Equilibrium raises $5.5 million via the token swap!
Equilibrium has raised more than $5 million via an innovative token distribution mechanism called the token swap. Token swaps are usually about migrating cryptocurrency from one blockchain to another, like moving EOS ICO tokens from Ethereum to the EOS mainnet, for example. But in this case, it’s the first time users exchanged established tokens for those that are newly issued: users swapped Native Utility Tokens (NUT) from Equilibrium’s EOS-based product line for the new Polkadot-based utility tokens called EQ.
A number of venture capital funds that invest in the Polkadot ecosystem participated as well, including BKEX Capital, PNYX Ventures, Signal VC, Taureon, YBB Foundation, Bitrise Capital, BitBlock, Ti Capital, and others. Equilibrium knows our strong user participation is more valuable than some token sale — with $5.5 million of fresh crypto resources, we are empowering our community to expand its reach with the new EQ utility token.
As we mentioned earlier, EQ is a cross-chain compatible token used as a platform currency and voting mechanism in Equilibrium’s decentralized governance. EQ can pay product fees, serve as collateral for a loan, bailout liquidity to secure loans, and pay transaction fees on the Equilibrium Substrate.
We believe that the current DeFi ecosystem is fragmented to the point that it won’t reach its full potential without some help. Equilibrium intends to make Ethereum and other blockchain platforms fully compatible with each other by way of key DeFi use cases in a convenient, unified interface.
Stay tuned for further updates!