Here’s Your Step-By-Step Guide To Our DOT/EQ Token Swap
Starting on April 12 and lasting until April 25, we will raise 250,000 DOT in exchange for our EQ tokens at a rate of 1 EQ = 0.07 DOT. Users can earn up to 25% in bonuses for their participation.
The next stage of our PLO will entail a crowdloan to secure our parachain slot, and we’ll be communicating more details to you about that when the time is right. Until then, know that we’re invested in making sure that this PLO is as easy as possible to participate in.
Read on for our full guide on how to make sure you’re ready for our upcoming token swap.
The big picture
This step-by-step guide covers the full user flow for our token swap. The first real step is to connect to Equilibrium via your Telegram account, Google account, or polkadot.js browser extension, but let’s get into what happens after that.
In a nutshell, users will undergo KYC, select their desired lease period, send their DOT to our custodian (Copper), and receive their EQ at the initial swap rate, along with any bonuses.
How to satisfy KYC
The entire token swap process from the user’s perspective will revolve around our PLO page. This is the central user hub for everyone taking part, so you’ll be well-acquainted with it in time. At this stage, it works as a place to upload documents and ID. Here’s what it looks like on desktop:
Press “confirm” to advance to the next screen. There you’ll need to accept our terms and conditions, especially as they pertain to data processing.
Select your country and upload a photo of your ID. It can be a driver’s license, passport, residence permit, or other ID card.
Then we need a picture of your beautiful face. Take a selfie and upload it.
The system will confirm that we’ve received your data and are in the process of checking it.
Once you see this confirmation, it means you’ve done everything you need to do before the token swap actually begins. Your next step will be to deposit funds in DOT when the token swap kicks off.
How to deposit funds
You will be able to deposit funds for the token swap starting on the first day of the swap, April 12. If you’re logged in to our PLO page via your Polkadot wallet, make sure that you push the “connect” button under your address.
Enter the amount of tokens you want to swap and sign it with a wallet. Alternatively, you can choose “Generate QR” and use your mobile wallet to facilitate the token swap.
How to earn on referrals
Our system will give you a unique referral link to share with your friends when you register. If your friends participate in our PLO using your link, you’ll earn 1% of whatever they contribute. This referral income will accumulate within our system, and you can keep tabs on it by clicking “check bonus” below your deposit history, then clicking “check.”
This is where you’ll see your latest activity pertaining to your custom referral link. We’ll track every time someone signs up with your link that happens, as well as your total rewards for helping us spread the word.
How to withdraw DOT
The PLO and token swap are risk free. This means that swap participants can receive their DOT back if necessary. Click “Withdraw” next to your staked balance.
There are three occasions for this:
- Minority vote on the leasing period
Within two working days after the results of the vote on the swap are known, we will send users in the minority vote notification and then they will have seven days to choose if they decide to withdraw their DOT or remain in the pool and allow their DOT to proceed on to be used in the bidding for the auction.
2. If Equilibrium fails to secure a parachain slot
In the event that, within 5 months after the beginning of the parachain auctions, Equilibrium is unable to win a parachain auction, swap users’ DOT will be returned to them in the same amount as originally swapped.
3. DOT swap-back after end of leasing period
At the end of the parachain leasing period, swap participants will have the opportunity to swap their EQ back for DOT for the initial swap rate. Equilibrium will notify swap participants with a reminder and instructions on how to submit a request to swap back their EQ tokens for DOT.
They will have 7 (seven) days to decide if they would like to get back their DOT or keep their EQ.
You are now ready to swap DOT for EQ in the first phase of Equilibrium’s two-phase PLO. Watch this space for fresh information soon on how the second phase of our PLO, a crowdloan, will work.