PLO Phase 1: EQ & DOT transfers are in progress
This article outlines the distribution process of EQ tokens and DOT withdrawals after the end of Equilibrium’s PLO Phase 1. There are several key features of the distribution mechanics users should be aware of.
The 24-month lease period wins
Firstly, as you may have seen on our website, the majority of users (allocation-wise) have selected a 24-month lockup period. Effectively, the 24-month period has won and Equilibrium will lock DOT tokens in the Polkadot’s crowdloan module for 2 years.
All users who have chosen a 12-month period but haven’t opted-out will receive bonuses in EQ as if they’ve chosen a 24-month period. Respectively, the bonus is 10% for users who contributed less than 10,000 DOT and it’s 25% for those who contributed over this amount.
Approach to calculations
When calculating how many EQ tokens to distribute, we exclude from the allocation (do NOT calculate DOTs contributions for):
- all users who initiated DOT withdrawals
- all users who didn’t pass the KYC process
- all users who transferred DOT directly from exchanges (except the AAX exchange as they confirmed their user deposits)
- all contributions made from Polkadot addresses that we couldn’t tie to a particular user_id
Whitelisted users have a priority and they will receive EQs for their DOTs in full. Then, we calculated all non-whitelisted users and their transactions according to the time priority until the hardcap of 250,000 DOT was reached.
Final EQ allocations
This way we come up with the final list of distributions which currently holds 1092 unique addresses. We count all whitelist, referral, and participation bonuses respectively, and come up with the total number of EQ tokens to distribute for each address.
All the rest addresses/users will receive their DOT tokens back (currently 442 addresses). It’s important to acknowledge that some users may receive a partial refund if they contributed several times (e.g. before and after the 250,000 DOT cap has been reached). Also, there will be one marginal case — a user who overshot a CAP with his transfer/transaction. He will receive a partial allocation as well.
Funds (both EQ and DOT) will be sent to the same Polkadot addresses we have received deposits from. The one exception here is deposits sent from exchanges — we will work out these cases one by one with users in person.
Meanwhile, you can check your EQ balance at https://app.equilibrium.io/ (don’t forget to switch to the Mainnet).
Timelines you may expect
We will distribute EQ tokens throughout the day today, May 3
We will be processing all DOT withdrawals starting today, May 3. But please bear in mind that the actual withdrawal may take up to several days as our custodian (Copper) requires semi-automatic processing of each transaction due to the nature of the multi-signature setup and security concerns.