Equilibrium ‘EOSDT Supply Up by $100M After Bitcoin Liquidity Integration

Equilibrium Expands EOSDT Supply by $100M After Bitcoin Liquidity Integration

The need for liquidity in cryptocurrencies is steadily increasing as the decentralized finance, or DeFi, industry continues to grow. DeFi startup Equilibrium expanded its decentralized EOS stablecoin supply, EOSDT, thanks to the integration of Bitcoin (BTC)-powered liquidity.

Equilibrium, a major DeFi multi-chain framework, raised the circulation cap for EOSDT from $70 million to $170 million, the firm announced on May 1.

EOSDT Integration with pBTC Drives Liquidity Flow

This push became possible through the integration of EOSDT with DeFi’s cross-chain liquidity network pTokens, which enabled Bitcoin collateralization through the BTC-pegged token pTokens, pBTC.

Bitcoin is the largest market capitalisation cryptocurrency. It is one of the most liquid crypto-assets with a volume of trading over $52 billion in press time. By integrating pBTC — an Ethereum and EOS-compatible token pegged 1:1 to Bitcoin — Equilibrium releases massive new liquidity to the EOS ecosystem while driving interest in DeFi based on BTCs.

Alex Melikhov, CEO and founder of Equilibrium said:

 “Liquidity is one of the first challenges that a DeFi framework must overcome, so Bitcoin compatibility is a major achievement for securing Equilibrium’s future. This integration makes it possible for billions of dollars in fresh liquidity to make its way to EOS-based decentralized finance.”

Thomas Bertani, founder of the development team behind pTokens, Provable Things, stressed that the integration unites the reserve currency of the world, the dollar of the United States, with the largest cryptocurrency, bitcoin:

“With Bitcoin now providing additional collateral for EOSDT, we unite the world’s traditional reserve currency, the U.S. dollar, with the most used and popularised digital asset to date. This marriage between fiat and digital currencies creates layers of liquidity and a unique collateral base that traditional currencies simply cannot provide.”

Equilibrium says more than $10 million of EOS collateral is held by EOSDT smart contracts. This is claimed to be the largest amount so far among all decentralized EOS-based applications. The annual percentage of EOSDT-driven liquidity against volatile crypto-asset collateral accounts for 1 percent, Melikhov said.

As of press time, the latest EOSDT supply cap increase of $100 million can be tracked via EOS block explorer Block.io. The news comes in the midst of Bitfinex, the forthcoming pBTC listing on major crypto exchange. The listing is set to take place in May 2020, as reported.

0 0 vote
Article Rating
Share this page
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.