Equilibrium: 24th Community Call Recap

This post was originally published here

On the 23rd of November, Equilibrium held its 24th community call where we hosted lots of guests who shared their thoughts about the state of the general DeFi space and its impact on the Polkadot ecosystem. The major talking points were our live launch and development updates.

In the last community call, we talked about the Closed beta launch and Phase 2 offering. We also shed some light on the second offering. The call was hosted by Alex Melikhov, our CEO and founder; Peter Sergeev, our Sr project manager; and Natalie Cheah from our business development team.

Without further ado, let’s dig in!

Equilibrium marks 2 years of community calls

Hooray! This 24th community call marks 2 years of you joining us on our monthly calls where we give you a breakdown of all our activities of the past month. It’s unbelievable that we’ve come this far, and it just feels like yesterday. At one point, 600 of you joined us on the call. We thank you for supporting and sticking with us despite all the ups and downs.

EQ offering Phase 2 details

We are excited to announce that the second phase of our EQ offering starts 28th November 2022. For this round, we will be raising 300,000 DOT and allocating 200 million EQ tokens.

You can participate by joining the whitelist. If you join early, you will be able to get a 20% bonus of your contribution — so hurry and join now. To earn more, you can join our referral program where each of your referees will get 5% of their contribution while you will get an additional 5% of your referees’ contribution.

Equilibrium production launch

We recently concluded our Closed Beta launch which was a huge success. We got 10,000 signups and reached an activity volume of $80 million. Based on the feedback we got, we are now launching Equilibrium full-scale in mid December.

The assets that will be supported on our platform include EQ, EQD, xDOT, DOT wrappers, USDT (native), WBTC, WETH, and USDC.

We will support Multichain bridge via Moonbeam to support WETH, WBTC, USDC on Equilibrium from the start! We will also launch bootstrap events for our EQD/USDT curve pool as well as our lending and insurance pools — having liquidity in these pools will help stabilize our system. For our insurance pool, we’ll accept various assets from different DeFi protocols, including assets you consider as dead weight that you can’t stake anywhere else. You’ll be able to earn an additional yield on your funds.

Another important step for us will be the bootstrapping of our market-making pool to raise EQD, DOT, and xDOT and give market makers on our DEX extra liquidity. There will also be the bootstrap of EQD in Moonbeam and Astar. We will host a series of bootstrap events to attract other ecosystem assets as we set out to make Equilibrium an important DeFi hub on the DOTSAMA ecosystem to improve efficiency and liquidity.

Eric and Max share their thoughts on our launch and the current market situation

Alex then introduced Eric, a trader at CMS (a venture creator and hedge fund), and Maximillian, a research analyst from Agnostic Fund. Eric then shared his thoughts on the state of the Polkadot ecosystem — he said when compared with other ecosystems, Polkadot is in a good place and insulated from the shock that happened at FTX and Genesis. Still on the issue, Max said there’s widespread FUD, and the recent events will help the Polkadot ecosystem avoid future debacles.

Also, Eric acknowledged that one of the reasons Polkadot wasn’t involved in this messy situation is because the ecosystem is still maturing, citing Polkadot as just having the USDT and EQD integration when compared to other networks like Ethereum, Solana, and Algorand. EQD is our native stablecoin which is 1:1 to the US dollar and backed by various crypto assets. The good thing about EQD is that it’s secured by our insurance pool, making it resilient against market turmoil.

In addition, Max advised us to maintain our community as early supporters as they have a higher tendency to stick to our project for the long term. He also advised us to be transparent and battle-tested as we launch to prevent more FUD, so everything runs smoothly.

Francisco from Moonbeam shares his thoughts

Francisco, a growth and ecosystem developer at Moonbeam, praised the powerful technology behind the Polkadot infrastructure as he believes it protects the ecosystem from what’s going on in the market. He advised us to collaborate with other teams and leverage their strong points. He added that we should always seek advice from people more knowledgeable than us and build great products that developers and users will find interesting to use. He also shed some light on their cross-chain smart contract technology we actively utilize for our bridge solution with Multichain!

We have teamed up with Multichain

Multichain is one of the most robust bridging solutions for bridging assets between different ecosystems including Ethereum, Polygon, etc. We are collaborating with Multichain through Moonbeam to enable the transfer of assets between Equilibrium and other ecosystems. And we are using this bridge to deploy WBTC, WETH, and USDT.

This integration will help improve our user experience as other ecosystem assets will be easily transferable to Equilibrium and our EQ and EQD tokens will also be transferred out.

Genshiro has secured a parachain slot

We are excited to share with you that we won another parachain slot for Genshiro. We have already passed the referendum for the parachain switch, but there’s been a bit of delay on the Kusama runtime. At the renewal of our slot, we will migrate fully to the new parachain and distribute the 10,000,000 GENS reward for the first and second crowdloan on a pro-rata basis in December.

We have participated in events in London and Lisbon

In the past month, Alex traveled quite a lot. He was at the WebSummit in Lisbon, Portugal from November 1st to 4th. It’s one of the biggest IT events in the world, and we had a great time learning about the happenings in other industries. He also attended Token2049 in London, UK on the 8th of November.

