The EOS-based DeFi project is using Polkadot technology to make it easier to recruit new users.
Having set up shop on Polkadot just a week and a half ago, an EOS-based decentralized finance project called Equilibrium will bring its governance token NUT to the Polkadot ecosystem for sake of facilitating a promotional token swap.
The token swap will run from August 31 to September 29. During this time, people who want to test-drive Equilibrium can exchange their BTC for NUT, then use that NUT to experiment with the newly launched platform. We spoke to Equilibrium CEO Alex Melikhov to learn more.
"Polkadot lets us offer all-new products for our industry, like cross-chain pooled lending, decentralized stablecoins, synthetic assets, any beyond,” Melikhov said. “It even supports cross-chain DEXes that lets users transact BTC, ETH, and XTZ for multiple DeFi instruments."
DeFi has been booming lately, and Equilibrium has grown significantly in just a few months. “Our decentralized EOS-based stablecoin, EOSDT, has seen its daily trading volumes surge to over $10 million,” Melikhov said, “but I believe that DeFi’s full potential has not been reached yet. Cross-chain interoperable products like Equilibrium will boost the market.”
Equilibrium’s NUT token drives the project’s decentralized governance. NUT holders gain privileges to vote on the parameters that control how Equilibrium operates, like the interest rate and overcollateralization threshold associated with EOSDT. To gain NUT is to gain a say in how this particular DeFi project and its tokenomics operate.
Now that NUT will be readily available in exchange for BTC during the upcoming token swap. Equilibrium is allotting 25% of its total supply of 120,000,000 NUT tokens for the swap.