Just as we do each month, we just held our fifth community call. Equilibrium CEO Alex Melikhov, senior project manager Peter Sergeev, and director of customer success Lesley Czuma were on hand to provide updates to attendees, answer their questions, and generally describe the direction that Equilibrium is heading over the coming months.
All told, we had 145 registered attendees who asked more than 60 questions of our team. If you’d like to watch the video recording of the community call, simply check out this video on our YouTube page. If you’d rather read a written digest, then you’re in the right place!
Here’s what we covered:
We’ve made big strides toward developing some mature DeFi technology. We have completed the requirements for a grant to bring the Curve AMM to our substrate and are waiting on approval from the Web3 Foundation.
Our integration tests have been revised, and we’ve updated our liquidity farming mechanic: bailsmen now receive at least 20% APY on any liquidity they provide to our system.
We’ve got some exciting developments in progress as well. We are working on modifying our DEX margin calls to introduce maintenance margin calls and account margining. And because you can never have too many oracles, we are adding Bluezell and Band to our system.
We are also testing external validators — the Ryabina validator is now connected to our testnet, including the oracle module.
Our updated roadmap
We want to operate as transparently as possible to let our community know what to expect in the future. With that in mind, we’ve released an updated project roadmap that ought to give you a good sense of what to expect from Equilibrium through to this July.
Our token swap has concluded
The first phase of our PLO went off without a hitch! We reached the 250,000 DOT hardcap rather quickly during the first three days of the swap, and we saw more than 78,000 DOT of oversubscription. Not only did we have meaningful participation from our community, but we had major support from a number of venture capital funds, including CMS Holdings, LD Capital, and Signum Capital.
The following chart breaks down the current results of our token swap:
If you participated in the token swap via an exchange, please contact us. We need documentation from your exchange to confirm your participation. Have your exchange send an email to [email protected] with the subject line “Transaction confirmation.”
The phase 2 crowdloan is next
Bidding on phase 2 of our PLO will start with a crowdloan on Polkadot and go for 5 months as needed to win a slot.
We closed a series A investment round
We raised $2.5 million from a uniquely multinational collection of investors. The lineup of participating investors includes impactful ecosystem funds like KR1, Signum Capital, Hypersphere, Block Dream Fund, Genesis Block Ventures, CMS holdings, AU21 Capital, DFG Capital, PNYX Ventures, FBG Capital, LD Capital, and more.
We held a tech meetup in Moscow
We held an in-person meetup that addressed Rust development, the Polkadot Substrate framework, and how it allows for building customized blockchains. We had some renowned specialists and accomplished enthusiasts in attendance, sharing their experience with us.
Genshiro, the GENS token, and our Kusama lockdrop
Our ambitions are not strictly limited to Polkadot — we are gearing up to launch Genshiro, our DeFi parachain on Kusama, and will participate in parachain slot auctions there as well.
Genshiro is our Kusama-based parachain that will become a testing site for our future products before they’re deployed to Polkadot. Genshiro’s functionality will even go beyond what Equilibrium will introduce on Polkadot. We’ll use it to implement new features like derivatives, perpetual swaps, and futures contracts on gold, ETFs, commodities, and stocks. With a bolder set of parameters and a wider listing of assets, Genshiro will be an attractive venue for traders willing to take on more risk in their operations.
Genshiro calls for the use of GENS tokens, which will have quite a lot of utility in the parachain. They will become a key asset for the Genshiro’s governance framework, cover transaction fees on the network, function as the key asset for on-chain governance, and will serve as a platform currency that covers all interest and fees for using the product.
We expect GENS distribution to break down as follows: 45% for initial distribution to EQ holders, 20% for Kusama IPO rewards, 15% for liquidity farming, 15% for the treasury, and 5% for EQ staking bonuses.
We will hold a lockdrop to get Genshiro started. Users with an allocation and vesting in EQ on Polkadot can get ten times the amount of GENS tokens on Kusama. They will need to stake their unlocked EQ tokens for three months to do so, while GENS will be automatically accounted for on locked allocations, subject to vesting at the moment of Genshiro’s genesis block.
For every locked EQ token, the user will receive 10 GENS and earn up to 30% in bonuses. GENS tokens are subject to vesting — the more of your “free” EQ balance that you lock, the more GENS will be allocated to you.
Participating users can claim their GENS from the dedicated vault on the Genshiro parachain right away if they wish, but there will be a penalty for doing so: it starts at 50% and decreases to zero over the course of 90 days. If you want to receive your full allocation, leave your GENS for three months.
There you have it — all the news we covered during our fifth community call!