Equilibrium 38th Community Call Recap
What a way to kickstart our community call for the year!
Alex (our CEO) solely led the first edition of our 2024 community call as Peter (our project manager) was away on his annual leave. He cleared the community’s doubts about the halted withdrawals and transfers and fielded many questions.
Without further ado, let’s get into the details.
Next steps towards our parachain renewal
If you’ve been having difficulty moving your funds around (within and outside Equilibrium), it’s because our parachain slot expired on Jan 16th, and the renewal process has been quite a pain. XCM transfers are also currently unavailable. But rest assured, we’re taking an ‘all hands are on deck’ approach to resolving the situation.
Before the slot expiration, we suspended on-chain transfers on the backend, so it will be easy to re-enable transfers once the parachain goes back live. This will help our users who deposited funds in our DeFi pools avoid any undesired margin calls.
Next steps
We’re currently looking for a potential slot swap. Talks with ecosystem partners who are not using their slots are underway, and we hope to strike a deal soon. We’re working tirelessly to relaunch the parachain earlier than April this year (which is when the current batch of parachain options will be concluded).
The second step we’re taking is a crowdloan: this is currently in progress. So far, we’ve collected over 5500 $DOT and are thankful to the 125+ participants who have supported us. You can also support us (more details ahead).
Before relaunching the parachain, we’ll offer a grace period to everyone with positions in our parachain and any of our DeFi products: this will allow you to revise your balances and conservation ratios and top up your balances to avoid margin calls.
We’ll also revise balances as we’re currently conducting the redemption of DOT against xDOT. Another thing we need to do is make sure that the EQ transfers initiated after the parachain suspension are completed before the parachain relaunch to re-enable the easy transfers of assets.
Our crowdloan is live on Polkadot
Our crowdloan is officially live, and we have set a cap of 50,000 $DOT for this crowdloan. We’ll be distributing 1M Q tokens to our community, and for every DOT you submit, you will receive 20 Q tokens.
You can participate in this crowdloan campaign using some of the most established wallets in the Polkadot ecosystem: Talisman, Subwallet, and NOVA wallets. Other platforms like parachains.info and Bifrost also support our crowdloan.
Another way to support us is by participating via polkadot.js here.
Bifrost supports our Polkadot crowdloan
We’re thankful to our partner — Bifrost — for supporting our crowdloan through their #SALP mechanism. For every DOT you contribute on their website toward our crowdloan, you’ll get vsDOT. Your vsDOT can be leveraged for EQD stablecoins and used as collateral on other lending protocols. They grant you access to its dual liquidity functionality.
But that’s not all! You’ll still receive the normal 20 Q reward for every DOT you contribute while unlocking the liquidity of staked DOT: having your DOT liquidity despite locking up your DOT.
You can join our crowdloan via Bifrost here.
You can redeem DOT using xDOT2 now
For now, we have shifted to another mode of redeeming DOT using xDOT2. Visit the claim page and submit your request while waiting for the next withdrawal batch. The claim page is available here: https://app.equilibrium.io/swap-dot
If you have your xDOT2 on Genshiro, you don’t need to transfer it to Equilibrium manually. Go to the claim page and follow the instructions. For now, all withdrawals will be processed weekly, but we can amend this schedule later.
EQ — Q swap recap
We have concluded the 2-week EQ — Q swap using these proposed swap rates;
500 EQ for 1Q
4,000 GENS for 1Q
300 EQ + 0.001 DOT for 1Q
Currently, we’ve burned 21.5% of supplied EQ tokens. The 164 participants have claimed almost 3.3M Q tokens. These were the submissions;
1.4B EQ tokens
1178 DOT
2.3M GENS
Based on these stats, we’re excited to relaunch the tokenomics of our project. The tokenomics will unlock more opportunities for both the platform and grant users access to more liquidity, incentives, and resources while opening up opportunities for more ecosystem collaboration. We believe this to be a step toward a healthier economics for the project.
Remember that the only way to get Q tokens now is through our crowdloan.
The reverse swap has been concluded
Another important milestone for us was completing the DOT distribution for our reverse swap, available for PLO phase 1 participants between January 16th and 23rd.
NOTE: If you contacted our support team because you couldn’t participate during the swap, please contact our Discord community moderators to provide further instructions.
EQ.finance was spotted on #PolkadotDapps
We have been participating in different community activities: one of them was the #PolkadotDapps: an initiative by Polkadot to put together an overview of the DeFi space. One of their Twitter mega threads mentioned us in the liquid staking section.
The mega thread is available here.
We’ve participated in Polkadot Twitter spaces on Liquid staking
We explained everything you need to know about liquid staking to the whole of the Polkadot community on their Twitter spaces.
Alex gave his perspective on Polkadot’s mechanism of liquid staking, in which there are many players and no major actor to capture most of the liquid staking.
Other participants in the space were Sushant (Taiga Protocol), Tyron (Bifrost), Travis (Acala), Gaius (Algem), and Nicolas (Parity).
You can replay the chat here.
Development updates
Here are some of the projects we’ve completed between December and January.
We prepared for the expiration of our parachain slot by freezing assets so that transfers can be quickly restored once we relaunch the parachain. To do this, we prepared some migrations and deployed them on chain.
We also launched an in-house Ethereum bridge to enable EQ transfers from the Ethereum network back to Equilibrium. In preparation for the EQ — Q swap, we decided to burn some supply of EQ tokens to ensure the tokens in our treasury will not be affected by the swap.
If you missed it, we deployed a webpage for the EQ — Q swap and kicked off the actual swap on the 2nd of January. We also built the UI for xDOT2/DOT redemption, so you can utilize it to claim your xDOT2. And we are sorry for the last-minute change of this mechanics.
Over the month, we fixed an issue with XCM transfers between Equilibrium and Moonbeam. We also started the operation for our Q tokenomics — this will happen when we get our parachain slot back up and running on Polkadot.
Wrapping Up
We apologize for every inconvenience you’ve faced with moving your funds around over the month. We’re working tirelessly to renew our parachain slot lease and fix the issue. Thanks for reading, and we look forward to you joining the next call.
Also, keep an eye out on our X (Twitter) channel and Discord. Every piece of information first goes out on these platforms!
About EQ.finance
EQ.finance is the first liquid DOT hub of the Polkadot ecosystem. It enables liquid DOT holders to leverage their LDOT, vDOT, eqDOT and other wrappers for dollar-pegged EQD stablecoins. EQD is the first interest-bearing decentralized stablecoin of the Polkadot ecosystem. It is collateralized by a weighted basket of assets and can be 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 Polkadot while earning DOT staking yield.
Join EQ.finance on Discord, News Channel, Twitter, Medium, Website, GitHub
