What You Missed At Equilibrium’s PLO AMA

April 20, 2021
What You Missed At Equilibrium’s PLO AMA

We recently held an AMA session with our CEO Alex Melikhov and our director of customer success, Lesley Czuma. This served as a space to get all our users and PLO participants on the same page, while also letting them get answers to any questions they wanted to ask our team.

If you want to watch a video replay of the session, it’s available right here. We’ve summarized all the highlights for you in text format below.

Reviewing our PLO strategy

Equilibrium is holding a two-phase parachain lease offering on Polkadot to raise funds for securing a parachain slot. The first phase is ongoing right now, a token swap in which users submit DOT and receive EQ in exchange at a special bonus.

The hardcap for the token swap is 250,000 DOT, which we have already reached, but we will continue receiving deposits until April 25th. The reason behind is that the minority who has selected a parachain lease period that received less DOT can opt-out and there may be some room for newcomers.  

As previously mentioned, the token swap is risk-free because users can reverse their swap for free at the end, while retaining any bonuses they earned. (We offer a maximum bonus of 25% for those who swap over 10,000 DOT and commit to two years staking).

Then we will kick off our second phase crowdloan. This will have a hard cap of 750,000 DOT in addition to the swap. We are still determining the dates for the crowdloan, but we expect it to kick off when parachain auctions arrive on Polkadot.

What are your plans for Kusama auctions?

Yes, we will participate and seek a parachain slot there. Our new Genshiro parachain shares the same experimental spirit of Kusama, offering more parameters that let traders take on more risk than average. This kind of bold one-stop DeFi shop will bring a lot of value to the Kusama community. Existing EQ holders can participate in the lockdrop by locking their EQ to grab GENS — new Genshiro-based tokens. There’s more news coming soon here, stay tuned. Join the Genshiro whitelist!

Where can users see their whitelist bonuses?

Look for the icon with a question mark in our interface. A dropdown menu there will give you a visual breakdown of your bonuses and display your total bonus payout.

I transferred DOT from an exchange and it didn’t work.

If you participated in the token swap from an exchange, please contact us to prevent any issues from arising. We will need your transaction hash and the name of your exchange in order to identify your transfers. Just send us these two pieces of information and we’ll do the rest for you after that.

How do I send funds from an address that’s not tied to my KYC’d account?

You need to link your address with your KYC’d account. Click on the “settings” section near your profile name and a button will appear in the dropdown menu for adding your account to your profile.

What is the timeline for the actual parachain auctions?

We know that they’ll be two weeks long, but we don’t actually know the start date yet. We are waiting for Polkadot to announce the dates, then we’ll start immediately.

What if my address begins with a 1, or otherwise has an unusual format?

Polkadot has different address formats for transacting on its network. Some are related to the relay chain, to different parachains, and so on. Our internal system converts every address to a standard format so we won’t miss your transactions.

What if you lose the parachain slot auction?

We are ready to try several times over the course of five months in case we don’t win immediately. That’s plenty of time for us to be successful, and we have

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