Equilibrium’s project expansion and the new EQ token
Recently, we announced our exciting expansion: Equilibrium is growing beyond the first phase of its project on EOS. In the next stage of our project, with our own blockchain parachain built on the Polkadot Substrate, we will enable interoperability for DeFi between multiple protocols.
Equilibrium is evolving into the first decentralized cross-chain money market that combines pooled lending with synthetic asset generation and trading. As such, we will provide the missing link that unlocks the vast remaining potential of the DeFi market both including and beyond Ethereum, and open up colossal new opportunities for lending and trade. Check out our developing new website.
In connection with this, we are introducing new products and new native assets. Today we’d like to introduce the new EQ token to you.
Some of the functions of the new token are the same as for NUT, they include use for: accessing liquidated collateral, earning staking rewards, paying commissions to use our products. However, a number of them are new, notably: voting for validators, paying transaction fees, and use for bailouts. The most exciting innovation is that EQ tokens will be usable on any protocol connected with Polkadot!
When we say that our project is enabling interoperability between major blockchains, we really mean it. You will be able to use the EQ token to create synthetic assets and transfer the value of any other kind of assets or cryptocurrency to Equilibrium. Or, you can simply use Equilibrium’s convenient interface to easily execute and monitor all transactions that you do on other platforms from one place. While the swap from NUT to EQ will happen sooner, the EQ token will actually go into use starting with Equilibrium’s genesis block, which is planned for October 2020.
According to legal expertise, EOSDT and NUT are not considered to be securities. We anticipate a similar assessment of the status of our new utility token EQ, which will have a comparable, albeit expanded function.
We will announce details about the NUT : EQ token swap shortly, so stay tuned!