Equilibrium, the one-stop platform to earn, borrow, and trade at max efficiency, launched its Closed Beta, allowing users to experience Equilibrium services before its full launch. Users had two weeks to play as individuals or teams, with a provided virtual portfolio, and try to maximize its value to win part of the $40,000 worth of $EQ prize fund.
To participate, users had to complete a form prepared by the Equilibrium team to join the whitelist. Closed Beta received an oversubscription that saw Equilibrium adapt to the increased demand. With an initial cap of 500, Equilibrium hosted 4,000+ participants following 10,000+ applications for the Closed Beta whitelist. The user statistics were beyond expectations, considering Polkadot has an active user base of ~ 22,000 (active addresses).
Equilibrium’s Motivation
Our inspiration for Closed Beta was born from a desire to see our products impact the blockchain community. After building behind the scenes for 2.5 years, we desired our community to experience Equilibrium technology and UI/UX and gather information on our products. Intending to showcase our development, we gave our first users access and means to play with Equilibrium features. Through virtual assets, participants could execute daring trades with a high degree of braveness as the transactions did not affect their portfolios.
The Closed Beta projections were conservative, considering the bear market situation; however, we were pleasantly surprised by the ten-fold oversubscription to our Closed Beta. Here’s how everything played out.
Receptive and Active Participants
Closed Beta was not only pulling participants, but also active users. By the end of the Beta period, the cumulative trading volume was over $80M. Participants had confidence in the product, hence the memorable figure. There were exceptional signs of Closed Beta’s success as it gained momentum in its first week. By day 7, the Equilibrium DEX trading volume was approaching $50M, with volume increasing daily.
The collective performance was a joint effort of individual traders and teams as they sought to earn part of the prize fund. Equilibrium’s reward model encouraged user participation as it guaranteed rewards for the top 50 active users among beta participants and the top 10 in every team. Equilibrium added a prize of 1.3M EQ for the team with the most cumulative balance of the top 10 users.
Beyond Rewards
Equilibrium’s Beta improved beyond the participants’ crypto portfolio; it enabled Equilibrium to assess its services before the main launch. It also gave users a glimpse of Equilibrium’s development. During Closed Beta, users experienced Equilibrium’s value proposition of providing trading, earning, and borrowing services at maximum efficiency.
Users could manage system liquidity via a web wallet, lend assets, secure loans, borrow assets, mint EQD and many other Equilibrium functions.
User feedback was another Closed Beta advantage. The team at Equilibrium will appreciate user input to refine its final product based on its user reception, feedback, and platform performance.
Alex Melikhov, Equilibrium CEO, stated:
“The Closed Beta was a success and a clear sign we’re heading in the right direction. Working behind the scenes, we noted the potential within Equilibrium, what to expect from the day-to-day running of the platform, and areas we need to tweak to surpass user expectations. Of course, we were also excited to record tremendous cumulative figures and participation statistics: quality products attract attention regardless of the market status. We’re now shifting gears to the main product launch, having noted user concerns, suggestions, and feeling toward our product. Exciting times lie ahead.”
Thanks to your participation and feedback, the Closed Beta period was exciting, encouraging, and successful. We’re grateful for the community’s support as we implement upgrades and improvements based on user feedback and our statistics.
Join the growing Equilibrium community to experience DeFi trading at maximum efficiency!
Equilibrium Closed Beta Was a Massive Success! Thank You for The Support was originally published in Equilibrium on Medium, where people are continuing the conversation by highlighting and responding to this story.
