Equilibrium is entering the Closed Beta phase!
Dear Equilibrians, today we are proudly introducing our plan to launch Equilibrium’s Closed Beta in the next few weeks. It will be available for a limited number of lucky users who applied and have been selected for our whitelist. Whitelisted users will be privileged to experience our premiere DeFi products firsthand, become Equilibrium’s first adopters, and get rewarded according to our Activity Support Program.
Closed Beta will showcase all our developments at their full scale before we open the platform for everyone. During Beta, you will be able to play with all its functions and not be afraid of losing money as all the assets in the Beta are virtual. But activity rewards are pretty real — learn more about your options from this article.
Key highlights
How to join Closed Beta?
Fill out a Registration form that we have launched for users eager to get the first glance at Equilibrium. You will need to provide your Polkadot address, email address, and answer several questions.
The registration form will be available until 10 September 2022, 00:00 UTC. After the subscription closes, the team will review applications and selected users will receive emails with further instructions on accessing the Beta.
What comes when Beta is live?
All whitelisted addresses will be given a certain amount of virtual tokens to use on the platform. We will distribute tokens worth virtual $25 000 to everyone, while the rest of the assets can be easily obtained inside Equilibrium: borrow them, buy them, or receive them via margin calls. Your eventual balance will be accounted for in the overall classification of the Activity Support Program.
Activity Support Program
Early adopters can interact with Equilibrium test parachain and earn rewards in real EQ tokens. Users with the most assets on their balance as of the Beta stage ends will share the prize pool of $30,000 worth of EQ. We will announce full details of the program and reward distribution rules in a separate post.
Here’s what you can do inside Equilibrium’s Beta
- You can manage your system liquidity via a brand new convenient web wallet
- You can earn on lending assets or securing loans on the Equilibrium money market — just choose the right balance between risk and reward. And yes, we have separated roles of lenders and bailsmen:
- Lenders don’t bear liquidation risks and just provide liquidity for lending to earn interest from borrowers
- Bailsmen lock liquidity in the bailout pool and earn higher rewards (up to 80% of borrowers’ interest) on taking liquidation risks in the system. When borrowers get liquidated, they receive borrowers’ liquidated collateral and debt position, while earning the 5% liquidation buffer
3. You can borrow assets on the Equilibrium money market against a portfolio of assets deposited as collateral
4. You can mint EQD, a multiple-collateral stablecoin pegged to USD, using a portfolio of assets
NOTE: You can lower interest on borrowing assets or EQD stablecoins by composing a less volatile collateral portfolio (e.g. adding stablecoins into the mix) or increasing collateralization level. Borrow less and pay less, borrow more and pay more, interest rates are variable, and take into account risks your position bears!
5. You can trade BTC, ETH, DOT, ACA, GLMR, PARA, ASTR markets on our DEX using your portfolio in the system as margin
6. Try to break something! No kidding, try doing crazy stuff inside the system that can break the business logic or protocol and margin engine of Equilibrium. Infinite leverage, uncovered debts, unaccounted tokens, DEX denial of service, blockchain congestion? You name it! The cooler the use-cases, the better! We will reward such endeavors additionally!
About Equilibrium
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. EQ is the native utility token that is used for communal governance of Equilibrium. xDOT is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.
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