Equilibrium is Releasing its Core Business Logic on its Public Testnet

November 05, 2020
Equilibrium is Releasing its Core Business Logic on its Public Testnet

Equilibrium is launching its core business logic on Polkadot on the testnet! The public testnet is a major milestone for us and will present everything that has been built so far. Users are welcome to join and experience the system for themselves.

Major assets and value for users

We have completed the core logic of our product spectrum and added this to our testnet. Starting now, users can earn on bailouts securing loans and borrow Equilibrium’s USD-pegged stablecoin against multi-asset collateral basket. The cross-chain money market is in place with almost all its core technical components, including on-chain risk management, pricing, balances, bailout modules, deposits, transfers, and withdrawals. The lending feature for major cryptocurrencies will soon be added so users could earn on lending their portfolio.

While liquidity providers will be able to utilize foreign stablecoins on the platform, loans which use Equilibrium’s native stablecoin are cheaper, since they are not attached to fees charged by third parties. Equilibrium’s stablecoin also profits from the additional security offered by the platform’s risk-management system, which proactively manages and ensures overall system solvency on a continual basis.

Users can also become bailsmen, providing assets to safeguard borrowers in aggregate and earn interest in return. Testing these functionalities is an opportunity for participants to experience the projects’s user interface, which will allow them to simultaneously work on multiple blockchain platforms.

This newly launched functionality is available on the Equilibrium’s testnet with virtual crypto assets, including BTC, ETH, EOS, EQ, and DOT tokens. Since there are no readily-available bridges in place yet, users will be able to test out the platform crediting their accounts with a faucet mechanism that issues virtual tokens.

Plans for further participation

Equilibrium will later add token generation and support for third-party validators and oracles. In the meantime while Polkadot completes its bridging concept, Equilibrium will be building key functionalities with an ETH bridge that allows for sending EQ tokens to Ethereum’s ETH Kovan testnet.

It will later support wrapping ETH assets on Equilibrium.

The release of mainnet is planned for November. Users will be able to claim their EQ tokens and start their vesting period.

The money market with a liquidity farming functionality will be rolled out to the testnet in December. Users will be able to collateralize Ethereum-based assets and generate Equilibrium’s USD-pegged stablecoins for withdrawal to the Ethereum network (USDT/USDC/DAI). Liquidity providers will be able to farm EQ tokens and earn by providing liquidity for stablecoins available for withdrawal. We believe that liquidity farming in EQ tokens will facilitate liquidity inflows.

We will keep our community apprised of developments!

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