Astar launches new HRMP channels with Equilibrium

Astar is sticking to its values of accelerating Web3 through interoperability, especially by focusing on cross-consensus messaging (XCM). It has now launched new HRMP channels with Equilibrium to enable the free flow of three tokens, namely ASTR, EQ, and EQD, between different chains.

The objective is to gear up for the launch of ink! contract and develop a way to leverage the XCM format. Plus, a larger suite of products is likely to offer new opportunities to WASM developers. These include lending and borrowing, cross-chain markets, and fluid xDOT crowdloans.

While ASTR gets an obvious treatment, Astar has committed to focusing on two more assets: EQ and the USD-pegged stablecoin EQD.

EQ enters the ecosystem of Astar, with the team behind the platform saying that it is “incredibly excited” to welcome the token. EQ has been specifically designed to be used across the ecosystem of Equilibrium. Known to be one of the most powerful tokens, EQ has already been integrated with SubWallet and other leading infrastructure teams.

It is anticipated that this quarter will see the beginning of EQ governance and new liquidity mining programs.

EQD will see its utility expand as holders can leverage the stablecoin with decentralized finance projects. The token allows its holders to build a portfolio that fairly deals with, or mitigates, the volatility factor in the crypto market. This happens while the token is constantly engaged in DeFi activities. EQD is over-collateralized and minted against a large number of assets on Equilibrium.

EQ is a native utility token of Equilibrium, a DeFi platform that allows users to have high leverage in trading and borrowing digital assets. Equilibrium, hosted by Polkadot and referred to as a one-stop DeFi platform, combines a full-fledged money market with an order book-based decentralized exchange. xDOT, a liquid and tradeable wrapped DOT, is used to unlock multiple crowd loans.

Astar Network is based on the mechanism of cross-consensus messaging to boost true interoperability for the developers who can freely build decentralized applications with EVM and WASm smart contracts. The Build2Earn model set forth by Astar Network primarily boosts the confidence of developers. The model allows developers to earn money for the codes they write and the decentralized applications they build.

The vibrant ecosystem of Astar is backed by all the major exchange platforms and tier-one VCs. What distinguishes Astar in the industry is its flexibility for Ethereum and WASM tooling for developers who want to start building decentralized applications.

Astar SpaceLabs has collaborated with Astar for the process, essentially accelerating growth on the Polkadot and Kusama Networks. Astar SpaceLabs does this by providing an Incubation Hub for dApps with the highest total value locked into their system.

New HRMP channels getting opened between Equilibrium and Astar Network have not just revised the mission statement of Astar but have also facilitated a free flow of ASTR, EQ, and EQD.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button
Bitcoin (BTC) $ 65,149.46
Ethereum (ETH) $ 3,544.20
Tether (USDT) $ 0.99993
BNB (BNB) $ 598.39
Solana (SOL) $ 138.46
XRP (XRP) $ 0.494924
Dogecoin (DOGE) $ 0.124301
Cardano (ADA) $ 0.387243