Latest Equilibrium Updates in October 2020

November 04, 2020
Latest Equilibrium Updates in October 2020

October has brought us several milestones. Let’s review these impactful events one by one in more detail.

Kevin Hu of Dragonfly Capital invested in Equilibrium

A partner at Dragonfly Capital has become our angel investor. Kevin will also bring in his expertise in product and capital market strategy.

Equilibrium has established its advisory board

A few well-known individuals have joined our newly established advisory board. We’re excited about each and are looking forward to the added value and support they will bring us in this next phase of the company.

  • Eric Wang, Ecosystem Development Lead at Parity, will provide us with advisory on EQ ecosystem development.
  • Joe Petrowski, a research analyst at Parity Technologies, will help shape our Initial Parachain Offering strategy.

Feel free to read the full announcement.

NUT/ EQ token swap a full success

Equilibrium has conducted its NUT/EQ token swap with exciting results, achieving over $5.5 million USD. Users were able to swap their NUT tokens for EQ, our new cross-chain utility token, for a very advantageous rate.

The migration enabled by distributing EQ through the swap is a great way to bootstrap the start of our expanded project on Polkadot.

Quantstamp will audit Equilibrium

Equilibrium is partnering with Quantstamp, a leading international auditor whose mission is to secure the decentralized internet. Equilibrium is the first Polkadot-based project that will be professionally audited. While Quantstamp has wide experience, this is a completely new kind of audit — unprecedented on Polkadot.

Quantstamp will audit Equilibrium’s core components, including the code which governs its underlying business-logic on balances, its risk and price modules, and its “bailout” mechanics. Quantstamp’s audit is of key importance to ensure the quality of Equilibrium’s performance. Learn more.

Completion of our first W3F grant milestone

We have completed our first W3F grant stage. The grant’s focus is on advancing the Polkadot community as a whole. We are implementing a financial pallet that will provide out of the box solutions to calculate financial metrics based on externally collected information on e.g. price feeds. The grant’s focus is on advancing the Polkadot community overall. Our contributions via the grant will benefit Polkadot’s DeFi projects as a whole and will simplify their development on Substrate. We expect they will facilitate other projects’ migration to Polkadot from Ethereum and other chains. Read the whole article here.

The exact dates of the EQ token generation event and further product releases

We are excited to announce that we have set the date for the EQ token generation event on November 12, 2020. Starting on that date, NUT/ EQ token swap participants will be able to claim their EQ allocations on Equilibrium’s mainnet and start their vesting periods. Users should note that tokens will be non-transferrable until the end of November.

On November 5th, Equilibrium will add the core logic of its main products to the testnet, including the risk, pricing, balances, and bailsman modules. Users will be able to borrow USD-pegged stablecoin against a portfolio of virtual collateral and pay fees, or provide assets to safeguard borrowers in aggregate, and earn interest in return. Testing these functionalities is also a chance for participants to experience our projects’s user interface, which will allow them to conveniently work on multiple platforms simultaneously without new logins. Major assets will be available (BTC, ETH, EOS, EQ, DOT) as virtual tokens in a faucet mechanism at this stage.

Feedback from our users is extremely important for us. We invite our community to try out new products on the testnet and share your thoughts with us. Fill out this form to join our group of testers.

NUT & EOSDT listed on eosfinex

This month our EOS-based assets EOSDT and NUT were listed on eosfinex. This combined DEX and portfolio management solution based on EOSIO tech has launched the beta version of its mainnet, and it will bring Bitfinex’ liquidity to the EOSIO platform. Thanks to the connection with Bitfinex, EOSDT and NUT can draw on more liquidity than ever and are now tradable from any EOS wallet. Eosfinex’s tech updates have resulted in speedier trading time. Off-chain order matching allows for complex orders and a referral program now enables passive earning. Check out the news in full here.

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