xDOTs are distributed to Equilibrium supporters. What’s next?
We are happy to announce that xDOT allocations have been transferred to participants in the Equilibrium crowdloan. They can find xDOT on the Kusama-based Genshiro network sitting at the same addresses they have participated in the crowdloan back then. After the launch of the Equilibrium parachain, users will be able to transfer their xDOT to Polkadot via the bridge.
By way of reminder, xDOT is designed to help users get the maximum out of their DOT locked in crowdloans for two years. Simultaneously, all crowloaners will keep receiving token rewards from their favorite parachain projects while they are holding xDOT.
You should’ve known that the product line of Genshiro is already offering xDOT holders a few use cases, including earning placing their holdings into Genshiro liquidity pools. Here is a quick guide on what you can do next with your xDOT from Equilibrium crowdloan:
Staking and earning interest
Genshiro runs several liquidity pools for xDOT from different rounds of parachain auctions. xDOT pool stands for projects that secured slots in the first batch while xDOT2 is dedicated to projects of the second and the third batch (lease periods are the same for these batches).
You can stake your xDOT in these pools and earn on securing loans in the system. You can also expect rewards in GENS tokens from Genshiro liquidity farming program. Take a note that you may need to cover the debt obligations of defaulted borrowers if there are any.
Using as collateral to take out loans
Another option is to leverage xDOT for borrowing other digital assets from Genshiro money market. xDOT can be used as collateral in this case at a fixed price of 0.3 DOT per 1 xDOT for now and this price will be fetched from the open market once DOT/xDOT liquidity pools will go live.
As an example, you can consider borrowing HDOT which is a DOT wrapper by Huobi and can be unwrapped if needed. Unwrapped DOT can be used for participation in future crowdloan campaigns so you get more exposure to the ecosystem.
Upcoming xDOT integrations and use cases
As mentioned above, we are planning for launching a bridge between Genshiro and Equilibrium once our Polkadot parachain is launched. This bridge will enable users to port their xDOT to the larger Polkadot ecosystem.
Another important and long-awaited milestone is launching our AMM pools for swapping xDOT for actual DOT. This is going to happen when we roll out our developments on Polkadot (the launch roadmap of Equilibrium can be found here). Stay tuned to our further announcements.
Meanwhile, you can still contribute to other ongoing crowdloan campaigns via xDOT platform and keep your DOT liquid. Find the full list of supported campaigns here.
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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