Equilibrium: 20th Community Call Recap

In our usual fashion, we held our community call to inform Equilibrians about what we have been working on in the past month. This 20th community call was held on July 28th, 2022.

In the last one, we talked about our XCM integrations, Natalie Cheah joining our business development team, and more importantly, our first public token offering roadmap on Republic.

This month’s call was hosted by Alex, our CEO. And he was joined by Natalie Cheah from our business development team Peter Sergeev, our Sr. project manager, Dai, and Ryo Tomiki from Astar’s business development team.

Here are the highlights of what we talked about.

Dai Harris is joining our marketing team

Alex introduced Dai who walked us through her professional career. She has 6 years of experience in blockchain marketing. And her focus has been on developing the content strategy for social media and community growth with KOL (Key Opinion Leader also known as influencers) outreach and partnerships.

She then expressed her excitement in joining the team and is looking forward to helping us grow the Equilibrium community.

Phase 1 of Equilibrium’s Republic Offering Ends Oversubscribed

Last month, we talked about our first ever public token offering on Republic Crypto and how we split it into two phases. The Phase 1 offering ended successfully on July 9th, 2022.

For this first phase, we had sold out the hard cap of $499,950. Despite the situation in the crypto market, the participation of this round was overwhelming despite being restricted to only the United States’ and global investors that are whitelist members.

We believe the enthusiasm stems from the fact that we are building one of the most comprehensive DeFi platforms that allow for high leverage in borrowing and trading without risks to our system’s stability.

We are also solving the issue of capital efficiency in DeFi. Our money market has the lowest collateralization requirement in the crypto space. And our DEX allows for unique margin trading with leverage up to 20x, making us an all-in-one DeFi solution.

Next steps

Plans for Phase 2 offering are underway, and expect it to hold in September or earlier. We are currently monitoring the market conditions. And we will communicate the date to our community soon.

We will also distribute the tokens to our investors after closing the round. So if you participated in this first round, endeavor to visit the Republic platform and provide the documents requested for KYC purposes. And the Republic team will reach out to you within a few weeks regarding the token distribution.

Also, we will list $EQ on major exchanges like KuCoin, Kraken, Huobi, OKX, Gateio, etc., after the second round. Talks are ongoing, so follow us on our social channels to stay updated on our progress.

Equilibrium Integrates with Polygon

We are excited to announce our integration with Polygon. We are the first protocol in the DotSama ecosystem to bridge the gap and begin accepting funds from Polygon. This is big news as it will bring more liquidity to our platform.

Here are more details about the Equilibrium-Polygon bridge.

Progress on The Product Launch Roadmap

At Equilibrium, we are always cooking something valuable for our community. And we have been working tirelessly on the launch of Equilibrium. So Peter ran us through the highlights of the product’s journey.

EQ transfers

We have been working on the transferability of our $EQ tokens. $EQ holders can now transfer their tokens.

XCM integrations

We have finally completed our XCM integration with Acala, Parallel, Interlay, Moonriver, and Astar. We are also working on integrating with Bifrost, Centrifuge, and a couple of others. As soon as we roll out our money market functionality, we will be accepting the native tokens of these protocols.

Money market launch

We have already kick-started the production of our Blockchain money market functionality, and the application is almost ready for launch. We are only awaiting the completion of the front end.

While this may take some time, we assure you that you’ll be thrilled with the result as we are taking feedback and criticisms from Genshiro to make Equilibrium perfect for our users.

Open asset deposits

Immediately after we launch the money market, we will open up asset deposits.

Our protocol now supports the deposit of cryptocurrencies such as DOT, USDT, ACA, aUSD, and GLMR. Note that we are taking a cautious approach in the kinds of assets we support as collateral.

DOT-KSM bridge

Our bridge, which is compatible with EVM chains such as BSC, Ethereum, and Polygon, also supports the formation of Substrate-Substrate bridges. Hence, we have used it to launch our DOT-KSM bridge to enable our community members to move assets such as EQD and xDOT tokens between Equilibrium and Genshiro.

Bootstrap liquidity

After the launch of our money market, we will host some liquidity bootstrap events with our partners. Dates coming soon. You can find out more about the journey here.

Equilibrium Asset List and Launch Roadmap

The first group of assets that will be supported on our money market right from day one are DOT and USDT — these will be accepted in our liquidity pool.

Then after the completion of our XCM integrations, our bootstrap pools will support ACA, aUSD, GLMR, PARA, BNB, BUSD, and xDOT tokens. You can use these as collateral on Equilibrium to borrow other assets and benefit from low collateralization.

We are making every effort to avoid adding too many assets to the list.

After our launch, we will;

• Enable the lending and deposits of assets. Our DEX pools will also be open.
• Hold dedicated bootstrap liquidity pool events and reward users with high APR in these events — the reward will be in EQ tokens.
• Launch the trading of these assets on the DEX.
• Host some trading contests to engage with users of the DEX and reward them with prizes and benefits for their trading activities.

