Moonbeam, the top destination for multi-chain applications on Polkadot, has now added the DOT token for use within its DeFi ecosystem — the first XCM integration on Moonbeam. As an XC-20, xcDOT is now compatible with the ERC-20 standards in active use on Moonbeam, allowing existing DOT holders to deposit their tokens on Moonbeam through the DApp and actively use them in things like decentralized exchanges, liquid staking protocols, and lending and borrowing applications for the first time. This update was made possible following the rollout of XCM on Polkadot, introducing cross-chain capabilities for the first time for all parachains.
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