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.
BREAKING: Equilibrium wins the @web3foundation grant to develop its DeFi pallet! It will facilitate #DeFi development on @Polkadot, @kusamanetwork ecosystems by offering financial functionality out of the box #assets. https://t.co/8iEGMbtVhB — Equilibrium (@EquilibriumDeFi) September 22, 2020
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.
Universal #DeFi pallet development wins @EquilibriumDeFi a grant from the @web3foundation https://t.co/jagpgr3Itb — Cointelegraph (@Cointelegraph) September 22, 2020
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.”