Thanks to our new fluid xDOT staking, users are now able to stake their DOT for their favorite Polkadot parachain and get xDOT, which are DOT wrappers. xDOT makes DOT tokens into a multipurpose asset. Users can get exposure to this new DOT derivative for use inside our systems.
xDOT is a yield-bearing instrument by the Equilibrium team designed to make the Polkadot crowdloan ecosystem way more convenient and productive. In a soundbyte, it’s a synthetic asset that’s redeemable for conventional DOT tokens that were contributed for a parachain slot and locked for a slot lease period.
xDOT are already issued on Genshiro and Equilibrium. Tokens are minted at a 1:1 rate for locked DOT for each project individually, as soon as it wins a slot. Thanks to our Polkadot / Kusama bridge users can bridge these ecosystems together, providing a multitude of use-cases to both. Once user receive its xDOT, he can immediately start use it in our system.