In addition to exposure around the world, emerging start-ups in the technology sector can also count on the financial support of the Web3 Foundation. The latter is indeed known to offer grants of up to $ 100,000 to revolutionary technologies. The decentralized finance start-up Equilibrium has just joined the list of the many structures that have benefited from this support from the foundation. The grant awarded to Equilibrium in the amount of $ 27,000 should allow it in particular to develop its DeFi range. More details below.
A universal palette applicable on other parachains
Thanks to this funding, Equilibrium can finally define a development environment for applications Challenge with his parachain. Once the palette has been updated, this environment will notably include an Ethereum virtual machine. Thus, the start-up counts attract application developers who can reuse existing code. This shouldn’t be a problem since the DeFi palette ofEquilibrium is universal. It can therefore be reused and implemented on other parachains.
It should be noted that the inter-chain money market ofEquilibrium East the first DeFi application to use its parachain. Co-founder and director of the technical branch of the Web3 Foundation, Björn Wagner has recognized the merits of this approach. ” Equilibrium has the potential to solve many of the existing challenges we see in DeFi today by supporting multiple networks and by generating a commitment to scalable and integrated solutions between chains “, did he declare.
Allow other projects to migrate to the Polkadot platform
After debuting on EOS, Equilibrium decided last month to continue the adventure on the platform Polkadot. This change was made in particular to benefit from the interoperability that the platform offers with Ethereum and other blockchains. In addition to updating its DeFi range, the start-up must also provide tools that allow other projects to perform this migration as well.
The interest of the subsidy Web3 Foundation is therefore double, as has also recognized Alex Melikhov the CEO ofEquilibrium. He thus declared: ” The mission ofEquilibrium is D’unlock the vast potential remaining within DeFi and maximize value for each DeFi user. Our technology allows us tounify all major protocols and previously isolated digital assets, maximizing liquidity between chains so that each can transact with anyone “.
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This universal Equilibrium module is expected to allow DeFi players to navigate freely between different protocols regardless of the usual restrictions. By supporting this innovation, the Web3 Foundation intends to further encourage the advent of projects that will reveal the still unexplored facets of DeFi. When will we see help for the development of the Bitcoin protocol (BTC) or to help release Ethereum 2.0?