Binance and Eosfinex Join EOS DeFi Protocol to Handle Smart Contract Upgrades

[Geey]

An EOS DeFi project wants to make use of the blockchain’s smart contract upgrade features, enlisting the help of Binance, Eosfinex and others to oversee the process.



Equilibrium, an EOS-based decentralized finance, or DeFi, project similar to MakerDAO (MKR), is adding four block producers to its governance system, most notably Binance.

Other members include Eosfinex, an EOS decentralized exchange affiliated with Bitfinex, as well as stand alone block producers EOS Nation and EOS Cannon.

The group of four will act as “governance supervisors” for the system. Their primary purpose is to sign off on smart contract upgrades for Equilibrium.

As Alex Melikhov, the CEO of Equilibrium, told Cointelegraph, this leverages a distinctive EOS feature:

“One of the main advantages of EOS lies in updatable smart contract code. In other words you can migrate to new versions of your application seamlessly without hard stop of the whole system.”

This approach is different from Ethereum, where new iterations of DeFi protocols generally require a complex migration procedure. The old versions may eventually be shut down to avoid security risks, as was the case with Maker’s single collateral Dai, or they may be left to their own devices, like with Uniswap V1. Read More