platform last month, to benefit from its bridges allowing interoperability with Ethereum DeFi and other blockchains.

Thus, Alex Melikhov, the CEO of Equilibrium, said:

“Equilibrium’s mission is to open up the vast remaining potential within DeFi and maximize value for every DeFi user. Our technology lets us unite all major protocols and previously isolated digital assets, maximizing cross-chain liquidity so that anyone can transact with anyone.”

Source: Cointelegraph


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.