Equilibrium: 19th Community Call Recap

We held our 19th community call on June 23rd last week. Every month our community call updates you on what we’ve been up to during the past month and next steps on the Equilibrium ecosystem.

During the last one, we talked about our Equilibrium Republic Offering, partnerships, and development updates. Equilibrium CEO, Alex Melikhov, hosted the session with Natalie Cheah (our new team member) and Raymond Yu (marketing @ Republic Crypto).

Here are the highlights of what we talked about.

Natalie Cheah joins our Business Development Team

The call started with Natalie walking us through a bit of her journey. Before Equilibrium, she worked as a fixed income and interest rates derivative trader in an investment bank for almost 10 years. She was saddled with the responsibility of providing long-term solutions to their corporate and institutional clients by trading, structuring and pricing of interest rate derivative products.

She also has experience democratizing access to financial products, designing tokenized financial products, and building tokenized interest rate-related products.

Now she’s joined Equilibrium, and she’ll be;

• Coordinating XCM integrations.
• Fostering relationships with Dotsama partners.
• Bringing more liquidity to Equilibrium via bootstrap events.
• Onboarding more crowdloan partners to Equilibrium’s liquid xDOT platform.
• Growing our ecosystem by means of active users, TVL and event partnerships.

Her ambition right now is to bring the best DeFi use cases to the members of our community.

EQ Republic Offering Strategy & Next Steps

The Republic Offering will take place in two phases.

Phase 1: This phase will last 4 days and has a very small hard cap. It is exclusively shared to whitelist members and legacy Republic Crypto investors. All participants of this phase are eligible for airdrops. However, only those that are able to squeeze into the hard cap can get airdrops. But if you miss out, you can still qualify by filling out a form and participating in the Phase 2.

Phase 2: This phase is broken down into two categories that will last 10 days. The first category is the Early Access stage which will last 2 days, and is reserved for those who were unable to participate in Phase 1. The second category is the Public Access stage — will last 8 days and is for everyone.

Equilibrium Valuation Highlights

From September 2020 to April 2021, we held a series of community distribution events which raised our evaluation to an estimated $60 million.

Participants of the Republic’s Phase 1 can enjoy an exclusive valuation of $88.7 million with a more than reasonable step to the previous round. The dates of this offering will be announced soon.

Then Raymond, said he is excited about the token sale and praised our approach to breaking the offering into two stages and rewarding our community in the form of airdrops.

Progress on The Launch Roadmap

So far, we have completed the transfer of tokens to crowdloan participants. And we are getting prepared for the full-scale production launch of our money market (which should be ready in two weeks). Also, XCM integrations in the Acala, Interlay, and Parallel protocols are in progress. We’ll also enable exit deposits in our money markets. We’ll soon open up the liquidity pools for our DOT and USDT liquidity bootstrap events (we’ve created lots of incentives for participants). Also, our DOT-KSM bridge is almost ready, awaiting production launch.

KSM Treasury Proposal

We have submitted a proposal requesting KSM 20,000 to be injected into our liquidity pool to support Genshiro’s liquidity pool;

• KSM 5,000 will go into the market making pool.
• KSM 15,000 will go into the collateral/borrower pool to generate EQD stablecoins.
• And another KSM 5,000 will be injected into the Insurance pool for DEX users to be able to borrow KSM tokens for trading.

You can find more details of the proposal and support us here: https://kusama.polkassembly.io/post/1630.

XCM Integrations with Acala and Karura

Natalie spoke about our integration with Acala to bring aUSD (decentralized stablecoin on Polkadot) onto our platform to broaden our liquidity and aUSD’s utility. Our protocol will also be supporting the use of other Acala native assets — ACA, KAR, lcDOT, LDOT, and LKSM.

Use cases of the stablecoins and tokens on Equilibrium and Genshiro;

• To earn yield by staking these assets and/or using them as collateral for borrowing other cryptoaasets on our money markets.
• Our Curve integration will allow users to swap aUSD with other stablecoins such as USDT, USDC, EQD with minimal slippage.
• Use aUSD and other Acala native assets (ACA and KAR tokens) as collateral for trading aUSD pairs such as KSM-EQD pairs without having to HODL EQD on our orderbook DEX.
• Margin trading.

For this, we are planning a liquidity bootstrap event to bring Acala’s native assets to our platform. There will also be incentives for participants.

Pipeline of other XCM Integrations

Integrating with other protocols is key to our development. This is what we have in store for you;

• Completion of our testnet integration with Moonbeam and Moonriver, awaiting their site’s open up channel.
• Ongoing testnet integration with Interlay and Kintsugi.
• Discussing with Astar, Shiden, Centrifuge, and Altair to bring their assets to our platform. Details coming soon.

Development Updates

We’re working non-stop to ensure our platform is hitch-free for our users and those on our partner networks. Here are a few updates on our progress.

• In the past month, we improved upon our application’s UX and made the UI sleeker.
• We’ve been working on our launch on Polkadot, so our core base is ready to go live — we’ve migrated all Equilibrium’s core business logic and done reviving unit and integration tests.
• We will host liquidity bootstrap events (with incentives) to attract token holders of Acala, Interlay, and Parallel to provide liquidity to our platform. We’re also working on doing similar events with Moonbeam and Astar.
• We’re also refactoring backend functionality to improve Blockchain transactions. This should be working very soon.
• We have completed technical assignments on lending functionality and split the roles of insurers and lenders.

With these updates, Equilibrium is set to begin working full-scale in July.

We Organized a Workshop during the Polkadot Hackathon

During the Polkadot Hackathon North America Edition, members of our development team did a dev challenge workshop titled: Runtime Distribution Optimization. We talked about dealing with a common problem in the DeFi space — the distribution of some assets to large groups of users. You can watch the replay here: https://www.crowdcast.io/e/eq-runtime-optimization-challenge.

Airdrop on CoinmarketCap

From June 15th to 22nd, we conducted an airdrop campaign on CoinmarketCap of $50,000 worth of EQ tokens. This will be shared among 1,000 randomly selected winners.

The campaign got 177,000 impressions and brought in 40,000 participants, grew our Twitter page by 9,000 followers, and Telegram by 5,000 members. Our gravity profile on CoinmarketCap also got 48,000 new subscribers.

Alex joined Dan Reecer of Acala at the MouseBelt’s event

On June 4th, Alex joined Dan Reecer of Acala in an online panel to talk about liquid staking and making Web3 more inclusive. They talked about the benefits of decentralized stablecoins, building on Polkadot, and the barriers of adoption, among other topics. Here’s the link to the YouTube video: https://www.youtube.com/watch?v=hUJ9TKnIGmM.

Our Participation in Polkadot Decoded 2022 in Berlin

Alex will be speaking on “Uniting DEX and liquidity protocol: an all-in-one platform with high leverage” at the Polkadot Decoded event that will hold from June 29th to 30th in Berlin. So feel free to come listen to how we’re building an all-in-one DeFi platform. We are also looking to discuss partnerships with other projects to offer you the best DeFi use cases.

Stay up to date

Our community is at the heart of everything we do at Equilibrium. So we are constantly working to improve our offering and better our ecosystem for you. Ensure you follow us on social media to be in the know of how we’re building the project.

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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