Joining from Equilibrium
We are proud to introduce Equilibirum. They offer a new mechanic that significantly enhances the user experience for users joining the Astar Crowdloan Event on Polkadot: fluid xDOT staking!
First we will explain you everything you need to know about Equilibrium and explain how to use them below in this section.

Equilibrium’s solution

Equilibrium created fluid xDOT staking, users will be able to stake their DOT for Astar Polkadot parachain and get xDOT, which are DOT wrappers on Equilibrium canary network on Kusama, called Genshiro. Genshiro is already up and running and offers a lot of functionality, like a working lending platform with over $2.4 million of real liquidity already locked.
xDOT makes DOT tokens into a multipurpose asset. On one hand, users can lock them for a selected project (including Equilibrium, Acala, and others). On the other hand, they get exposure to this new DOT derivative for use inside our systems, not to mention that they also get EQ token rewards.
​xDOT will be also available on Equilibrium once it becomes a parachain on Polkadot. This means users will be able to choose where they want to mint their xDOT from between two networks.

xDOT introduces noteworthy use cases

You can use these xDOT wrappers as liquidity on liquidity pools to start earning yield right away. The platform’s current APY is over 25%. And it’s now completely possible to use xDOT as collateral to take out a loan from the system!

Ledger users

​Ledger wallet users, take note: we will also support parachain auction bidding from your hardware wallet. This kind of functionality is only possible due to our fluid xDOT staking — since user contributions are now a simple transfer of DOT to a custody multisig account, Equilibrium can offer out-of-the-box support for Ledger devices. We will provide an interface where Ledger users can contribute their DOT with the help of the Pokadot.js extension. Please note that this functionality works only when you contribute to Equilibrium! Right now we’re the only project with full Ledger support.

How does fluid xDOT staking work?

Since we need to control the return of the DOT back to users after a lease period ends, we will gather all the user contributions via a single custodian address before participating in the bidding process from that address.
The custodian address will be managed with multisignature permissions by influential and trusted counterparties (Signum Capital, Genesis Block Ventures, DFG, and PNYX Ventures). Once Equilibrium gets a parachain slot on Polkadot and the bridge between Equilibrium and Genshiro is enabled, fluid staking will become more decentralized then.

How xDOT brings value to users

To sum things up, let’s take a look at the setup from the user’s perspective:
Crowdloan participants can:
  • Receive xDOT tokens on Equilibrium or Genshiro once Astar wins the slot
  • Claim project tokens on the respective parachain, proven an xDOT balance
  • Sell xDOT tokens or provide liquidity by putting them into the corresponding Balancer pool
  • Use the Balancer LP token in Equilibrium’s parachain or on the Genshiro DeFi platform
  • Use xDOT/DOT tokens inside Equilibrium’s parachain or on the Genshiro DeFi platform
All DOT token holders can:
  • Bridge DOT from the Polkadot relay chain to the Genshiro substrate or transfer their DOT to Equilibrium parachain
  • Buy xDOT tokens or provide liquidity by putting DOT tokens into the corresponding Balancer pool
  • Use the Balancer LP token (an ERC-20 token that represents a user’s share of a specific pool) in the Equilibrium or Genshiro DeFi hub
  • Use xDOT/DOT tokens inside the Equilibrium or Genshiro DeFi hub
As you can see, there are plenty of use cases where this liquidity can serve you.

How to join Astar Crowloan Event through Equilibrium

Last modified 1mo ago