We are also working on engaging bureaucratic ecosystem investors by offering them some native tokens to encourage them to use their assets on our DeFi platform and earn substantial yield.

Pipeline of Other XCM Integrations

Natalie then gave a broader perspective of our XCM integrations. This is a summary of the completed XCM integrations and those in the works;

• We have completed the testnet integration of Moonriver, Shiden, and Kintsugi.
• When Equilibrium goes live, we will integrate with Moonbeam, Astar, and Interlay. This will enable the movement of these assets — MOVR, GLMR, SDN, ASTR, kBTC, InterBTC, KINT, and INTR. This will also extend the utility of the other tokens of projects building on Moonbeam and Astar
• We are working on the testnet integration of Bifrost. Hopefully, it will be ready by next week.
• We have sent a proposal to integrate with Centrifuge and Altair, and the feedback was impressive. Immediately the resources are ready, we will kickstart the integration.

We are also working on other Integrations, and we will update our community as we progress.

Ryo Tomiki, an Astar business developer, then told us about the benefits of our integration with Astar.

He said that users of both ecosystems will be able to use their tokens for DeFi and NFT purposes on both networks.

Natalie then gave a rundown of use cases of our Astar integration;

• Phase 1: transfer of tokens between both protocols.
• Phase 2: extend the functionality of projects building on Astar to Equilibrium. Users will be able to use these assets on Equilibrium for margin trading or as collateral for borrowing.
• Users will be able to move their EQD from Equilibrium to serve as collateral for borrowing from projects building on Astar.
• Use EQD and other tokens to explore NFT and GameFi functionality on Astar’s parachain.

Development Updates

We are working non-stop to improve Equilibrium for our users. Here are some of the exciting things we have done so far.

We have rolled out the production of our Blockchain money market, awaiting the launch of the interface. Our front-end team is already working on that.

Our UX and front-end team are also working on our DEX and AMMs. Most of the other functionality are ready and being tested on the testnet.

Our backend development team has begun working on separating bailsmen (insurers) functionality from lending functionality to provide our community with clarity on their roles. With this, lenders will not bear the risk of liquidation. Also, we are working to ensure our backend is fail-safe.

We have finalized our AMMs, with Epsilon being one of the first Curve implementations. Users will now be able to swap homogenous assets. In this regard, we won a grant from the Web3 Foundation.

Furthermore, one of the coolest AMMs we have built is the Yield AMM which helps us price interest-based tokens and DOT wrappers against DOT, as well as KSM wrappers against KSM. It will also lead to the introduction of fixed-rate loans into our ecosystem.

We Withdrew our KSM Treasury Proposal

A few weeks ago, we made a proposal to grant KSM 25,000 to our liquidity pools. While the referendum to lend us this fund to support our TVL in our liquidity pool is ongoing, we decided to withdraw our proposal.

We spoke with our community and the feedback advised us against following along with the proposal, so we had to terminate it. Instead, we are focusing on improving the user experience of Genshiro.

We would like to thank all our supporters who supported the proposal and encourage everyone to scan the QR code or vote for Genshiro here: https://kusama.polkassembly.io/referendum/217 to reject the referendum.

Genshiro Roadmap based on Community Feedback

The roadmap has four main steps, and the first will kick off this week. The others will be in August, September, and Q4 2022.

Immediate action

• The formation of the community committee to supervise the accomplishment of the roadmap. We will announce how members of our community can join this committee.
• Opening up of GENS/EQD pair on Genshiro so you will be able to trade both assets.
• Enable Genshiro transfers between trading accounts.

August 2022

• Opening of trading pairs such as wBTC/EQD, ETH/EQD, and BNB/EQD. Afterward, we will open up ecosystem trading pairs such as KAR/EQD and PARA/EQD. This will allow our users to perform margin trading in a real decentralized exchange.
• Removal of SUDO from the Genshiro parachain.
• Implementation of discount rates on various assets.
• Integration with Subscan. We will also make minor fixes for Genshiro’s front end.

September 2022

• Splitting of lenders from bailsmen.

Q4 2022

• Opening of the governance portal for Genshiro and Equilibrium.

Stay up to date

Everything we are doing at Equilibrium is to ensure our users get the best DeFi use case. From this call, we have shown that we listen to and value your feedback and take action. So if you have any advice for us, feel free to reach out to us on our Telegram, Discord, or Twitter.

And we are constantly working on improving our products and offering. So ensure you follow us on our social media channels to be in the know of how we’re building the project you will love.

About Equilibrium and Genshiro

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.

Genshiro is a Kusama-based sister-chain for Equilibrium. It’s the protocol that helps users seamlessly earn yield, borrow, and trade on margin. Using asset portfolios instead of single collateral vaults.

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