The First DeFi Use Case On DOT Has Arrived

The First DeFi Use Case On DOT Has Arrived

London, England — December 07, 2021:Genshiro, one of the first DeFi platforms running on Kusama, is bridging with Ethereum-compatible public network, HECO Chain. This is particularly interesting because it opens up the first practical DeFi use cases for DOT by way of hDOT, Huobi’s own DOT wrapper.

HECO is a decentralized, EVM-compatible public blockchain. Comparable to Binance Smart Chain, HECO allows for higher transaction speeds, lower fees, and even cross-chain compatibility with Ethereum. One of this chain’s greatest features is 1-to-1 swaps with a number of popular cryptocurrencies, including DOT.

Genshiro has recently secured a parachain slot on Kusama to expand DeFi utility across other blockchains. It offers a wide set of cross-chain DeFi instruments and lets its users earn yield, borrow, and trade assets on margin. Although Genshiro has been operating in closed beta mode until now, the platform has already secured more than $3.3 million in locked value, and traders can use the platform to harness up to 20x leverage. As the beta opens to the public, TVL is expected to spike much higher.

So now that hDOT is fully compatible with Genshiro’s protocol, what can users actually do with it? One potential use case would let users borrow hDOT, receive actual DOT then, and use those tokens to participate in Polkadot crowdloans. This allows for exposure to ecosystem projects without being exposed to DOT itself.

Users can also stake hDOT to earn yield, open collateralized debt positions with it, deposit it for trading, or otherwise use this wrapped token for any of Genshiro’s DeFi use cases. As an experimental network for Polkadot-based Equilibrium, Genshiro is proud to host the first true DeFi use cases for DOT.

“We’re thrilled to be collaborating with one of the world’s largest cryptocurrency exchanges and its native blockchain ecosystem,” said Equilibrium CEO Alex Melikhov. “Genshiro takes pride in being the first Kusama and Polkadot parachain to engage HECO. In fact, as hDOT is a DOT wrapper you can use in Genshiro’s money market, we are witnessing the first DeFi DOT use case. It is an outstanding opportunity for investors who have views on Polkadot crowdloans, for example.”

“Equilibrium is a great choice of network to bridge with,” said HECO Team. “We’re excited to gain their momentum as we make HECO bigger and better.”

Alex is available for comment, and those seeking further information should contact [email protected]


Subscribe to get our top stories