Introduction to Equilibrium’s new EQ tokens and a guide to NUT/EQ token swap.
Blockchain and cryptocurrency has proven it’s ultimacy over time and it’s adoption is on the rise globally. Decentralized finance is the new big thing in the Blockchain industry, It has come to amend the faults of centralized finance. The absence of a central authority leaves everyone with control over their assets , this is indeed an excellent transition.
This article contains the summary of Equilibrium’s recent major development which includes; Partnership with polkadot, The new EQ token and NUT/EQ token swap. More importantly, I will give a step-by-step guide on how you can swap your NUT tokens for the new EQ token. But before that, let’s take an overview of the Equilibrium ecosystem.
Equilibrium is the first Decentralized interopable money market and an all-in-one DeFi hub. We are introducing a cross-chain money market that combines pooled lending with synthetic asset generation and trading.
Our mission: To provide a top-ranked DeFi app that renders exceptional services to the users of major crypto assets like; BNB, ETH, BNB, XRP, XTZ and DOT.
Furthermore, Equilibrium is designing a platform where people can make use of their crypto holdings for lending and borrowing purposes and also earning passive income securely. We are working towards complete decentralization, which is why we employ the use of multisignature technology for the management of permissions of two core smart contracts that control our native assets. The two native assets of Equilibrium are eosdtsttoken and eosdtnutoken. Multisignature participants includes; Binanace, eosfinex, EOS nation and EOS Canon. These respective companies are a major factor for the approval process before the release of those contracts.
Equilibrium’s partnership with polkadot:
We have partnered with the most advanced enterprise Blockchain technology ever, that enhance high scalability, availability and interoperability. Following the establishment of a premier decentralized stablecoin and lending lending project on EOS, we employ the use of polkadot’s technology to drive the full potential of the DeFi market effectively. While creating our Blockchain with polkadot’s substrate technology, we will extend our DeFi product line to a one-stop cross-chain money market. This invention is visioned towards terminating market segmentation and letting users comfortably fill all their DeFi’s needs in a single place. Polkadot makes it easier for independent blockchains to exchange information and transactions in a trustless manner through the polkadot relay chain. On the other hand, Equilibrium is also an added advantage to the polkadot ecosystem, facilitating the combination of DeFi use cases such as pooled lending, decentralized stablecoins, margin trading and an interoperable DEX.
Introducting the new EQ Token:
EQ Token — Equilibrium new cross-chain utility token.
The new EQ token is used for accessing liquidated collateral, earning staking rewards, paying commission for product use - These are similar functions with NUT tokens. Nonetheless, it comes with some new amusing functions which includes; voting for validators, paying transaction fees and for bailouts. More interestingly, EQ tokens can as well be used on protocols that are connected with polkadot. To enhance interoperability between major blockchains, users will be able to utilize EQ tokens in creating synthetic assets and transferring the value of all kinds of cryptocurrencies to Equilibrium. Alternatively, users can use Equilibrium interface for easy execution and monitoring of all transactions carried out on other platforms from one place.
NUT/EQ Token swap:
Users can now swap their NUT for EQ tokens. This commenced on the 31st of August and will continue until September 29. For the first 5 days, retail NUT holders can exchange their NUT tokens for the new Equilibrium token at a stunning rate of 1 NUT : 100 EQ Also, users who swap over 5,000 tokens will get additional bonus. Swap ratio will decrease gradually and will come to a halt of 1:75 after 25 days. Swapping will last for 30 days.
NUT/EQ token swap guide:
- NUT/EQ token swap begins on August 30 at 8am UTC.
- To begin, ensure you have an ETH address which you own it’s private key. This is needed to access your allocation — in the absence of an ETH address, metamask can be used. Follow the instructions to download the wallet on metamask.io
- If you have no NUT in your wallet, you can purchase some on Newdex, HitBTC, Bancor and changelly. You start by Withdrawing NUT tokens to the token swap contract, followed by inputting the swapcontract address i.e tokenswap.eq . You need to specify your ETH address in the memo space. To get your address on metamask, click on your account name.
Important notice! If you do not specify your ETH address, your EQ allocation will not be accessible.
- If you already have your NUT in your wallet, visit https://equilibrium.io/tokenswap/, input the amount of NUT you are willing to swap and tap on the “swap” icon. Specify your ETH address and tap the “send NUT” button.
After that, select your EOS wallet from the list of wallets provided and approve its connection with the swap DAPP.
Sign NUT transaction transfer in your wallet and you’re good to go!
- Claim EQ tokens on the Equilibrium substrate at the end of the Token generation event (TGE). While 10% will be released on TGE, 90% will be linearly vested in 365 days. Users who held NUT prior August 1 are not subject to vesting. NUT tokens may be withdrawn anytime before TGE, but application to initial bonus level will be denied.
In conclusion, NUT tokens remain in use for our initial product line on the EOS Blockchain. Hence, you may not trade in your NUT if you do not wish to. However, NUT will not be used for the governance of products in Equilibrium’s cross-chain interopable expanded scope.
Disclaimer: This content should not serve as a commercial or financial advice. It is an informative text only.
Written by: Berry Brains