Bifrost and Equilibrium opened HRMP channels for future asset interoperability support
We are delighted to announce that HRMP (XCMP-Lite) channels have been opened between Bifrost and Equilibrium on Polkadot ecosystem. This represents the first step to start the interactions between Bifrost and Equilibrium.
Through our partnership, bi-directional transactions Equilibrium’s native token (EQ), stablecoin (EQD) and Bifrost’s native token (BNC), will be supported on Bifrost and Equilibrium, providing users with increased flexibility and functionality.
In the near future, EQ, EQD, and BNC token holders will transfer and utilize their assets across Bifrost and Equilibrium, promoting interoperability between parachain’s assets and facilitate more cooperation opportunities based on what both businesses can bring.
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. In particular, EQ is the native utility token used for Equilibrium’s communal governance.
xDOT, on the other hand, is a liquid and tradable wrapped DOT, similar to Bifrost’s vsDOT, that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.
Bifrost is a web3 derivatives protocol that provides decentralized cross-chain liquidity for staked assets. By leveraging on the cross-consensus message (XCM) it can provide cross-chain liquid staking services for multiple chains.
Bifrost’s mission is to provide standardized cross-chain interest-bearing derivatives for Polkadot relay chains, parachains, and heterogeneous chains bridged with Polkadot. Furthermore, by aggregating over 80% of PoS consensus chains’ staking liquidity through cross-chain derivatives, our protocol lowers users’ staking threshold, increases multi-chain staking ratio, and improves the ecosystems application interest base, by creating a three-way positive cycle for the StakeFi ecosystem by empowering users, multi-chains, and ecosystem applications.
Bifrost has raised over USD 2M from top-tier venture capital firms by the likes of NGC, SNZ, DFG, CMS and other institutions. In addition to being an early receiver of a Web3 Foundation Grant, Bifrost is also a member of the Substrate Builders Program and the Web3 Bootcamp.