Equilibrium framework's system update

March 05, 2020
Equilibrium framework's system update

Dear Equilibrium community:

It's been two months since our last system update. The time for a new update has come, and this post will shed some light on what we’ve achieved since December.

In the last update, we introduced important changes to the logic that governs the EOSDT and NUT token contracts. Along with today’s novation they mark an important milestone of our road to accepting multiple forms of collateral and achieving our overall plan to become the first truly decentralized cross-chain stablecoin with multiple issuing centers on different blockchains. Equilibrium’s current EOS-based architecture may best be described with the following diagram:

To recap, here is the list of what’s new:

  • The NUT token contract now has a separate table called nutstables, where accounts of all the different stablecoin contracts will be listed. There is currently only one stablecoin functioning there: the USD-pegged EOSDT (eosdtsttoken account).
  • Each stablecoin contract now supports multiple issuers. Check out the tokissuers table — all the different collateral contracts now act as separate issuers. For example, we will soon introduce wrapped-BTC and wrapped-ETH collateral thanks to pTokens technology.  
  • The issuer (positions) contract has been substantially reworked to become collateral-agnostic: all EOS-specific methods and logic (like BP staking, rex voting, and so on) have been separated into a different codebase that works with our main EOS collateral eosdtcntract. Introducing new collateral tokens has simply become a matter of deploying additional positions and a liquidator contract bundle with a specified collateral token parameter
  • The rates contract now supports rates in different formats. For now we will feed EOS, NUT, and other collateral rates quoted in USD, the base currency being the key here (whether it’s NUT, EOS or something else).
  • Equilibrium guardians (arbitrageurs), please note: we’ve changed the mechanics of how our surplus EOSDT and EOS auctions work. Both auctions now work only with NUT tokens: you can transfer NUT  to the liquidator contract with the memo “EOSDT” to buy out surplus EOSDT, and transfer NUT with memo “EOS” to buy EOS from the nut_collat_balance pool.
  • Last but not least, we’ve fixed the issue with the governance contract stake/unstake of NUT tokens, where each new stake dilutes the profit attributable to other NUT holders.  Stay tuned!

Apart from contract development, we are reworking our front-end interface to support multiple forms of collateral. New listings on exchanges and DEXes are underway, and changes to how BP rewards are calculated are in the pipeline as well. We’ve developed and tested a basic cross-chain contract to bridge another blockchain to EOS (we won’t say which one just yet).

Stay tuned and we will definitely share details in future blog posts!

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