xDOT Transfers & Use Cases: How to Bridge xDOT from Genshiro to Equilibrium
xDOT is a DOT wrapper on Equilibrium’s canary network on Kusama, known as Genshiro. It allows users to stake their DOT for their favourite Polkadot parachain and receive xDOT in return.
Equilibrium offers various use cases for xDOT, such as collateral to mint EQD or borrow assets from lenders in the lending pool. Depositing xDOT into the insurance or lending pool allows users to use it as collateral to produce EQD or borrow assets from lenders.
With the active Equilibrium-Genshiro bridge, users can transfer xDOT from Genshiro to Equilibrium and access a broader range of DeFi products and services, all while earning high farming rewards and bonuses.
Here’s how to bridge xDOT from Genshiro to Equilibrium:
- Navigate to the Deposit button on the Equilibrium platform in the home or wallet page.
2. Select xDOT on the supported assets menu.
3. Enter the amount of xDOT you wish to transfer and confirm the transaction by selecting Deposit.
4. Wait for the transaction to be processed, and you will receive the xDOT in your Equilibrium wallet.
After transferring xDOT to Equilibrium, xDOT holders can unlock composable DeFi strategies from the Earn section and swap xDOT for DOT(coming soon) to get full access to all of Equilibrium’s products. Three most notable of them include eqDOt fluid staking, EQD stablecoin and Equilibrium Blast liquidity mining campaign.
Transferring xDOT to Equilibrium creates yield-generating possibilities with a broader selection of DeFi products. Bridge your xDOT from Genshiro to Equilibrium to facilitate your cryptocurrency portfolio growth!
N/B — Take advantage of the EQ Blast liquidity mining campaign while you can! Multiply your staking rewards up to 3.4x and receive over 90% APR — over 60% without the bonus — by participating in the EQ Blast liquidity mining campaign. Don’t miss out on this opportunity for exceptional yields!
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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