Equilibrium 35th Community Call Recap

For our 35th community call, Alex Melikhov (our CEO), sat down with Peter Sergeev (our product manager and business analyst) to shed more light on our LSD portal and its impact on liquid DOT staking in Polkadot and beyond.

There were lots of interesting takeaways. Let’s get into it.

Ultimate LSD portal for Polkadot

In our last community call, we outlined our roadmap for rolling out the liquid-staked DOT (LSD) app. We thought of introducing interesting use cases for DOT wrappers so they’re more useful for their holders on Polkadot. An example is creating several DOT staking opportunities in which users can stake their DOT and get a DOT wrapper in return (like eqDOT: Equilibrium’s DOT wrapper) without waiting for 28 days to pull out the staked DOT. Initially, when you stake your DOT, you lose access to its liquidity because it’s locked within the staking mechanism. This is the same with liquid staking, except that you could swap your LSD for DOT. But that was just it: there were not many prominent use cases for LSD on Polkadot.

We’re changing the game by allowing you to mint EQD stablecoin while maintaining access to your DOT liquidity. You can generate EQD stablecoin using your liquid DOT wrappers as collateral and use the stablecoins within the Polkadot ecosystem.

In November, we will begin third-party integrations. We’ve already teased our airdrop campaigns with our partners, so follow us closely and don’t miss out!

Here’s some insider information: We are currently working on something special that will be a breath of fresh air in the Equilibrium ecosystem. More details are coming soon. Based on our arrangement with some of the top ecosystem players, we’re super confident this will change everything.

Polkadot’s LSD portal UI demo

Peter walked us through a short presentation to give us a feel of the UI. You can already try it out yourself, as we’ve released the portal on a different domain name from Equilibrium: https://eq.finance/

DOT wrappers supported on the portal are Equilibrium’s eqDOT, Acala’s LDOT, Parallel’s sDOT, Bifrost’s vDOT and Taiga’s tDOT which will be available soon. Also, you can now get DOT wrappers directly from Acala and Bifrost to mint EQD stablecoin on the EQ Finance portal.

We’re so excited about the release!

EQD use cases

Since you’ll be minting EQD with your DOT wrappers, here’s a refresher on how to use your EQD;

Liquidity provision

• Mint EQD against collateral of more than 30 different tokens supported on Equilibrium’s EQD stableswap pool.
• Bridge native USDT from Asset Hub, provide liquidity into the pool, and earn fees when users swap stablecoins.

3rd party pools

• We support the ArthSwap pool where you can swap the EQD/DOT and EQD/ASTR pairs. We also support Beamswap’s stableswap pool for swapping EQD for USDT.

Other use cases

We’re working on more integrations and use cases to make EQD the ecosystem’s primary stablecoin. One of the top use cases will be the Banxa off-ramp where you can get self-service collateralized loans and swap your EQD for fiat for your daily use.

Crowdloan batch 1 DOT return update

Recently Polkadot experienced a big unlock of the first batch of Crowdloan DOT.

If you used our liquid xDOT solution for crowdloans and voted for Clover, Acala, Astar, or Parallel, you can now swap your xDOT and cDOT in just a couple of clicks.

We’ve released an in-app UI to give users a seamless experience swapping their xDOT and cDOT. After signing your transaction within the app, your xDOT and cDOT collateral, liabilities, and pool deposits will be automatically converted into DOT in a 1:1 ratio.

You can access all these features in one click rather than going through hoops on Parallel or other protocols.

Swap here: https://app.equilibrium.io/swap-dot

QUICK ONE: If you’ve got your xDOT sitting in Genshiro, you’ll need to bridge them from Genshiro to Equilibrium. Simply follow the instructions on deposit flow on the Equilibrium app.

Development updates

We’ve been super busy working on the LSD hub UI/UX work and DOT reverse swap.

We also had lots of runtime upgrades, fixed XCM issues, supported new wrappers, and made some Multilocation updates.

We’ve added support for the tDOT wrapper from the Taiga protocol, making it five DOT wrappers that’ll be supported on our platform.

To wrap up the meeting, we announced the crowdloan Genshiro won. We encourage you to bridge your DOT to Equilibrium to get your crowdloan DOT back.

Q&A Session

Watch the recap of Q&A with the EQ community here.

We hope you enjoyed the gathering, and we look forward to seeing you on the next Community Call!

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. Dollar-pegged EQD is Equilibrium’s native decentralized stablecoin, collateralized by a weighted basket of assets and used as a universal unit of value within the DeFi ecosystem. eqDOT is a liquid DOT staking wrapper that allows users to participate in DeFi on Equilibrium while earning DOT staking yield.

Join Equilibrium on Discord, News Channel, Twitter, Medium, Website, GitHub