Equilibria V12: Socrates

Overview

Equilibria will be forking to a new blockchain version on block 841197, which is on May 31st at 2 pm PT. This update will be mandatory for all oracle nodes and wallet users. If you use Wrapped XEQ, you have nothing to update.

This update brings significant staking infrastructure changes.

Staking Changes

  • Operators now have a max contribution of 35,000 XEQ
  • