The Equilibrium <> Crust Network XCM Integration Adds an EQD Use Case
We’re excited to announce the Equilibrium <> Crust Network XCM integration!
Crust Network is a decentralized storage protocol based on IPFS. It allows developers and users to place storage orders utilizing Crust’s storage protocol for various use cases, from DeFi to the Metaverse.
Equilibrium’s latest XCM integration will see EQD, its asset-backed stablecoin, natively transferred to Crust Network.
Developers can now pay Crust’s storage fees in EQD stablecoin. This gives developers a stable and predictable operational cost structure, an important value-add as developers can now focus on building great products without dealing with price fluctuation risks or the need for hedging.
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 Crust Network.
About Crust Network
Crust Network is a decentralized cloud storage provider designed to realize three core values: decentralization, privacy, and assurance. Crust supports multiple storage-layer protocols such as IPFS, and exposes instant accessible on-chain storage functions to users. Crust Network has three main functions: NFT and Metaverse Metadata storage, personal file storage, and Website/dApp hosting.
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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