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xcDOT
XCDOT

About xcDOT

xcDOT is an XC-20 token compatible with ERC-20 standards and is now actively usable on Moonbeam. As an XC-20, xcDOT aligns with ERC-20 protocols, enabling existing DOT holders to deposit their tokens on Moonbeam via the DApp and utilize them in decentralized exchanges, liquid staking, lending, and borrowing applications for the first time. This upgrade was made possible following the deployment of XCM on Polkadot, which introduced cross-chain capabilities for all parachains. Besides the functionalities on the Relay Chain like staking, governance, and bonding for parachain crowdloans, DOT token holders can now access a wide range of DeFi options on Moonbeam. Originally, Polkadot provided limited ways for DOT holders to utilize and stake their tokens. The implementation of xcDOT allows users...

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