2021 Equilibria Outlook & Wrapped Equilibria Launch
What is Equilibria?
Equilibria is a Monero fork; transactions are private and untraceable. Just as anyone can mine Equilibria, anyone can run their own Oracle Node. Every Oracle Node is responsible for managing and making decisions for the tasks required of each Oracle Service. It is vital that anyone can start an Oracle Node to ensure no central entity is controlling the network or the blockchains utilizing Pythia.
Pythia will help keep Equilibria’s supply stable while maintaining a high incentive for further decentralization — there is a small fee attached to each Pythia transaction split 40/40/20. Oracle Nodes will receive 40% of the fees paid from Pythia. As the usage of Pythia increases, the ROI of running an Oracle Node will also increase. With a higher ROI comes a larger incentive to run an Oracle Node resulting in a more secure network. Another 40% of the fee is burnt to help stabilize the supply by offsetting the emission rate. The remaining 20% of the fee will go to the team and fund the project over the long-term.
Our current block reward is ~9 XEQ every 2 minutes.
Pythia (Oracle sidechain)
Equilibria’s oracle, Pythia, is capable of providing a solution to nearly any blockchain problem. Bringing data to the blockchain is difficult, but helping other blockchains decentralize their network protocols is even harder. Because of how versatile Pythia is, we can help other blockchains with problems ranging from price data to governance. Starting in early 2021, Pythia will become compatible with other chains such as ETH and DOT. Our goal is to be chain Agnostic.
Why do we need a Wrapped Equilibria?
wXEQ will support the Ethereum Pythia Adapter, allowing Ethereums dApps to use the Pythia Oracle where wXEQ acts as a payment token for requests.
Pythia v0.1.0 has had some good initial testing. Harrison has patched multiple bugs and has added some improvements.
Here are some things that have been changed since the last update:
- Monero-Fork Adapter v1 has been completed.
- Node staking based on USD amount
- wXEQ sale contract has been completed
- wXEQ staking contract has been completed
- wXEQ swap contract has been completed
- GUI Wallet Swapping has been completed
- ETH Oracle Pythia Adapter has been moved to v0.2.0 from v0.3.0. We have had an early partnership forming, so we are prioritizing the ETH Adapter
- ETH Oracle Factory has been added and set to Early Development
- ETH Node Validation has been added and set to Early Development
- Phase 1 swapping has been finished and is ready to roll out. Preparing hardfork
- XHV Price Record demo has been set to Half Way Point
- Mika has been added as a Community Manager. He will help us with marketing and social media outreach.
- Greg has been added as a Community Contributor & Moderator. His work on the Quick Node Setup is amazing!
- And more…
How to track our progress?
Check out our Trello where you can see what the team is working on.
The Wrapped Equilibria token has launched and can be found at this Ethereum contract address.
wXEQ Meme Contest
To celebrate the launch of wXEQ, we will be starting a 50,000 wXEQ meme contest.
- Post on Twitter with $XEQ, #XEQOracle.
- Post in #meme-contest in our discord
On January 15th, all submissions will be judged in our Discord. The winners will be chosen by the following.
1st — 25,000 wXEQ — Team Judged
2nd — 15,000 wXEQ — Community Judged
3rd — 5,000 wXEQ — Community Judged
4th-5th — 2,500 wXEQ — Community Judged
The team has been working hard on a wXEQ dashboard where you can easily stake your wXEQ tokens, check your rewards, swap ETH for wXEQ, and see general stats about wXEQ. We will be updating this regularly to improve functionality and aesthetic.
wXEQ Crowdsale for Funding
UPDATE 1/10/2021: Immediate changes to the wXEQ Crowdsale.There is now a tier system.
UPDATE 1/17/2021: Crowdsale will go on until all wXEQ is sold.
1st tier — 500,000 wXEQ at $0.03 SOLD OUT
2nd tier — 2,000,000 wXEQ at $0.05 SOLD OUT
3rd tier — 2,500,000 wXEQ at $0.10
4th tier — 4,800,000 wXEQ at $0.15
Tier 3available on our wXEQ dashboard here.
Over the past couple of months, we have realized that the cryptocurrency industry has become less “grassroots”. No longer can you get listed on exchanges from just fundamentals and a strong community. You need cash. Paying for exchanges isn’t the only need for funding though. We expect in 2021 to expand our team and our expenses to go up. The team is announcing a 9.8M wXEQ sale for $0.15 per coin. This would put XEQ at a market cap of ~$7M. Any leftover wXEQ that has not been sold after Feb 1st will be burnt forever. 10M coins will be burnt on the XEQ side on ~Feb 1st.
