Equilibrium May Summary
In spite of quarantines and worldwide slowdown, Equilibrium has kept up to speed in May. We were active with PR in several podcasts and an AMA. Our governance system is developing fast, with numerous top names joining the system. We have launched our staking pool, a powerful instrument that offers users passive income. Finally, we are excited to have launched the Equilibrium testing team, in which you, our community, take the lead role!
Launch of our staking pool
Our staking pool lets you earn predictable interest on EOS and NUT, and now, also on EOSDT. The interest rate earned on EOSDT depends on the total amount of EOSDT already staked to the contract, the fee sent to the smart contract, the total outstanding EOSDT, and the amount of EOSDT the user deposits to the staking pool. The more EOSDT you stake, the more interest you earn on it. You can read about examples of how you can predict your earnings here.
Major industry players join our governance
Several major players have joined Equilibrium’s governance system. They include: Binance, eosfinex, EOS Nation and EOS Cannon. Each of these well-known companies are now part of the approval process for EOSDT contracts before those contracts are released. The smart contracts behind EOS-based DeFi applications are changeable and upgradeable for the sake of future-proofing these services. Thanks to this feature of EOSIO, DApp upgrades can happen seamlessly without requiring painful migrations to a completely new set of contracts as is the case on other platforms like Ethereum. Equilibrium’s governance system only allows code to be updated if there are multiparty signatories. This is key to ensure decentralization and prevent a single point of failure. We are honored to welcome such prominent participants to our ecosystem.
AMA Session with MyKey wallet on Bihu
MyKey wallet invited our CEO Alex Melikhov to feature one of our top innovations: “DeFi Hub in your crypto wallet: multiple options to get passive income”. As you know if you own EOSDT, letting your money work for you is one of our main advantages. There are several ways to do this. You can read about lending to earn passive yield on the Equilibrium website.
Q&A with the pTokens community
In another media event, Alex Melikhov met with the pTokens(pBTC) community for a podcast. pTokens are the ERC-20 token version of other, non-Ethereum blockchain currencies that enable liquidity to freely move from one blockchain to another. We have recently entered a cross-chain partnership with pTokens, launching support for Bitcoin collateral. Podcast topics included: the advantages of EOS as a platform for building high-powered DeFi apps above and beyond Ethereum, our plans for listings on major exchanges, and our stability fund, the first defi insurance policy to minimize user risk by guaranteeing funds. You can watch the podcast with pTokens here.
Podcast with Greymass
Yet another podcast with Greymass — a platform that curates world-class B2C experiences — featured Alex Melikhov on Equilibrium as the leading defi liquidity project on EOS. The discussion focused on our stablecoin as the key element in defi ecosystems, the advantages of staking for our tokenholders, Equilibrium’s growth in Asia and the geographical distribution of our clientele, offered a peak at new products including plans for our liquidity pool, and explained our innovative portfolio leveraging in one single transaction.
First governance proposal on Equilibrium
Equilibrium has now confirmed its first governance proposal, which has raised our stablecoin fee to 1,8% APR. Changes in stablecoin fees affect the supply side by targeting its generation and payback intensities, while the rewards from the EOSDT savings contract affect the demand side by offering a “risk-free” return on EOSDT’s stake. Defending the peg becomes especially important as Equilibrium prepares for forthcoming listings of EOSDT on major exchanges and the opening of new markets, which will increase liquidity and EOSDT trading volumes. This proposal is an important milestone for Equilibrium EOSDT because it marks a big step in the evolution of its decentralized governance process.
Equilibrium’s testing team
At Equilibrium, our most important collateral is our community. You are essential to the development of our ecosystem, and we want to have as much ‘end-user feedback’ as possible. That’s why we are calling for our community members to join the product testing team. If you would like to join, you can connect a wallet, test specific cases and workflows, the user-oriented Equilibrium.io DeFi hub (web application) — we’d love to get your feedback! — and create EOS/BTC positions. Find out how you can participate and earn NUT.