Moonwell Apollo Introduces xcKSM

The Moonwell community has added support for cross-chain functionality, enabling native xcKSM — the first XC-20 asset supported for borrowing and lending on Moonwell Apollo on Moonriver.

What are XC-20 tokens?
XC-20 assets are an innovative and unique feature of the Polkadot and Kusama ecosystem — they allow users and developers to harness the power of native and interoperable Substrate assets, with the ease and familiarity of an ERC-20 asset.

These assets are differentiated with the “xc” prefix to the asset itself (in this case, the token KSM becomes xcKSM). Similar to fungible ERC-20 tokens, XC-20 tokens can be interacted with in the same way through a DEX, or through Metamask.

Moonwell Apollo will be the first borrowing and lending protocol on Moonriver to support XC-20 assets, starting with xcKSM.

How can XC-20 assets be used with Moonwell?

As XC-20 assets are compatible with ERC-20 assets, they are also supported by Metamask as well as the various protocols in the Moonriver ecosystem. XC-20 assets are used the same way as ERC-20 tokens would be used.

About Moonwell Apollo

Moonwell is an open lending and borrowing DeFi protocol on Moonbeam & Moonriver. Moonwell’s composable design can accommodate a full range of DeFi applications in the greater Polkadot and Kusama (DotSama) ecosystem.

➡️Source:
https://moonwell.medium.com/introducing-xcksm-to-moonwell-apollo-cffa06868523