Decentralized finance startup Equilibrium has received a grant of $27,000 from the Web3 Foundation to develop its DeFi pallet and provide tools which enable other projects to migrate to the Polkadot platform.
The updated pallet would enable the Equilibrium parachain to introduce a developer environment for DeFi applications. This will include an Ethereum Virtual Machine, aiming to attract Ethereum dApp developers, who can reuse their existing code.
The Web3 Foundation offers grants of up to $100,000 to organizations who are developing new technologies.
Equilibrium’s DeFi pallet is universal, can be reused and implemented on other parachains. As Björn Wagner, the co-founder and COO of Parity Technologies, the technical arm of the Web3 Foundation, explained:
“Equilibrium has the potential to solve many of the existing challenges we see in DeFi today by supporting multiple networks and generating engagement in scalable, integrated cross-chain solutions.”
Equilibrium’s own cross-chain money market is the first DeFi app to use its parachain.
Initially an EOS-based similar to MakerDAO, Equilibrium shifted its focus to the Polkadot platform last month, to benefit from its bridges allowing interoperability with Ethereum DeFi and other blockchains.
Regarding the receipt of the Web3 Foundation grant, Equilibrium CEO Alex Melikhov said:
“Equilibrium’s mission is to open up the vast remaining potential within DeFi and maximize value for every DeFi user. Our technology lets us unite all major protocols and previously isolated digital assets, maximizing cross-chain liquidity so that anyone can transact with anyone.”
Equilibrium receives Web3 grant to develop its universal DeFi module