Equilibrium 29th Community Call Recap
We got off to a flying start in April. We completed some important integrations with our partners and launched our EQD/USDT pool. And we couldn’t find a better way to share these wins with our community than to hop on our usual community call with you.
As usual, the call was hosted by Alex Melikhov, our CEO, and Peter Sergeev, our Sr. project manager. They hinted at our ongoing projects like the EQ Blast campaign and talked about developmental updates.
Without further ado, let’s dive into the crux of the chat.
EQ Blast: don’t miss out!
If you’re just joining us, our EQ Blast campaign has been running since February. Participants can earn significant APR up to 90% APR by depositing in Equilibrium’s liquidity pools. Currently, the campaign has raised almost $2.3M (the value fluctuates due to market volatility) from several assets — most of the deposits are DOT and DOT wrappers like cDOT.
A couple of things you can do with your assets like cDOT include:
- Depositing them to provide liquidity for farming
- Locking them up in different liquidity pools
- Using them as collateral for borrowing stablecoins like EQD
Do check our app to know the acceptable assets.
So far, the Blast campaign has attracted 400+ active participants who have earned from this opportunity by depositing their EQ tokens alongside other assets. 300 of them have won blast bonuses, and we have distributed over $EQ 2M.
To earn a higher APR, you’ll have to deposit your EQ tokens alongside other assets — this will almost double the usual APR you can get. Although to get the 90% APR, you’ll need to apply a mix of different strategies;
- Stake your DOT
- Get DOT wrappers and deposit them in other pools
- Generate EQD stablecoin and deposit them in the StableSwap pools
Another thing worth noting is that for this campaign, we’re running the liquid DOT staking program where you can deposit your DOT and get DOT wrapper (like eqDOT) in exchange plus DOT staking APY (around 13%). You can then stake your DOT wrapper in the money market pool or use it as collateral to get extra APR to multiply your yield. One of the benefits of eqDOT (and other DOT wrappers) is that you can stake it instantly rather than wait 28 days for your DOT to be unlocked.
Read more about how to maximize your returns in this digest.
Polka DeFiance 2023 is back!
This is the third installment of the Polka DeFiance — the first attracted almost 3k participants and star guests like Pantera, Polychain, etc. This year, we have 20+ projects and 6 panels joining us.
On the call, we had Agyle from Talisman (who’s also the event’s co-organizer) join us in discussing the event’s itinerary. He said he thinks this event is brilliant and it’s a high-leverage way of spreading the word about the Polkadot and Kusama ecosystem. He also talked about the effort and amount of love his and our team are putting into curating the content of the event. You can read more about the chat with Agyle here.
Our star guest is Rob Habermeier, the co-founder of Polkadot — you can’t believe that! Some other guests we’re hosting are Zhixi from Interlay who’s going to talk about accelerating de-dollarization and trustless Bitcoin DeFi, and Kapil from PrivaDEX who’ll talk about how seamless one-click cross-chain swaps in Polkadot.
You don’t want to miss this — so go register using this link.
Astar integrates EQD stablecoin
Another exciting development at Equilibrium’s HQ is that EQD stablecoin has been added to Astar’s XCM bridge and user interface: this will enable the back and forth movement of EQD between Astar and Equilibrium and unlock multiple opportunities for EQD holders.
Currently, we’re trialing it with Astar’s biggest AMM called ArthSwap. Here’s how users can benefit from this EQD integration. EQD can be;
- Used as collateral for borrowing in Astar-based DeFi protocols
- Used as lending liquidity to earn yield
- Used to provide liquidity to AMM pools like ArthSwap (there’s more to come)
- Swapped for other assets on Astar-based AMMs.
This integration also opens up opportunities for liquidity mining and earning yield. Stay tuned!
ASTR/EQD stablecoin pool is launched on ArthSwap
EQD is Equilibrium’s native decentralized stablecoin with a robust use case. It introduces novel mechanisms of debt management which has given us the opportunity to lower our collateral requirements to be the lowest collateral in the DeFi space.
The EQD/ASTR pair is live with an initial liquidity of $100K which is $50K worth of ASTR tokens and EQD each. This is an interesting opportunity — it’s like a dual farming campaign currently run by our team and ArthSwap’s. The farming APR stands at 77%, and we’ll introduce more use cases soon.
To lock up liquidity in the pool and explore the opportunities it’s got for you, click this link.
EQD/USDT pair goes live on our Stableswap soon
Before now, we only had the EQD/USDC pool which we bridged through Multichain. Finally, we’re launching the EQD/USDT pair on our Stableswap pool, and you’ll be able to access it on our website: https://equilibrium.io/.
