Following the announcement of Beamswap’s partnership with Equilibrium, the Beamswap DeFi hub is listing the xcEQD token and launching a stable yield farm.
What is EQD?
EQD is a Polkadot-native stablecoin by Equilibrium, pegged to USD and backed by a diverse portfolio of assets.
EQD is secure by design and only goes into circulation when other assets are provided as collateral for minting it.
The EQD stablecoin delivers an array of benefits to its owners:
- Interest rates are determined only by the borrower’s portfolio, borrower debt, overall system liquidity, market dynamics, and risks.
- Every position remains solvent at a 105% collateralization ratio.
- Thanks to XCM compatibility, EQD can be seamlessly and securely transferred to all parachains and dapps in the DotSama ecosystem, Beamswap included.
Learn more about EQD. 👇
Step 1: Get EQD and xcEQD
To generate rewards on Yield Farms of Beamswap, a Moonbeam-based DeFi hub, you need an XC-20 version of EQD, namely xcEQD.
But first, let’s get some EQD in its original form.
Step 1.1: Get EQD
Go to https://eqd.equilibrium.io/, and click “Mint EQD”.
From here, you are transferred to the Equilibrium dashboard, where you should connect with your wallet — SubWallet, Enkrypt, Polkadot{.js}, or Talisman.
Enter the amount you want to borrow, and click “Deposit & Mint EQD”.
Next, choose the asset you want to bridge to Equilibrium and deposit to receive EQD, and set the amount for bridging. Click “Deposit” and authorize the transaction in your wallet pop-up.
In the menu on the left, navigate to the Borrow page and click “Start borrowing”. Choose the amount you want to deposit as collateral, click “Add collateral”, and approve the transaction in the wallet pop-up window.
Next, set the amount you of EQD you want to borrow, click “Borrow”, and approve the transaction once more in your wallet extension.
Go back to your Wallet page in the menu on the left, and you can see it contains EQD as a borrowed asset.
🔎 For more details on getting the EQD follow the video guide below. 👇
Now, you can upgrade your EQD to the xcEQD version and start earning passive rewards in Beamswap Stable Farms.
Step 1.2: Get xcEQD
To bring EQD from Equilibrium to Moonbeam, go to Moonbeam App and connect with your wallet.
In the search field, input “EQD”, and once it appears on the list, click the two arrows on the right.
On the Parachain Bridges page, make sure you select the EQD token, connect the wallet to bridge from Equilibrium, and set the amount of EQD you want to bridge to Moonbeam.
Click “Send” and approve the transaction in your wallet.
That’s it, you should now have xcEQD in your wallet and start using it to generate yields in Beamswap Stable Farms.
Step 2: Farm yields on Beamswap with xcEQD
Now it’s time to earn rewards by depositing xcEQD into Stable Farm pools on Beamswap. Go to Beamswap DeFi hub and connect with your wallet.
2.1 Add liquidity
First, under the Exchange tab, click Liquidity, and navigate to the third, Stable AMM tab. Or simply click https://app.beamswap.io/exchange/pool.
In the Equilibirum field, click “Manage”, and “Add” to add liquidity in xcUSDT and xcEQD.
Enter the amount of xcUSDT and xcEQD you want to add to liquidity pool, click “Add”, and confirm the transaction in your wallet.
2.2 Stake in Yield Farm
Next, go to https://app.beamswap.io/farm.
At the bottom of the farm pools list, locate the xcEQD — xcUSDT pair. On the right, click Details, and then click “Stake”.
Enter the amount you want to stake in the pool, and click “Approve and Stake” or “Stake”.
That’s it! You’ve put your xcEQD stablecoin to good use. When you’re done with staking, simply go back to https://app.beamswap.io/farm, click “Unstake” and “Harvest rewards” in your wallet.
Happy farming! 🚜
About Beamswap
Beamswap is a DeFi hub built on the Moonbeam Network featuring a decentralized exchange (DEX) and an automated market maker (AMM). It gives users the freedom of adding liquidity, performing peer-to-peer transactions, swapping fungible tokens, and earning passive income from staking and yield farming. Beamswap will support the growth of Moonbeam’s ecosystem and act as a launchpad for new projects developing on the network. Our team’s mission is to aid in the multichain vision to serve as a host for projects on the Moonbeam & Polkadot Ecosystem while working alongside projects with existing infrastructure looking to bridge into the multichain universe.
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