2020: A Challenging Yet Productive Year

January 07, 2021
2020: A Challenging Yet Productive Year

2020 was demanding and eventful for just about everyone across all industries. We at Equilibrium adapted our workflows, kept our heads down, and continued plugging away at our mission to unlock the full potential of the DeFi market.

Our biggest news of the year is that we expanded our product line and started developing on Polkadot, but that only scratches the surface. Let’s review the main milestones that we achieved in 2020.

January 2020:

We started designing a brand new architecture and economy model that was supposed to underpin our full-fledged cross-chain DeFi one-stop-shop on Polkadot. The draft of its technical paper was introduced to a close group of our partners, and we have received very positive initial feedback.

February 2020:

We got a visual rebrand and unveiled the new Equilibrium logo that you know now.

We also kicked off technical development of our Polkadot-based product line on the Substrate technology.  

March 2020:

We presented the first prototype of our multi-collateral interface. This was our first step toward accepting multiple forms of collateral to become the first truly decentralized cross-chain stablecoin with multiple issuing centers on different blockchains.

April 2020:

We celebrated Equilibrium’s one-year anniversary and added BTC collateral support.

May 2020:

We enhanced our overall decentralization by setting up a governance framework that counts Binance, Eosfinex, EOS Nation, and EOS Cannon as members.

We also introduced a staking pool with high staking rewards on our native assets.

June 2020:

We integrated price feeds from LiquidOracles, enhancing our DeFi platform with a reliable, robust price feed that’s essential for smooth operation of our decentralized stablecoin.

July 2020:

Equilibrium joined the second wave of the Substrate Builder’s program by Parity Technologies. This program supports developers on the Substrate technology and serves as a gateway to the Polkadot ecosystem.  

We introduced our pyramiding functionality, a risk management strategy that lets you reinvest your trading profits on the same position when the market moves in your favor.

August 2020:

We officially partnered with Polkadot to join forces in building the future of cross-chain DeFi money markets.

This was also the month that we announced our new EQ token.

September 2020:

We raised $5.5 million via our cross-chain token swap, and we also received a grant from the Web3 Foundation.

This was the same month that we launched our testnet.

October 2020:

We finalized the details of our advisory board. Get to know Eric Wang and Joe Petrowski!

Kevin Hu, partner at Dragonfly Capital, became our angel investor.

November 2020:

We released our core business logic on our public Substrate-based testnet and held a token generation event. We added ETH support for collateralized positions on our EOS-based products. We also started a series of educational articles going into detail about how Equilibrium works.

This was also the month we completed all the milestones necessary to satisfy our grant from W3F.

December 2020

This month was full of partnerships with projects like Moonbeam, Stafi, Mathwallet, RenVM, and more. We held our first community call, where we answered user questions and offered updates on what’s to come.

We also released our newly updated intuitive UI, which was warmly perceived by our community.  

Lastly, we launched our ETH bridge on the testnet.

Looking ahead to 2021:

  • We will start 2021 with an initial parachain offering.
  • We will launch liquidity farming functionality.
  • Pooled lending will arrive on the mainnet.
  • The ETH bridge will go live on the mainnet.
  • We will integrate the BTC bridge.

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