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Summary
- Moonbeam adds DOT token for use in DeFi ecosystem, first XCM integration.
- xcDOT is an XC-20 token, compatible with ERC-20 standards on Moonbeam.
- DOT holders can deposit tokens on Moonbeam for use in DeFi apps.
- Update possible due to XCM rollout on Polkadot, enabling cross-chain capabilities.
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Case Studies and Examples
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About xcDOT: Empowering the Future of Cross-Chain Interoperability
Moonbeam, the premier hub for multi-chain applications within the Polkadot ecosystem, has taken a significant leap forward by integrating the DOT token, thereby unlocking its utilization within the DeFi ecosystem — a pioneering XCM integration on Moonbeam. As an XC-20 token, xcDOT is now seamlessly compatible with the widely adopted ERC-20 standards already in use on Moonbeam, enabling existing DOT holders to deposit their tokens on Moonbeam via the DApp and leverage them in a variety of applications, including decentralized exchanges, liquid staking protocols, and lending and borrowing platforms, for the very first time. This milestone was made possible following the successful rollout of XCM on Polkadot, which has introduced groundbreaking cross-chain capabilities for all parachains.