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Equilibrium’s Mainnet Kicks Off Today with Token Generation Event

UTC by Andy Watson · 2 min read
Equilibrium’s Mainnet Kicks Off Today with Token Generation Event
Photo: Equilibrium

Those who participated in the latest NUT/EQ token swap can claim their EQ starting today with the token generation event.

Equilibrium, a Polkadot-based interoperable money market, is launching its mainnet and conducting a token generation event that will see its newly minted EQ tokens released into the market. The EQ token generation event takes place on November 12th at 9 AM UTC. 

Equilibrium is one of the first projects that has launched its production network based on Substrate technology. Equilibrium will be using validators designated by Polkadot and Kusama. The list includes P2P validator and Staking4all, among others. 

Equilibrium’s EQ token can be used as collateral, similar to Synthetix’s SNX (the only difference here is that Equilibrium accepts other major cryptocurrencies besides EQ). Users can also earn passive income by supplying Equilibrium’s bailout pools with EQ tokens in the function of “bailsmen”. According to Equilibrium’s design, the bailout pools replace auctions to secure loans in the event of adverse markets. Bailsmen earn interest on their staked EQ tokens as a reward for helping to secure liquidity in the system overall. 

EQ also works as a core utility asset for the platform and is widely used in its products. It can be used for paying fees, voting for Substrate validators, and granting access to Equilibrium’s community governance mechanisms. 

Those who participated in the latest NUT/EQ token swap can claim their EQ starting today with the token generation event. Others will need to wait until trading of EQ is open on exchanges. There is no better time to claim your EQ than now. Users will need to install the Polkadot.js and Metamask extensions for Chrome before making their claims.

Crypto assets will have the most impact for decentralizing finance if the different assets are compatible instead of siloed and can be used together in DeFi products. Clearly, interoperability will facilitate this goal, and when people acquire, hold, or use EQ tokens, that will support this inevitable evolution.,” said Equilibrium CEO Alex Melikhov. 

Looking ahead, Equilibrium will be unrolling its systematic EQ token distribution plan. This will include utilizing the token for liquidity farming, for its Initial Parachain Offering that will incentivise DOT holders to stake DOTs for Equilibrium’s parachain and get EQ in exchange, and generally educating its community on how to use Equilibrium to capture the most potential as possible from DeFi. 

Altcoin News, Blockchain News, Cryptocurrency news, News
Andy Watson
Author Andy Watson

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