Singapore – May 8, 2023 – Moonbeam, the top destination for multi-chain applications on Polkadot, has announced a cross-chain connected contract integration with Equilibrium that brings Multichain assets to Equilibrium via Moonbeam. A community-approved bi-directional HRMP channel between Moonbeam and Equilibrium made it possible for GLMR, EQ token and EQD stablecoin to move between the chains and now supports bridged liquidity from outside the Polkadot ecosystem demonstrating the potential of the Moonbeam connected contract strategy.
Recently, an XCM connection between Moonbeam and Equilibrium was established using a bi-directional HRMP channel. This integration registered Equilibrium’s native tokens EQ and EQD stablecoin as xcEQ and xcEQD and allowed them to be used on Moonbeam Network. Additionally, the GLMR token can be used on Equilibrium. This XCM integration is the foundation for Moonbeam Routed Liquidity (MRL), in which Moonbeam serves as a router to bring liquidity from external blockchains such as Ethereum to Polkadot parachains.
Equilibrium is a Substrate-based DeFi protocol parachain on Polkadot that unites a high-leverage money market and an order book decentralized exchange (DEX) with margin trading. Equilibrium offers on-chain price discovery and system-wide insurance by enabling participants to separate and transfer volatility risk and price event risk from borrowers to insurers. Access to Ethereum and other non-substrate-based assets is important for scaling and stability.
As a fully EVM-compatible parachain with the ability to design smart contracts that access functionalities on remote blockchains through integrated cross-chain messaging, enables Moonbeam users to bring assets and liquidity to Equilibrium via Moonbeam’s Multichain connection. Use cases for cross-chain connected contracts continue to be built out and implemented, improving UX and connecting ecosystems in new ways.
About the Moonbeam Network
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot, and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications. The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
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 order book-based DEX. EQ is the native utility token that is used for communal governance of Equilibrium. xDOT is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.