RECAP#AMA1106
#AMA1106
CryptoFury x Equilibrium
⏰ Time: Jun 29th , 12:00 PM UTC
💰 Reward Pool : 100$
💎 Place : https://t.me/CryptoFury_Chat
Question for Part 1- Project overview:
1. Can you briefly introduce yourself as well as Equilibrium? And from where you get the project name? What does it mean to you? And why you choose this name for your project? What is your mission and vision to build this project? What you want to achieve Through your project in future?
Alex: I’m Alex Melikhov, the Founder and CEO of Equilibrium and Genshiro. I’m an engineer in applied mathematics. Before blockchain I was focusing on fintech, mostly payment systems and gateways. I became completely involved in crypto after co-founding Changelly in 2016.
My current team has been working together since 2017, when we began building on Ethereum. In April 2019 we launched the first EOS-based stablecoin. Then we decided to move our tech to Substrate, because we were fascinated of its technical capabilities.
Currently we are working on Polkadot-based Equilibrium and its canary network on Kusama called Genshiro.
Let me shed some light on how Equilibrium works.
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.
2. What strengths do Equilibrium have to compete with competitors? Can you tell me more on the token contract, and how does it reward investors?
Alex: Absolutely In layman’s terms Equilibriums is DeFi 2.0 with high leverage. It’s a one-stop platform to earn, borrow and trade at max efficiency.
I will drop 5 advantages which are distinguish Equilibrium as truly DeFi 2.0:
1.Cross-chain all-in-one DeFi platform — basically as I said above, all DeFi instruments in one place. If you want to utilize DeFi with max efficiency, that’s obligatory nowadays.
2. Own parachains on Polkadot & Kusama are already live — Equilibrium and Genshiro (our canary network on Kusama) are already part of the Dotsama ecosystem.
3. The first orderbook-based DEX on Polkadot with leverage up to 20X — can’t say more here. We are the first project in Dotsama who developed a fully on-chain orderbook!
4. A money market with critical collateralization is as low as 105% — this will allow traders to perform risky, yet profitable trades.
5. Features: pooled lending, trading on margin, native decentralized stablecoin, synths, perpetuals.
With all that said, we are aim to built true DeFi 2.0 in Dotsama ecosystem
3. What are your significant achievements till now and what are your other plans for this year?
Alex: Sure. Let me share our roadmap with you first
Please check it here: https://bit.ly/EQRdmp
There’s a small gift inside😎
As you guys already know, Equilibrium has won a parachain slot and already onboarded on Polkadot as the 12th parachain. This was one of our greatest milestones and we did it thanks to our wonderful community.
The next milestone, as I mentioned previously, is our DEX. We proudly announce the launch of our orderbook DEX! This is the premiere orderbook-based decentralized exchange (DEX) launched on the Dotsama ecosystem.
And the third one, is our fluid xDOT staking. Using it, you can vote for your favorite projects in Dotsama ecosystem. But you are not locking your DOT tokens for 2 years. With xDOT you are making it work for you. Let me share a link here: https://equilibrium.io/en/xdot
Our future goal is to launch the Equilibrium app in production as soon as possible. As you can see here, we are aiming on July🦾
Part 2: Pre-selected questions from our community
1. I read that Equilibrium is built on Polkadot and has a parachain in Kusama called GenshiroDeFi. What have been the advantages that this technology infrastructure has provided to Equilibrium and how has it provided them with greater risk control than existing primitives?
Alex: Genshiro is a cross-chain protocol that helps users stake, earn yield, borrow and trade, using asset portfolios instead of single collateral vaults.
We’re concerned about simple replication of Polkadot-based technology on Kusama. Simple ports like that don’t make sense if you want to push boundaries and unlock the full potential of the DeFi market. Equilibrium definitely wants to build something that stands out on its own Kusama-based merits while bringing value to the Kusama network and its community.
For these purposes, our Kusama-based parachain inherits an experimental spirit that’s quite common for the Kusama network. It’s a testing site for our future products before they’re deployed to Polkadot. This means we get to implement some new features for future iterations of Genshiro, like derivatives, perpetual swaps, and futures contracts on gold, ETFs, commodities, and stocks.
Genshiro is already up and running! You can stake your crypto with up to 36% APY at the moment: https://genshiro.equilibrium.io/gateway/en/portfolio/earn
2. The EQ token is Equilibrium core utility asset and they are used for paying fees, accessing liqiuidated cryptocurrency collateral, etc. Will the EQ token have a burn mechanism to increase the value and rarity of EQ? Where can users purchase EQ tokens?
Alex: EQ enables the community governance of Equilibrium. It can be used for transaction fees, product fees, and platform liquidity on Equilibrium
It has several use cases which distinguish it as a true DeFi 2.0 token
Let me drop it here to you
1.Governance token. EQ holders have a say in system changes and EQ-weighted votings
2. Platform Currency. Users pay transaction fees for operations on Equilibrium’s Substrate and product fees in EQ
3. Bailout liquidity. Liquidity providers can earn yield by locking EQ in Equilibrium’s liquidity pools
4. Staking opportunities. EQ holders receive rewards on their tokens staked to Equilibrium’s governance
3. I saw that you announced your collaboration with Republic Crypto. But may we know, what is the result of this collaboration for Equilibrium especially? Will there be another partnership in the near future?
