We present distance determinations to the LMC and SMC based on long period eclipsing binary systems composed of giants. Our LMC distance provides the best zero point for the whole extragalactic distance scale, while the precise relative distance between the LMC and SMC offers unique opportunity to study populational effects on the stellar distance indicators. Apart from distances, analysis of these systems allowed us to measure with a very good accuracy basic stellar parameters (1–2% radii, masses, effective temperature, etc.) of relatively large sample of giants. This catalog provides unique opportunity to calibrate evolutionary models of giant stars.