Here are some reasons why you should consider participating;
- Boost your EQ Blast APR: depositing funds in this pool is a great way to boost your APR and can get you close to the 90% APR on our EQ Blast liquidity mining program.
- EQ token holders can get additional bonuses in the EQ Blast campaign
- LP tokens can be reused in Equilibrium pools as we accept these tokens as liquidity in our pools like the insurance pool — and this can earn you a high APR in the EQ Blast campaign
We progress in the ecosystem Ledger App development
Peter shared more updates on our development roadmap — we’re in the process of creating a unified Ledger app that will support all the parachains! Previously, the app’s biggest issue was having to decode data directly on the Ledger device: now we’re discontinuing this functionality. This unification will significantly reduce the overhead every single parachain will require to develop apps.
Together with the Ledger team, we’ve concluded that this setup is good enough to be on the Ledger Live store.
Our next steps include;
- Adding clear signs for all the balance types: there are currently 5 different balance pallets in the ecosystem. Polkadot, Statemint, Statemine, Acala and you have us. Ours is unique because we support both positive and negative balances
- We’re actively encouraging other parachains to submit pool requests to our repository. Once we sort that, we’ll list it on the Ledger app catalog, first in the developer mode
- Then we’ll perform the third-party audit and go to the Ledger Live store. We’ll support both devices (Nano S and Nano X).
Equilibrium assets are available on Nova Wallet
BIG NEWS! Nova Wallet now supports Equilibrium’s balances. Now you can work with Equilibrium’s tokens inside the mobile Nova Wallet, which is super exciting. Nova Wallet also has an in-app browser where you can perform transactions on Equilibrium.
You can connect to Nova wallet (and any of the supported wallets) and interact with the Equilibrium blockchain. We’ve also connected these wallets to our website, so you can access them from our website.
Currently, we’re coding our interfaces to mobile devices so you can enjoy Equilibrium on both your desktop computers and mobile phones. Stay tuned on our social media channels and we’ll let you know as soon as possible.
Genshiro parachain migration
We recently outlined our future prospects for Genshiro and decided to migrate to parachain. It was tough but it was a no-brainer. However, Genshiro is lagging behind the runtime version of the updates we’ve put into Equilibrium, which will make the migration difficult. To mitigate the risks, we’re winding down all the debt positions on Genshiro before the migration.
From now till May 3rd, you can wind down your debt or we’ll do it for you if you miss the deadline. We’re projecting the migration will take around a week due to the code and updates we need to do.
We’re also preparing a new exciting product, but we aren’t spilling the beans just yet. Our designers have been working on the prototype. Once we migrate to the parachain, we’ll put it forward, too. Keep in mind that the new product won’t be launched on May 10th. But on the 10th, you’ll be able to see all the balances on the parachain. After the migration, you’ll also be able to transact via Polkadot JS, but the UI will be back up a little bit later.
Our AMA with Astar has 29,000 impressions
Also, our AMA session with Astar was a huge success as it got almost 30K impressions. Alex talked about topics bordering on Equilibrium and Polkadot’s future, our vision for the ecosystem, our partnership and integrations with Astar, and how we’re pushing our stablecoin so it can be the ecosystem-native stablecoin of choice. We’re also looking to integrate with other protocols in the Astar ecosystem and doing the same for Moonbeam.
Multichain bridge updates
Some time back, Multichain stopped its current solution due to an incident related to its cross-chain smart contract with Moonbeam. So we’re migrating to the new solution. Multichain has proposed we migrate to their anyCall solution — a generic message transferring protocol similar to XCM on Polkadot which connects all the different chains.
So far, we’ve completed all the technical tasks — the testnet setup and implementation, contract deployment, and UI updates. We’re waiting for Multichain to audit the anyCall integration before launching the solution.
Development updates
We fixed several bugs with our system and worked on a lot of UI improvements like XCM refactoring (to support a new form of messaging on our parachain).
Our new EQD/USDT Stableswap pool is up and running: we only need our frontend team to add it to the Stableswap interface. This should happen within a week, and we’ll provide initial liquidity for both EQD and USDT.
Equilibrium’s codebase is now open-sourced — we’re very excited about this accomplishment!
We’re also working on our mobile interface — we believe a mobile app interface will be a big boost for our community as our analytics show a lot of our users (around 30%) use mobile wallets.
We’re discussing with the teams at SubWallet and Fearless to look deeply into our balances and how we handle transfers. So they’ve added support for EQ and EQD tokens.
Since we opened up our code, Moonbeam has agreed to resume our UI integration with their dApp. Soon you’ll be able to find EQ and EQD on Moonbeam’s application.
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 order book-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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