Equilibrium and Phala Network Integrate to Empower Trustless Computing in DeFi
Equilibrium is excited to announce its integration with the Phala Network, a decentralized, scalable cloud computing protocol. Phala Network uses its Secure Enclaves to facilitate a robust, protected, and scalable trustless computing cloud experience. Equilibrium offers a full suite of DeFi products, including a money market, insurance pool, and orderbook DEX.
Users of both the Phala and Equilibrium platforms will benefit from increased flexibility, functionality, and convenience thanks to the integration enabling seamless transactions between native tokens. Transacting in PHA on Equilibirum’s platform creates more opportunities, such as borrowing crypto assets or minting EQD stablecoins with PHA holdings as collateral without parting with the token. The HRMP channel opening will encourage user participation across both ecosystems through XCM cross-chain support.
Upon PHA support on Equilibrium, users can export their tokens to Equilibrium’s full suite of DeFi products, allowing them to borrow crypto assets or mint EQD stablecoin using PHA as collateral. The cross-chain support is helpful for PHA token holders and Phala workers who need working capital without selling their PHA holdings. Users can lend their PHA assets on Equilibrium’s lending pool to earn passive staking income.
Equilibrium’s orderbook DEX will also provide a non-custodial way to trade PHA. The integration with Phala’s SubBridge, the first cross-chain router in the Substrate ecosystem, enables the native EQ token and EQD stablecoin support in Phala’s network. Phala’s SubBridge allows user routing of EQ and EQD to other supported parachains and EVM chains in later phases.
In conclusion, the integration between Equilibrium and Phala Network offers users increased token flexibility and functionality, revealing new use cases for PHA, EQ, and EQD. With the planned integration of HRMP channels and Phala’s SubBridge, users will seamlessly transact between the two protocols, expanding use cases for trustless computing and decentralized finance.
EQD Stablecoin
EQD is a Polkadot-native asset-backed stablecoin with a 1:1 peg to USD. EQD can be minted against a well-diversified portfolio of assets, thereby reducing a borrower’s collateral risks. EQD use cases extend beyond Equilibrium through its extensive connections with other ecosystems, such as the Phala Network.
About Phala Network
Phala Network is a decentralized cloud that offers secure and scalable computing for Web3.
With Phat Contracts, an innovative programming model enabling trustless off-chain computation, developers can create new Web3 use cases.
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About Equilibrium
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. EQ is the native utility token that is used for communal governance of Equilibrium. Dollar-pegged EQD is Equilibrium’s native decentralized stablecoin, collateralized by a weighted basket of assets and used as a universal unit of value within the DeFi ecosystem. eqDOT is a liquid DOT staking wrapper that allows users to participate in DeFi on Equilibrium while earning DOT staking yield.
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