As you guys already know, Equilibrium has won a parachain slot and will be onboarded on Polkadot as the 12th parachain. This exciting achievement has raised a lot of interest within our community. We keep receiving questions on our further plans and besides reasonable ‘Wen Binance?’ there are a few quite practical ones popping up. This article is here to address these questions and cover our launch roadmap in the coming three months at least.
‘Wen Parachain Launch?’
During our latest 16th community call we have presented a high-level roadmap of our parachain launch. By way of reminder, before we press the red button, there is a start-off phase that will require some preparations from our end including cyber security audit and liquidity bootstrap.
This process will consist of several stages with the main activities falling in the period between April and June. For your convenience we are posting the overview of our launch roadmap here:
As such, after we make sure that our technology is fully secure and our pools have enough liquidity, our parachain will go live at its full scale. According to our roadmap, this is planned for June.
In the meantime, we have put together a detailed breakdown of this high-level roadmap and you can track our progress here.
‘Wen crowdloan rewards?’
Initial allocations of EQ tokens will start being distributed back to our beloved supporters in April. All users will receive EQ tokens directly to the wallets they contributed to our campaign from. The actual two-year vesting of the remaining crowdloan rewards will take off at the time when EQ transfers will be enabled on our Parachain.
EQ transfers will be enabled on our parachain in mid-May during the start of the liquidity bootstrap event. So EQ holders will be able to take advantage of their allocations by staking EQ tokens into liquidity pools of the Equilibrium DeFi platform and earning yield.
Simultaneously, we are working on the renowned interface for managing EQ allocations. Users will be able to manage claims of their vested EQ and keep tracking their lockdrop participations naturally in one place. The interface will be released in April.
Everyone who contributed to Equilibrium crowdloan through our website is eligible to get liquid xDOT on every locked DOT at a 1:1 ratio. Initial distribution will be done on Genshiro, our Kusama-based canary network. Users will be able to use their xDOT in Genshiro products and after we launch a bridge between our chains they will be able to move their xDOT to our Polkadot parachain.
xDOT distribution on Genshiro is planned for Monday, April 11.
‘Wen lockdrop release?’
Yes, we know, it’s been a while and it’s coming. EQ tokens will be released from the lockdrop in 90 days after EQ token transfers will be enabled on our parachain (mid-May). To be specific, the release will happen in mid-August.
We are thankful to our supporters for their kind involvement and for following Equilibrium for so while.
What to expect next
Firstly, we suggest keeping an eye on our further announcements. It is important for our users not to miss our liquidity bootstrap event in May. Once EQ transfers will be enabled, they can stake their EQ holdings in the market maker pools and into the bailout pool.
The liquidity bootstrap will be a limited-time event to attract liquidity into different asset pools. During just two weeks, liquidity providers can get extremely high rewards for their participation, like 100% APR. We will have an onboarding process for any large-scale liquidity providers who want to come aboard.
After the start-off phase, there will be several other stages on the roadmap. At the inception phase, years of development will pay off: years of development will pay off! That includes our money market with min collateralization requirements as low as 105% and an orderbook DEX that supports margin trading with up to 20X leverage.
Our plans for other stages include the release of a perpetual market in H2 2022 and other important system updates (like the upgraded version of our bailout system for securing loans in the system and XCM integrations with other ecosystem projects). At the end of the day, we will end up enabling full democracy on our parachain and it’s planned for Q1 2023.
Last but not least. ‘Wen Binance?’
Well, let us keep a bit of intrigue for now. ;)
In conclusion, we want to thank our supporters for coming this far with us. If it weren’t for you, we’d only have an idea instead of a quality functioning product with its own parachain. We won’t be slowing down development or our efforts to expand further across blockchain ecosystems anytime soon. We’re proud to be serving the future of DeFi!
Equilibrium is a cross-chain DeFi super-app that combines a money market and a spot market with margin trading. The platform performs the full gamut of DeFi functions from pooled lending and synthetic asset generation to decentralized trading. EQ is the native utility token that is used for communal governance of Equilibrium and liquidity in its liquidity pools. xDOT is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.