What We Covered At Equilibrium’s Tenth Community Call

October 05, 2021
What We Covered At Equilibrium’s Tenth Community Call

Our tenth community call has come and gone — were you there?

We had about 90 participants in attendance, tuned in to Alex and Pete sharing relevant updates about our work. You can watch the video playback of the call right here, or read on for a text summary below.

  • Technical updates
  • Progress on our DEX
  • Equilibrium parachain strategy
  • Revolutionary fluid DOT staking
  • The Equilibrium crowdloan waitlist is open!
  • We hosted Kusama Demo Day
  • Genshiro early access details and results
  • Plans to launch GENS LPs on external AMMs
  • Genshiro crowdloan recap and further plans
  • GENS opt-out mechanism
  • The EQD stablecoin is launching soon
  • Epsilon — an official Curve implementation on Substrate

Technical updates

We launched the standalone version of Genshiro approximately two weeks ago and it has already achieved more than $2 million of total value locked. Initial feedback from our users has been very positive, and we have already implemented some of that feedback to rework the borrower/lender and portfolio interfaces.

We’ve also fixed some issues related to the Curve implementation, pertaining to how LP tokens are priced within our systems. Our oracle can also now read ETH nodes directly and call any contract get methods. This opens up a whole new pool of possibilities of what we can do with our oracle.

And we of course addressed our bridge, as we are in production now. We have optimized our relays and set up dynamic fees for moving transactions across different chains.

Progress on our DEX

Our decentralized exchange is coming closer and closer to a proper release. It will so far support the WBTC/EQD, ETH/EQD, and BNB/EQD trading pairs. We will gradually add more pairs as we progress. The maximum achievable leverage from the user’s perspective is 20x, and we also have a maintenance margin of 2.5% — if your portfolio falls below that level, you’ll get 24 hours notice to top up your margin before getting liquidated.

There are two main use cases for the DEX to know about: going long (borrowing EQD to buy WBTC, ETH, or BNB) and going short (borrowing WBTC, ETH or BNB from the liquidity pool to sell short for EQD).

Users who trade with margin are subject to interest fees. There will also be a taker fee of 0.1% and a maker fee of 0.05% for active DEX users.

Equilibrium parachain strategy

There is a total allocation of 12 million EQ tokens available for our parachain lease offering on Polkadot, and we have already distributed 4 million of these during the first phase - DOT/EQ token swap. This leaves 8 million for us to distribute for the crowdloan participants.

We are still considering particulars of EQ distribution, but all bonuses are already known. Let’s review the bonus structure below:

  • We’ve established a 10% bonus for those who want to register for the waitlist to contribute later to our crowdloan. The registration is open, feel free to join the waitlist right now!
  • We have also established a “whale bonus” for those who contribute more than 10,000 DOT to our crowdloan campaign. This bonus is 15%, plus a number that depends on how many EQ tokens from the bonus allocation remain after we win the slot. All of this will be distributed to the whales’ stakes in the campaign.
  • We are also running a referral bonus that splits a 6% bonus between referrers and those who get referred, 3% each.

Revolutionary fluid DOT staking

This mechanic completely changes the user experience for crowdloan campaigns. Imagine that you are contributing DOT to a parachain project to help them win a slot. For now, you have just two options. The first is to stake your DOT to the campaign and receive rewards in their native token, but this leaves you stuck without any liquidity for your DOT for two years. The second is to stake DOT via a third-party project that offers the issuance of liquid DOTs. You get a wrapper against DOT that you stake to the campaign. But besides issuing these liquid DOTs, these projects don’t actually offer any use cases for these wrappers.

Thanks to our fluid DOT staking, users will be able to stake their DOT for their favorite parachain and get DOT wrappers on the Genshiro. It’s already running and has a lot of functionality on offer, like its lending platform with over $2 million of real liquidity locked in it . You can use these wrappers as liquidity on liquidity pools and start earning yield right away. Another option is to use these wrappers as collateral to take out a loan from the system (in stablecoins, for example). It’s never been done this way before!

The Equilibrium crowdloan waitlist is open!

Our waitlist is live as of October 4 and will close on October 31. Your application calls only for your email address and Polkadot address. Be sure to contribute your DOT to our crowdloan from the address that you indicated in your waitlist registration — that’s pretty much all you need to do in order to harness the advantages gained from joining the waitlist.

What are those advantages? We’re glad you asked. You’ll get a guaranteed 10% bonus in EQ, priority over others in fluid staking, and early access to new Equilibrium products. Register here!

We hosted Kusama Demo Day

On September 2, we held a day-long event that united a bunch of Kusama experts under one virtual roof. Over 1,000 people tuned in to watch our 18 speakers. Seven projects gave live demos of their products, and we held two very interesting group panels.

The event also included a Genshiro launch party: we had a demo of the lending platform, a showcase of our ETH and BSC bridges, and extra APR rewards for closed beta participants.

You can check out the full replay of the event on Crowdcast and YouTube.

Genshiro early access details and results

As mentioned, we launched our standalone substrate during our Kusama Demo Day and it’s so far been a huge success. We’ve invited over 2,000 users, more than 600 are already registered, and these users are already enjoying APR up to 27%. There is still plenty of room left for others to claim these rewards, so come on board!

Plans to launch GENS LPs on external AMMs

We are considering PancakeSwap on Binance Smart Chain, as well as Uniswap and SushiSwap on Ethereum as external AMMs where we might launch GENS liquidity pools. We have allocated 60 million GENS tokens as rewards for those who supply liquidity to these external pools. We expect to split these tokens evenly across pool stakes.

Genshiro crowdloan recap and further plans

We have collected over 15,000 KSM from more than 2,200 participants — we are grateful to our outstanding community and retail support! We are already planning for the next batch of auctions. 40 million GENS tokens are already allocated to participants for the current crowdloan campaign, and the remaining 200 million will be distributed to all crowdloan participants proportional to their KSM stake.

GENS opt-out mechanism

To make things better for any potentially disappointed lockdrop participants from back in the day, we have developed a new mechanism for opting out of GENS. The duration of this campaign will be 21 days — we will have two liquidity pools, one with GENS tokens and the other with BUSD. Those who want to opt out will have the opportunity to transfer their whole allocation from the lockdrop to the GENS pool. Those who want to bid for the GENS that will be compounded in this pool can submit BUSD to get these tokens.

The final price of GENS will be defined by the proportion of GENS to the BUSD pool.

The EQD stablecoin is launching soon

EQD is a decentralized stablecoin that’s pegged to the US dollar, native to Equilibrium and Genshiro alike. It’s mintable against a portfolio of varied collateral and offers interest rates starting from 1% APR. It will work for cheap leverage on crypto assets and is the main quote currency for our decentralized exchange.

It’s also the stablecoin that will drive Epsilon liquidity pools, which we’ll get into below.

Epsilon — an official Curve implementation on Substrate

We have developed the first-ever runtime version of the Curve protocol and couldn’t be more excited about it. We developed this with their support and are happy to introduce it to our community. This protocol will be called Epsilon as a reference to the mathematical term for something small. As this Epsilon solves slippage problems, we think it’s a great name.

We expect to launch it within two weeks, and the first pool we’ll introduce is an all-stablecoin pool. It will consist of five different stablecoins: DAI, USDT, USDC, BUSD, and our own EQD.

As you can see, this was a heavy slate of community updates! We’ll be ready to do it all over again next month, so we’ll see you there.

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