As the decentralized financial industry (DeFi) continues to grow, the need for liquidity in cryptocurrencies increases constantly.
Equilibrium today expanded the range of its EOS-based stable coin EOSDTas a result of the liquidity-driven integration of Bitcoin (BTC).
Equilibrium, an important multi-chain DeFi framework, has raised the EOSDT circulation limit from $ 70 million to $ 170 million. the company announced on May 1.
EOSDT integration with pBTC increases cash flow
This surge was made possible by the integration of EOSDT in pTokens.This enabled the Bitcoin guarantee via the pTokens BTC-linked token, pBTC.
Bitcoin is the largest cryptocurrency by market cap. It is one of the most liquid crypto assets with a trading volume in excess of $ 52 billion at press time. By integrating pBTC, an Ethereum and EOS-compatible token is linked 1: 1 with Bitcoin, Equilibrium opens up massive new liquidity for the EOS ecosystem and at the same time arouses interest in BTC based DeFi.
Alex Melikhov, CEO and founder of Equilibrium, said:
“Liquidity is one of the first challenges a DeFi framework has to face. Therefore, the compatibility of Bitcoin is an important achievement in securing the future of equilibrium. This integration can generate billions of dollars in new liquidity based on decentralized funding EOS. “
Dollars and bitcoins
Thomas Bertani, founder of pTokens’ development team, Provable Things, emphasized that the integration connects the world’s reserve currency, the US dollar, with the largest cryptocurrency, Bitcoin:
“Now that Bitcoin offers additional collateral for EOSDT, we are uniting the world’s traditional reserve currency, the US dollar, with the most widely used and popular digital asset to date. This combination of fiat and digital currencies creates levels of liquidity and a unique collateral base that traditional currencies simply cannot offer. “
According to the equilibrium, EOSDT smart contracts have an EOS guarantee of over $ 10 million. It is stated that this It is the most decentralized EOS-based application so far. The EOSDT-driven annual liquidity percentage versus guarantee for volatile crypto assets is 1%, Melikhov told Cointelegraph.
As of press time, the last $ 100 million increase in the EOSDT bid limit It can be tracked via the EOS Block Explorer Block.io.
The news comes amid the upcoming listing of pBTC on the main cryptocurrency exchange Bitfinex.. As reported, the listing will be in May 2020.