Equilibrium and Litentry Integrate to Enable Bi-Directional Transactions and Expand Use Cases for Native Tokens
Equilibrium is thrilled to announce its integration with Litentry, cross-chain identity aggregator that enables users to link their identities in a privacy-preserving context. Litentry aims to give users full control over their personal data and enable them to gain social and economic value from it. The protocol and its interface the Identity Hub can be adopted in on-chain reputation, community participation, DeFi, and other customised data services.
Through the integration, bi-directional transactions on Litentry’s native token (LIT) and Equilibrium’s native token (EQ) and EQD stablecoin are now supported on both platforms, providing users with increased token flexibility and functionality. LIT holders can bring their assets to Equilibrium’s full suite of DeFi products, including Equilibrium’s money market, insurance pool, and orderbook DEX, creating additional XCM use cases for LIT through open HRMP channels.
Upon being supported on Equilibrium, LIT holders will be able to use their tokens as collateral for borrowing crypto assets or minting EQD stablecoin on Equilibrium. In addition, LIT users can earn passive staking income by depositing their tokens into Equilbrium’s lending pool. Those who prefer a non-custodial trading experience can leverage Equilibrium’s decentralized orderbook DEX — an ideal venue to trade LIT while maintaining full control over their funds.
By opening the latest HRMP channels with Litentry, new use case possibilities are created for native assets of both parachains, thereby further encourages more user participation in the Equilibrium and Litentry ecosystems.
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 greatly reducing a borrower’s collateral risks. EQD use cases extend beyond Equilibrium through its extensive connections with other ecosystems, such as the Litentry.
About Litentry
Litentry is a decentralized, cross-chain identity aggregator that enables users to link their identities in a privacy-preserving context. We aim to give users full control over their personal data and enable them to gain social and economic value from it. Our protocol can be adopted in on-chain reputation, governance, DeFi, and customized data services.
Find Litentry on:
Telegram | Twitter | Medium | Discord | LinkedIn | YouTube
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.
Join Equilibrium on Discord, News Channel, Twitter, Medium, Website, GitHub
