Ethereum is experiencing big issues due to high fees and the choking of the blockchain.
The Vitalik Buterin’s network, in fact, is the most used in the DeFi sector and with so many projects and smart contracts running on it, it is inevitable to have these kinds of issues.
Equilibrium launched a stablecoin, EOSDT, built on top of the EOS blockchain and speaking about these problems DeFi Today and The Cryptonomist interviewed their CEO Alex Melikhov.
When will interest related to BTC as collateral for EOSDT be integrated?
We’ve already integrated BTC collateral into our ecosystem, thanks to our partners from Provable who provided a solution to bridge BTC into the EOS ecosystem
Your team has a number of people from the world of traditional finance, is this an advantage?
It is definitely an advantage, as DeFi in many cases concentrates on adapting traditional financial instruments and approaches to on-chain usage. It also gives us a clear understanding of what pain points exist and how they can be improved.
EOSDT is definitely the most capitalized stablecoin, are you afraid of competition?
Absolutely not. Furthermore we think that competition is always helpful since it drives interest for the industry overall. We have learned a lot from the competition and pooled their innovations. In fact, with the expansion of our project to cross-chain enablement, we are adding another stablecoin and even more synthetic assets to provide wider functionality. So if we are talking about the development of another liquid asset – we have that on the way too. Our new stablecoin will also be USD-pegged, but it will work cross-chain, using collateral from various cryptocurrencies.
What is your opinion about centralized stablecoins?
They are pioneers in DeFi, so we can’t discard their contribution to the entire DeFi ecosystem evolution. We think they’re here to stay for a while.
Do you think DeFi on Ethereum depends too much on MakerDAO and DAI, and that the same could happen with EOSDT?
Of course MakerDAO occupies most of the market by locked value, at the same time there are other major players like Compound, Synthetix, Aave. As for EOSDT, even though it is the premier stablecoin on EOS, the key difference in your comparison is that there is no danger that it will lock part of the market on EOS — since we are enabling cross-chain functionality for EOS as well as Ethereum via Equilibrium.
The interview continues on DeFiToday here.
