Equilibrium AMA Recap
CryptoDiffer team
Hello, everyone!
We are glad to meet here
CEO at Equilibrium, Alex Melikhov
CEO at Equilibrium, Alex Melikhov
Hey guys, great e-meeting you al
CryptoDiffer team
Q1: Can you introduce yourself to our community ?
CEO at Equilibrium, Alex Melikhov
Sure. I’m Alex, the CEO at Equilibrium, the leading cross-chain DeFi project. I came to crypto in 2016 when we co-founded Changelly. Currently, it’s one of the largest instant crypto exchanges on the market.
Since 2017 my team of experienced developers and financial engineers has been developing DApps on various blockchains, including Ethereum, EOS, and Polkadot. So we can call ourselves blockchain agnostic
We were building a lending platform on Ethereum before the ‘DeFi’ word even appeared in vocabularies, In 2018 we kicked off the development of the EOS-based part of Equilibrium. We launched the first decentralized stablecoin on EOS called EOSDT in April 2019
Until now it’s the most liquid decentralized stablecoin on EOS and the biggest DeFi project on EOS, with over $13 M in total locked value on our smart contracts, and over 1000 open user positions
Now we are developing a logical extension of our project on Polkadot to obtain true cross-chain interoperability and to turn Equilibrium into full-functional DeFi one-stop-shop
CryptoDiffer team
Q2: Can you briefly tell us what is Equilibrium in 3-5 sentences?
CEO at Equilibrium, Alex Melikhov
From the user perspective, Equilibrium is the first interoperable money market that combines all significant DeFi use cases in one easy-to-use interface.
These use cases include pooled lending (like Compound), synthetic asset and decentralized stablecoin generation (like Synthetix and MakerDAO respectively), and trading (like dy/dx)
Equilibrium allows users to stake and earn, lend, borrow, raise liquidity in synthetic assets and decentralized stablecoins – all in one place.
Our tech is super scalable and secure thanks to the underlying technology – Polkadot. Also, it accesses all protocols bridged to Polkadot to unlock full DeFi potential.
The unique 3-layer protection mechanism maintains system solvency. We are introducing a unique bailout mechanism that is securing loands by providing bailout liquidity in advance to ensure system stability.
CryptoDiffer team
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
CEO at Equilibrium, Alex Melikhov
We are currently participating in the Substrate Builders Program and are very committed to our development on Polkadot. We also have recently received a Web3 Foundation Grant to further simplify migration of DeFi applications to Polkadot (thanks to the financial pallet we are developing)
Recently we successfully completed our NUT/ EQ token swap and more than $5.5 million worth NUT tokens were submitted for the swap. You can learn more details from here: https://www.theblockcrypto.com/linked/79457/equilibrium-polkadot-funding-defi
We have launched our core business logic on Polkadot on the testnet. Users can earn on bailouts, by securing loans, and borrow Equilibrium’s USD-pegged stablecoin against multi-asset collateral baskets.
Btw you are very welcome to test it out at https://app.equilibrium.io/testnet/gateway/en/market. Feel free to join our official telegram community to provide us with your feedback https://t.me/equilibrium_eosdt_official
On November 12 we launched our mainnet and conducted the EQ token generation event that would see our newly minted EQ tokens released into the market.
Also we have booked the most qualified cyber security auditors in the space – Quantstamp – to make sure our Polkadot-based technology is secure and lacks vulnerabilities. They are currently inspecting our code base and will release a report soon
Regarding our plans. First of all, we are enabling transfers of our EQ tokens soon alongside with upcoming listings on exchanges and launch of the ETH bridge
Since our substrate will be bridged with Ethereum we are expecting some amount of EQ tokens to be ported there and we are planning to launch the Uniswap liquidity pool then
We will be launching our main products on mainnet soon in December and also will be launching liquidity farming. Liquidity farming will reward users for active use of Equilibrium’s products in EQ tokens.
We are planning to participate in a parachain leasing auction via an Initial Parachain Offering. DOT token holders will be able to stake their DOTs in our name for a parachain slot and receive EQ tokens in exchange. This will be a risk-free trade-off – they will be able to submit EQ and get their DOT back at the end of the parachain leasing period (if they wish).
We are also in talks with multiple partners regarding our further business cooperation. These include liquidity providers, trading companies, wallets etc. We are also talking to major exchanges regarding EQ token listings.