Here are our target goals. Each target will be rewarded with a 50,000 wXEQ staking bonus:
5,000,000 wXEQ by January 15th
7,500,000 wXEQ by January 22nd
9,800,000 wXEQ by January 29th
Perks of being apart of the sale?
- Get access to never seen before amounts of XEQ for sale
- Early access to Uniswap, SushiSwap, and 1inch.Exchange. Trade and earn Uniswap fees before the swap bridge is enabled.
- Help fund the project to expand the development team, marketing resources, and exchange listings
- Up to 150,000 wXEQ staking bonuses
Introducing wXEQ Staking
Staking will allow for wXEQ holders to get a passive return on their wXEQ holdings. Staking is made up of a basic daily return (720 wXEQ/day) + Oracle Dividend
The Oracle Dividend is made up of 20% of the fees from oracle requests and swaps. The complete breakdown of oracle/swap fees is 50% burnt, 20% oracle nodes, 20% stake pool, 10% team (until oracle nodes are on mainnet staking pool will have 40%).
The team will be researching further ways to incentivize holding wXEQ.
wXEQ Staking Bonus
Whenever a target is hit we will deposit 50,000 wXEQ to the contract address. If you have been staking for 3+ days, you can claim your share (your stake / total staked) of the bonus.
Native XEQ->wXEQ Swapping
Phase 1, XEQ->wXEQ (one way) swapping will go live on Feb 1st (block height 491,430). Users can use the GUI wallet or CLI wallet. Here is our roadmap for native swapping if you are new:
- Phase 1 (Feb 1st) will be centralized where the team acts as a proxy from the XEQ chain -> ETH contract. All mints/burns will be auditable.
- Phase 2 will be partially decentralized through the Pythia and the Ethereum Pythia Adapter. Then the team’s node will facilitate the mint on the ETH chain once the transaction is confirmed by Pythia nodes.
- Phase 3 will be fully decentralized through Pythia and the Ethereum Pythia Adapter. Oracle Nodes will facilitate and create the ETH transaction for the wXEQ mint.
- Phase 4 will add wXEQ->XEQ swaps.
The contract will be available by Feb 1st
Hardfork release on January 11th, 2020
Uniswap is a decentralized cryptocurrency exchange that facilitates automated transactions between cryptocurrency tokens on the Ethereum blockchain through the use of smart contracts.
Uniswap is here
The Sushiswap protocol realigns incentives for network participants by introducing revenue-sharing & community-driven network effects to the popular AMM model.
SushiSwap (not yet deployed)
DEX aggregator with the best prices on the market. Uniswap Exchange, Kyber Network, Balancer, Bancor, 0x protocol, curve.fi.
1inch.Exchange (not yet deployed). $20k is the deposit needed. We will make this deposit as funds are gathered.
How would you store wXEQ? Numerous wallets can store ETH tokens. You can checkout MetaMask, Coinbase Wallet, WalletConnect, Formatic, or Portis. All of these wallets will be able to interact with Uniswap and wXEQ Dashboard.
The team is ready to announce the iliLabs Foundation (iliLabs LLC), a registered entity in the State of Oregon. The goal of iliLabs is to create value for the Equilibria network and other protocols through development, marketing, and liquidity. Here are some of our planned goals:
- Hire dedicated Solidity developer(s), Substrate developer(s), Frontend Developer(s)
- Pay for auditing services for Equilibria related ETH Contracts
- Create, prepare and launch marketing materials
- Sponsor bounty programs
- Start a partnership incubator allowing teams to subsidize oracle fees. This will allow them to work with our ETH Oracle Adapter at a low entry point
- Take on industry veterans as advisors
Funding will be held and managed by iliLabs LLC. Funding will be 90% development, team expenses + marketing and 10% will be split for liquidity on Uniswap & TradeOgre. Major portions of funding will be converted into USDT to hedge against any downside risks of holding ETH at current market conditions.
Some expected 2021 expenses. All amounts are not final and are in USD.
- $25k for an initial round of social media outreach through YouTube influencers and interviews.
- $50–100k for a top 10 exchange listing
- $200k for bounties (frontend, wallet, graphics)
- $50k for ETH contract auditing
The team will always strive to be active and transparent towards the community even with a business-like structure. Community input will always be considered for future developments.
We have a subreddit!
Check it out here
Have questions or concerns?
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