Equilibrium And Multichain Have Agreed To Improve Upon Their Bridging Solution
Dear Equilibrium community, in our bid to bring transparency and clarity to our communication efforts we are addressing ETH and USDC token support on Equilibrium.
We are happy to announce a new and improved bridging solution that we are working on in collaboration with our partners from Multichain. This will allow it to remain permissionless while becoming independent from other Multichain pools.
Equilibrium team will have a more direct and streamlined access to maintenance on both Ethereum and Moonbeam sides of the bridge. Overall this should result in a better service compared to the previous solution.
The solution will migrate from the current Router to a new one which will be a purely cross-chain messaging protocol. The key difference here compared to the current Router is that it will not be connected to other Multichain pools. Migration process will be assisted by Multichain. The significant change in design is that wrapper contracts for xc-20 tokens will now be deployed by Equilibrium.
Why do we need a new bridge in the first place?
As you might already know, recently a user was able to withdraw a large amount of USDC tokens from Moonbeam that they should not have been able to. This was due to the differences in expected behavior between erc-20 tokens and mintable xc-20 tokens as explained here. All assets remain secure in Multichain custody and will migrate to the new bridge once it’s ready.
What does this mean for Equilibrium users?
EQ and EQD are both available for bridging. This combined with our recent listing of EQ on exchanges means that users can move liquidity in and out of the Equilibrium platform at their discretion.
ETH and USDC will become available for bridging again when we complete developments of the new solution in collaboration with Multichain.
We will make an additional announcement once the new solution is deployed.
Stay tuned for further updates regarding our progress.
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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