Dear Equilibrians, in our usual fashion, we held our community call on the 29th of September to discuss everything we have been working on in the past month.
In the last call, we talked about Equilibrium’s key functionalities that you will be able to engage with in our Closed Beta launch, Crust and Aventus Crowdloans, and Genshiro updates.
This month’s call was packed with lots of exciting news for you. It was hosted by Peter Sergeev, our Sr. project manager and Natalie Cheah from our business development team.
Without further ado, let’s dive into the highlights of the agenda.
Closed Beta
We’re super excited to inform you that our long-awaited Closed Beta launch is live. It went live on the 28th September, 2022 and is billed to last 2 weeks.
From the number of selected participants to the amazing rewards, here’s everything you need to know about the closed beta launch so far.
Starting stats
We got an outstanding number of submissions that we decided to accept 5,000 participants and 22 ecosystem teams for the Closed Beta competition.
For the Beta phase, we’ll be supporting the following assets;
Equilibrium native tokens: EQ and EQD
Ecosystem native tokens: DOT, GLMR, ACA, PARA, ASTR, USDT, INTR
External native tokens: ETH, BTC, BNB
External ERC-20: USDC
Each participant will go into the phase with a portfolio worth $25,000 of these virtual tokens (none is real, so there will be no losers) to explore Equilibrium’s core DeFI functionality and try to be at the top of the leaderboard (more on this in a bit).
Users will be able to borrow and lend their crypto to earn interest on our money market. They can also insure the liquidity pools and spot trade with up to 5x leverage on our DEX.
Rewards
We have allocated a $40,000 worth of EQ tokens reward package for participants.
Participants will be able to borrow, lend, trade, etc., with their virtual assets for 2 weeks. Users with the largest portfolio values at the end of the closed beta will be handsomely rewarded.
The winning team will take home $EQ 1,300,000 while individual winners will be rewarded thus:
How to maximize your portfolio
To be among the winners in the closed beta, participants will be able to maximize their portfolios in the following ways;
Lend and earn interest
Lenders provide liquidity for borrowers, and don’t bear any liquidation risks. This is the safest approach: hence, it has the lowest interest rate of 0.5–5% APR.
Learn more about how to earn by lending.
Insure the system
Bailsmen (also called insurers) insure the system and earn interest from asset borrower interest payments. As a bailsman, you won’t be able to withdraw your funds until borrowers pay down the fraction of their accumulated debt.
In the case of liquidations, insurers get 70% of borrower collateral while lenders get 30%. You can expect to earn an interest rate of 1–10% APR for taking this medium-level risk.
Learn more about how to earn as an insurer.
Earn with EQD
Users can also earn with EQD. Keep in mind that this is a high-risk, high-reward strategy.
Users can margin trade up to 20% (5x leverage) and earn high returns — your earning potential is actually unlimited depending on your skill level. Although you could lose all your collateral in the event of a chaotic market.
Learn more about how to earn with EQD.
Leveraged long and short
Applying bullish or bearish strategies is another high-risk, high-reward strategy. The interest you can earn is also unlimited and depends on your skill. The key to maximizing your portfolio with this strategy is understanding market conditions and reading/interpreting historical data.
Learn more about how to earn using leveraged long and short.
Completing your registration
All qualified participants will receive a welcome email from us. You will need to complete the following actions using your Polkadot address;
- Fill out a questionnaire
- Join our general Discord channel
- Join your team’s Discord channel to discuss strategies between your team members
- Connect wallet
- Receive your initial portfolio
Discord Reminder
We are calling all members of our community to join our Discord. We have moved from Telegram to Discord (our Telegram group is now in read-only mode).
We now have a unified server for Equilibrium and Genshiro. We made this move because Discord gives us the tools to better interact with you and other members of our community.
Also, it provides better engagement features for our team. And you’ll get instant updates on all our latest news, events, and insights.
Genshiro Plan: Crowdloan on Kusama
On September 19th, a new batch of auctions started in Kusama and we decided to take part in this batch by competing for a cap of 2,000 KSM, which seems reasonable given current market conditions.
We are allocating 10,000,000 GENS for this crowdloan for the entire cap of 2000 KSM we’re aiming to collect. If we collect 2000 KSM in full, every participant will receive 5000 GENS per 1 KSM making a smallest possible APR reward of 25%. IF we collect less and still win the slot, all of the 10M GENS will be distributed pro-rata, raising the 25% APR figure even higher.
We plan to launch the auction during the first week of October, please stay tuned for our updates.
Equilibrium is Participating in TOKEN2049 in Singapore
Natalie and Alex went to Singapore and attended one of the largest crypto events in Asia — TOKEN2049. The event attracted 7,000+ participants: our team attended the main event on the 28th, the DOT Ecosystem Gathering on the 25th, and the Polkadot Asia Lounge party side event on the 26th of September, where we met teams from other parachain and infrastructure projects, investors, etc. It was an exciting experience.
We discussed possible collaborations with them and you’ll hear the results of those meetings when anything happens.
At the event, we observed that there were lots of people interested in the projects built on Polkadot as there were people from other ecosystems looking to form partnerships with projects built on Polkadot in attendance. Overall the Polkadot and technology and possibilities behind it were received positively among the crypto community. We got a chance to showcase our beta and people loved it, especially your slick interfaces of ours!
Development Updates
We are excited to announce that our frontend team has made massive improvements on our website. Now we have one of the best UIs in the ecosystem.
Please share your feedback with us as we are making these changes to serve you better.
We have also completed our API migration and prepared our API for some features of the beta competition like the leaderboard and DEX statistics.
We are also happy to inform you that our margining with orders has been completed and is on the testnet. It will go live after the beta phase. Now users won’t use margin when trading “cash — only” with the balances of their own.
Also, our backend team has reworked our bailsman distribution. We have introduced distribution queues and distribution priorities and we are able to support 10,000 bailsmen in our ecosystem. This is a 10 fold increase from the maximum of 1000 bailsmen we could fit into the distribution block before.
We also continued our work on EqBridge (which is already working in Genshiro). In 2 weeks, the bridge will also be working on Equilibrium. And we are also working on other safer bridging solutions for Equilibrium: we have built our prototype on the Moonbeam testnet called Moonbase Alpha. As a result, we were able to bridge Ethereum from the Ethereum to the Equilibrium parachain in one transaction combining XCM and EVM interactions into one user call.
We are also doing an extensive research on Zero Knowledge Proofs (ZKP) with the aim of building a layer 2 scaling solution for our DEX. This involves a lot of heavy math and cryptography, but we hope eventually this effort will pay off and will help us optimize our DEX and bailsmen redistribution.
And finally, we are working on perpetuals. A lot of questions need to be answered here: starting from the derivative representation and ending with things like whether we should allow separate sub accounts for perp trading. A lot of analytical and architectural work is still underway, stay tuned!
We also have been working on our governance and democracy for Genshiro. It is on the testnet now. Once we finalize the setup, it will go live on the mainnet.
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.
About Equilibrium
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. EQ is the native utility token that is used for communal governance of Equilibrium. xDOT is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.
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