Equilibrium raises $2.5M to secure support for Polkadot parachain bid

Equilibrium raises $2.5M to secure support for Polkadot parachain bid

Equilibrium, a Polkadot-based decentralized finance project and parachain candidate, has raised $2.5 million from a number of venture funds primarily involved in the Polkadot ecosystem.

Heavy Polkadot backers like KR1, Signum Capital and Hypersphere Ventures joined Equilibrium’s round. Other participants from the general crypto investment ecosystem include OKEx’s Block Dream Fund, Genesis Block Ventures, CMS Holdings, AU21 Capital, DFG Capital, PNYX Ventures, FBG Capital, LD Capital, and others.

The funding round comes as Equilibrium gears up for the upcoming parachain lease auction on Polkadot. The project says that the investment will help secure a parachain slot, which it estimates will require 1 million DOT, currently worth $40 million, committed to the protocol. Though the funds collected by Equilibrium won’t cover the entire sum, the overall support given by major ecosystem players means that the project expects some of the investors to commit a portion of their DOT for Equlibrium’s crowdloan, as the CEO Alex Melikhov told Cointelegraph.

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The crowdloan is a

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