On 25th August, 2022, Equilibrium held its 21st community call to update our community on what we have been working on in the past months and next steps.
In the last community call, we talked about the oversubscription of our first public offering on Republic Crypto, our Polygon integration, and the withdrawal of our KSM treasury proposal.
This month’s call we had a lot of interesting updates for you. It was hosted by Alex, our CEO; Natalie Cheah from our business development team; and Peter Sergeev, our Sr. project manager.
And here is the agenda that was discussed in-depth.
Equilibrium key functionality
Alex began by introducing Equilibrium as a sustainable, one-stop DeFi solution on Polkadot, solving capital inefficiency and liquidity defragmentation in DeFi.
We have been working round the clock to develop Equilibrium’s key functionality since we are putting things in place for our launching soon.
Here are the top key functionalities you can expect to engage with on the Equilibrium platform; money market, orderbook DEX, synthetic assets.
Money market
This is a pooled lending protocol with high leverage. Users will be able to lend and borrow digital assets. They will also be able to earn on securing loans.
Our money market also has ‘probably’ the lowest collateralization requirement in the DeFi space (as low as 105%). We are introducing an innovative loan pricing model — this programmatic interest rate model is based on risk assessment and will allow borrowers set collateralization rates on their loans to lower payable interest.
This makes us unique when compared to other top lending protocols like Aave.
Orderbook DEX
Users can access margin trading on our spot market. This DEX allows for margin trading with up to 20X leverage.
Professional market makers will also be able to use our API. Liquidity providers can also earn passive income (without market making) when market makers place orders on LP funds deposited into dedicated market making pools.
We are also working on introducing perpetuals market functionality — this should be out very soon.
Synthetic assets
We are also introducing a couple of synthetic assets. Users will be able to access our advanced stablecoin backed by a portfolio of assets.
We also have liquid DOT (xDOT) that users can get when they use their DOT to vote for other parachains via Equilibrium. xDOT has got a lot of use cases such as acting as collateral to borrow other assets like EQD (our stablecoin) and DOT.
Equilibrium Closed Beta
In respect of our launch, we are excited to announce our Closed Beta launch coming early September. Participants of this Closed Beta launch will be given virtual assets to play with all the platform’s functionality before we go fully live for the general public.
We have only reserved 500 spots for whitelisted members of our community and external communities to participate in this 2-week event.
Participants will be able to borrow and lend assets on our money market, secure loans and earn yield on our insurance pools, and access spot market functionality on our DEX. More importantly, there’s ZERO risk of losing your real funds.
The supported assets include our native assets (EQ tokens and EQD stablecoin), native ecosystem assets (DOT, GLMR, ACA, PARA, USDT, InterBTC), external native assets (ETH, BTC, BNB), and external ERC-20 tokens (USDC).
To qualify to be an early adopter, scan this QR code to fill out the form. Application ends on 3rd September, 2022. You will be notified by email if you’re accepted.
Read on to know more reasons why you should apply.
Activity Support Program Rewards Beta Users
We have developed an Activity Support Program program to reward Beta users. Users stand a chance to get a portion of the $40,000 worth of EQ tokens reward allocated for this program.
At the start of the Beta phase, each participant will receive a virtual portfolio of assets worth $25,000. 2 weeks later, the participants will be able to play with system functionality like borrowing, lending, and insuring. Plus they will earn rewards.
At the close of the Beta phase, we’ll calculate the balance portfolio value of all testers and reward members with the largest portfolios.
The reward will be shared thus;
Reward Schedule
There are lots of amazing prizes to be won.
Individual Qualification within Equilibrium/Genshiro Team
Individual Qualification within other Community Teams
The Champion Team
1,300,000 EQ
How do we determine the Champion Team?
The community team with the highest Top 10 aggregated portfolio value is the Champion Team. The Champion Team will be rewarded with 1,300,000 EQ tokens which is to be distributed among all team members, weighted by their respective individual portfolio value.
Do keep an eye out for a more detailed explanation of this activity reward program.
Our Community Is Moving to Discord
Natalie then briefed us about the migration of our community to Discord. Henceforth, our Telegram group has been set to read-only mode on 25th August, 2022.
We are doing this to create a unified server with multiple channels for Equilibrium and Genshiro. We think that Discord provides better features for Equilibrium to engage with its community. Join here https://discord.com/invite/nvRNM75pfx
xDOT supports Crust and Aventus Crowdloans
We are relaunching our xDOT functionality and supporting two projects: CRUST and Aventus. They are launching their slot auctions to become Polkadot parachains. And you can vote for these protocols using xDOT.
The CRUST crowdloan is live, so hurry and join as there are amazing rewards for you. On the other hand, the Aventus crowdloan is billed to start on August 28th, 2022. But you can start contributing your DOT via xDOT.
Your reward for voting via Equilibrium xDOT?
First, you will get fluid xDOT for every DOT you contribute. Equilibrium will also share 250,000 $EQ tokens among participants while CRUST has a reward pool of 20,000 $CRST tokens for participants. For the Aventus slot auction, they will share 600,000 $AVT tokens and Equilibrium will further share 250,000 $EQ tokens among participants.
You can vote for these projects on our xDOT page.
Updates on Genshiro Improvements
Completed projects
We have created a community committee. GENS transfers have been enabled and we have completed the pairing of GENS/EQD. We are also working on our oracle system committed to public repo.
This August, we removed SUDO, integrated with Subscan. We also opened up new pairs;
- WBTC/EQD
- ETH/EQD
- BNB/EQD
- KAR/EQD
- PARA/EQD
However, we don’t have enough liquidity for these pairs, but we encourage you to make the market. The more you make the market, the more liquidity there will be in the orderbook.
We have also made a lot of frontend fixes in Genshiro, and more are underway.
Projects in progress
We have split lending and bailsmen functionality, preparing to launch them on the testnet. Also, we are working on discount rates on various assets. These should be up in September.
Once we have rolled out our testnet, we will also set our governance portal. Both the integration and updating of our core pallets in public repo will be up by Q4 2022.
Development Updates
We researched how some of the big players (Acala, Moonbeam, Astar, Parallel) on the Polkadot ecosystem perform their governance and democracy, and developed our parameters. When we play with these on the testnet, we will roll them out for both Genshiro and Equilibrium.
We are also researching bridging solutions via Moonbeam as there are no native bridging solutions on Polkadot. Moonbeam is already connected with the following bridging solutions: Multichain, Synapse, Celer, Axelar, Wrapped, Wormhole.
We are also testing the margining of orders. Market makers will be able to use margin to borrow stablecoins or assets from lending pools to place buy or sell orders in the orderbook.
We are improving Equilibrium’s UX as we prepare to launch our Closed Beta. We are also working on our governance on the testnet even as we finalize Genshiro’s setup.
And finally, we are migrating our frontend API to Balance maker v2.
We are so excited to bring you all these updates because we are building something awesome. And after our Beta launch, we will soon have our live launch.
Stay up to date
Everything we are doing at Equilibrium is to ensure our users get the best DeFi use case. From this call, we have shown that we listen to and value your feedback and take action. So if you have any advice for us, feel free to reach out to us on our Discord or Twitter.
And we are constantly working on improving our products and offering. So ensure you follow us on our social media channels to be in the know of how we’re building the project you will love.
Join Equilibrium on Discord, News Channel, Twitter, Medium, Website, GitHub
Equilibrium: 21st Community Call Recap was originally published in Equilibrium on Medium, where people are continuing the conversation by highlighting and responding to this story.
