We are launching our mainnet and conducting a token generation event that will see our newly minted EQ tokens released into the market. The EQ token generation event is taking place today, November 12th.
Equilibrium’s EQ token can be used as collateral, similar to Sythetix’s SNX (the only difference here is that Equilibrium accepts other major cryptocurrencies besides EQ). Also, users can even earn passive income by putting EQ tokens into Equilibrium’s bailout pools and becoming so-called “bailsmen”. In Equilibrium’s Polkadot-based design, the bailout pools are opposed to auctions to secure loans in cases where crypto markets crash. Bailsmen earn interest on their staked EQ tokens as a reward for helping to secure liquidity on the system overall.
EQ also works as a core utility asset for the system 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 event can claim their EQ starting today with the token generation event. Others will need to wait until trading of EQ is open on the major crypto exchanges. There’s no better time to collect EQ than right now. Users will need to install the Polkadot.js and Metamask extensions for Chrome before making their claims.
Currently, EQ tokens are non-transferrable, they will be transferrable soon.