Our team has joined several AMA sessions

Our community moderator, Roberto Villavicencio, attended the LATAM community AMA while Robert Lugo attended the Spanish community AMA. Natalie also joined the Phala and Friends DeFi Panel on November 17th on Twitter spaces while Alex joined the Polkadot community call on the 23rd of November where he talked about our launch.

AltcoinBuzz has covered our DeFi platform

We also got some media coverage in November. AltcoinBuzz, an established podcast and media outlet with 380k YouTube subscribers, covered our project. You can watch the video using this link.

Development updates

We have completed the interface of our staked DOT (our DOT wrapper version). In preparation for our live launch, we have improved our UI and finalized the asset integration with Multichain and Moonbeam — so BTC, ETH, and stablecoins are coming to Equilibrium.

We also separated trading from borrowing because our users had quite a hard time understanding the difference. Another exciting news is that our Zero Knowledge Proof (ZKP) concept is ready, this R&D is a gateway to our layer 2 DEX which will become faster and more user-friendly.

Next up, our Genshiro referendum is live, and when it goes live, we will follow through with our plans. So follow us on our social media channels to get regular updates.

And finally, our market makers won’t pay transaction fees. And as time goes by, we will announce some bootstrap programs to provide you with more liquidity.

Questions and Answers

  • When will the whitelist result be out for the second presale?

Ans: The whitelist results are almost out. We have sent emails with the link to the KYC interface to the whitelist participants to complete their KYC verification. Once we are done with that, we will complete the process this week.

  • Can you make a true roadmap with the exact date?

Ans: We already have a date in mind. But we can’t provide an exact date at the moment. This is because Polkadot regularly rolls out updates for their Substrate. To keep up with these updates, we also have to update our chain and do some migrations. Until these technicalities are resolved on Polkadot’s end, we can’t do much, so this affects our timeline. However, our speculative date is that our spot trading, margin trading, and stablecoin will be launched in the first half of December.

  • Will there be a mobile version of the Equilibrium app? Maybe Nova wallet integration?

Ans: Yes, there will be a mobile version, but it won’t be like a mobile app in the beginning. You’ll be able to access the app using your mobile browser.

  • When will EQ be listed after the full launch?

Ans: Because of the issue with FTX, some exchanges are having issues with solvency. So our market makers are currently doing due diligence on the exchanges we have in mind before we list on those platforms. And we are already working on getting EQ listed with some of the top exchanges. The safety of both members of our community and market makers is our priority, so we are working on choosing only the safest exchanges as quickly as possible. So we will keep everyone posted as we progress.

  • Why does PLO1 pay more than Republic One and Republic 2 Offerings? Any clarity about that? Why is the Price now lesser than in the Parachain Lease Offering? The PLO1 participants lost money because the price of EQ in the current sales is so low as they are like -70% on their investment.

Ans: In PLO1, the price of EQ was priced in DOT which was 0.07 DOT per 1 EQ. After the redemption of the tokens, we multiplied the supply by 100 which made the price drop to 0.007 per 1 EQ. Currently, for this second phase, the exchange rate of DOT/EQ is 0.015 which is twice higher than in PLO1.

  • Dear team members, will the Russian language appear on the platform?

Ans: We haven’t thought about that, so it’s not in our immediate plans at the moment. But we will consider that.

  • Just saw this question on discord: will we be able to use eq on eq dex when it launches? borrow, lend etc., Can we use it to mint EQD? If we can’t use it, will people act on dex without eq when you launch it?

Ans: You will be able to convert your assets bridged into the Equilibrium platform into EQ to cover transaction costs. We will update you on the EQ setup when we are closer to the launch, so please follow us on our social channels and subscribe to our emails.

  • What about the KSM downside protection from the first crowdloan?

Ans: We will calculate the amount owed to our users and update you next week.

  • What about EOSDT? I want to withdraw my ETH, but it seems like you’ve forgotten about this project.

Ans: We are still running the EOSDT infrastructure. We think some people got a lot of EOSDT and did not want to sell it on the exchange. So please find my Telegram and tag and reach out to me there so we can sort it out.

  • Do you have a mobile version of the Equilibrium app planned for 2023? If so, what languages will it support?

Ans: We are planning a mobile version for Equilibrium in 2023, but it won’t be an application. Eventually, we will develop a mobile app.

  • Would there be a recording of this session that I can access later please?

Ans: Yes, there will be a recording. You will be able to access the recording using the original link to the community call.

  • Is it possible to launch tokens of other projects on the Equilibrium platform in the future?

Ans: Yes, we will launch other tokens on Equilibrium. There will be launchpads beginning with our EQ tokens. Currently, we have the second phase of our EQ offering planned to start next Monday. You can join the whitelist until the end of this week. Joining the whitelist qualifies you to get an additional 20% bonus of your contribution.

  • Will Genshiro’s Ul be updated to look and operate like EQ’s UI. The EQ UI is sleeker and cleaner. I intend to use both. Thanks.

Ans: We are working on giving our users the best experience possible, so we will roll out updates for Genshiro early next year — we don’t want to disclose our plans yet. At the moment, our primary focus is on rolling out Equilibrium, and we are working toward making it cleaner than it was on Closed Beta.

  • From the chat: “hey when is Alex planning to refund crowdloaners from one year back? thanks”

Ans: If this is in reference to the Genshiro crowdloan, you should have gotten your rewards in KSM on the wallets you used to participate.

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.

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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