CryptoDiffer team
Awesome, a lot of updates to come out!
Thank you for great answers!
I think it is time to start community questions round!
Cryptodiffer Community
What is EQ tokens, How does it apply in the Equilibrium ecosystem?
As partnership is very important, who are the organisations you’re hoping to partner with in the nearest future?
CEO at Equilibrium, Alex Melikhov
The EQ token is a core utility asset of Equilibrium. It has multiple utilities:
– can be used as bailout liquidity and collateral (similar to SNX in Synthetix)
– internal currency to cover fees in our products
– transaction fees on our Polkadot-based blockchain are paid in EQ
– governance token
I totally agree on partnerships and here will be a bunch of announcements coming along soon. Obviously the highest priority for us is liquidity on the platform and listing for EQ tokens. We are in talks with solid and reputable liquidity providers which are keen on providing liquidity. Also we are constantly in contact with several the most known major exachnges regarding listings.
Cryptodiffer Community
Do you have plan to build your own Dex?
Do you support BUY BACK ACTIVITY AND burn THEM?
CEO at Equilibrium, Alex Melikhov
The cross-chain DEX is in our roadmap. It will include a lot of advanced functionality beyond trully decentralized cross-chain trading – margin trading section, advanced order types, automated MM etc.
No we don’t support buy back. EQ token economy is inflationary (similar to most of native tokens on PoS blockchains). But we will introduce wide staking opportunities
Cryptodiffer Community
Can you give an overview of $EQ Token tokenomics?
Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?
CEO at Equilibrium, Alex Melikhov
You can find an overall description of the EQ token economy here https://equilibrium.io/en/eq-token
As I said EQ has a lot of utilities on the platform. Activity around them will highly depend on the project success. But I should admit that EQ’s and the project’s traction are organically tighten – a lot of EQ applications are coming along with token distribution and its circulation. From this standpoint EQ token economy seems to us very well balanced.
Opportunities to use EQ as collateral or for bailouts to earn yield and liquidity farming on top should have a positive impact on the EQ’s ecosystem
No way it’s an investment advice, but we see a lot of interest from the side of community towards EQ. Specifically during the swap we rerceived over 300 participation with the total amount of liquidity over $5.5M.
Cryptodiffer Community
On moving forward through your roadmap, what are your most important next priorities? Does EQ team have enough fundamental ( Funds, Community, ect ) to achieve those milestones?
CEO at Equilibrium, Alex Melikhov
Our most important next priorities are:
Development
– launch our ETH bridge
– launch core products and liquidity farming on the mainnet
– launch alpha version of our DEX
Bizdev
– get more commitments from liquidity providers
– get EQ listed on major exchanges
– partnering with infrastructural projects (wallets, exchanges, portfolio management systems)
Marketing
– more exposure in China
– community growth
– education re advantages of Equilibrium
Regarding fundamentals – yes, we have strong community. You are very welcome to join as well https://t.me/equilibrium_eosdt_official We are enough funded. What’s the most important – we have the amazing DeFi product based on unique and strong technology
Cryptodiffer Community
Now a lot of Many fake defi projects promising insanely high APR, but ended up pull liquidity or minting, how does your project respond to this case ? Explain the reasons why we should invest in your project because we know you’re a team without a name???
CEO at Equilibrium, Alex Melikhov
It’s a bad practice to promise instead of doing. Yes, we have the liquidity farming program in place but it has a clear roadmap and fundamentals on the background. We are convinced that putting EQ as collateral and bailout liquidity to earn yield and other staking opportunities should positively affect secondary market of the token amid liquidity farming.
Regarding investments we are not in a position to give any advice by far. The team behind the project counts 23 members and includes only qualified professionals. 16 of them are on the tech side. We also have established our advisory board recently. Eric Wang and Joe Petrowski of Parity joined the board.
Cryptodiffer Community
What’s you main goal?
CEO at Equilibrium, Alex Melikhov
To become the #1 DeFi application in the space by delivering true cross-chain UX and the most demanded DeFi product line
CEO at Equilibrium, Alex Melikhov
Really great Qs
Thank you guys for having me here. You can find us at
Website: https://equilibrium.io/en
Twitter: https://twitter.com/EquilibriumDeFi
Telegram: https://t.me/equilibrium_eosdt_official
Cryptodiffer TEAM
Thanks for your time, Alex
Thank you for your questions, everyone!