Alex: Yes, let me cover our Republic campaign as well
As you folks already know, we are running our Republic campaign. There are several goals we are trying to achieve right now, but — if I can say like that — one of the most important is simplicity and adoption.
Our Republic campaign will help us to attract a lot of liquidity into the ecosystem in general and to the Equilibrium in particular.
🔥 EQ public offering just started and will last for 3 more days! Hurry up and claim your EQ allocation. This is the only way of getting EQ tokens at the moment: https://republic.com/equilibrium/
Could you please PIN it?
4. I read currently that @EquilibriumDeFi is hiring ,I’ll like to know what positions are available for one to fit in? What are the requirements to join ? Do you have plans to onboard ambassadors for this project? How do you feel about having communities across the globe to aid growth?
Alex: Yes, we are. If you think that you can contribute to the project, feel free to join our team: https://equilibrium.io
Also, you can check the list of all available positions here: https://equilibrium.io/en/careers
5. I am aware that Equilibrium provides a bailout mechanism that offers an efficient method for managing risk and debt within any DeFi protocol. Could you still describe how this bailout system was designed and what function the bailsman serves?
Alex: That’s a good question. Let me cover it as well
Equilibrium’s bailout mechanism is an effective new approach for managing debt and risk within a DeFi protocol.
Our system design introduces the role of a “bailsman.” Bailsmen are users who pledge liquidity in advance of a market decline or black swan event, and they play a pivotal role in keeping Equilibrium and Genshiro running smoothly.
There’s no need to quickly gather liquidity when the bad debt mounts up because our bailsmen have supplied this liquidity in the form of other crypto assets. It’s immediately available when we need it.
You can check on how it works in details as well: https://docs.genshiro.io/genshiro/mechanics/bailsman-mechanics
Question for Part 3: Guests will choose 5 live questions from members and answer directly in CryptoFury Community
1. Where i can get all the latest news about ? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Very Good Question Sir 🙏
Alex: Let me share our social media, so you can always be on top of the things with Equilibrium and Genshiro:
👉 Equilibrium Twitter: https://twitter.com/EquilibriumDeFi
👉 Genshiro Twitter: https://twitter.com/GenshiroDeFi
👉 Our Medium: https://medium.com/equilibrium-eosdt
👉 Publish0x: https://www.publish0x.com/@EquilibriumEOSDT
👉 Telegram community: https://t.me/equilibrium_eosdt_official
👉 Telegram News Feed: https://t.me/equilibrium_news_feed
👉 Genshiro community: https://t.me/genshiro_official
👉 Genshiro News Feed: https://t.me/genshiro_news_feed
2. My question important :
Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?
thank you ✅✅✅🔴🔴
Alex: All of our team members is playing vital role in the development of Equilibrium and Genshiro. However let me highlight some of them.
1.Lesley Czuma — our Business development lead
2. Peter Sergeev — Sr Project Manager Tech Team
3. Yves Renno — Lean Analyst
4. Benjamin Khrapov — Tech Lead
Also, if your community members want to learn more about our team. they can visit our website: https://equilibrium.io/en/about
3. Hi sir,🙏Staking, NFT is very hottest, do you think you will apply NFT technology to your products in the achieved future?thanks 🙋♂️
Alex: We will consider it in future. The idea of staking NFT or putting it as a collateral is an interesting concept. However, we need to develop several mechanisms to value it first.
4. Do you have a AUDIT certificates?
Or,
are you working to AUDIT Your project, so that the security of the project becomes more secure and reliable?
Thanks Sir.✅
Alex: Equilibrium was recently partnered with Quantstamp. Quantstamp will audit Equilibrium’s core components, including the code which governs its underlying business-logic on balances, its risk and price modules, and its “bailout” mechanics. Quantstamp’s audit is of key importance to ensure the quality of Equilibrium’s performance. The main reason is that you are customizing a blockchain runtime when you are building on Substrate. If a bug affects a part of the logic on the Substrate, the blockchain as a whole can come to a standstill.
5. Where can we buy your Tokens to invest in your project and what is your current contract address?
Alex: The only way of getting EQ tokens right now is to participate in our Republic offering. https://republic.com/equilibrium/
🔥 EQ public offering just started and will last for 3 more days! Hurry up and claim your EQ allocation. This is the only way of getting EQ tokens at the moment: https://republic.com/equilibrium/
All details about ArchLoot could be found below
🛢 Website : https://equilibrium.io/
🛢 Twitter: https://twitter.com/EquilibriumDeFi
🛢 Telegram Chat: https://t.me/equilibrium_eosdt_official
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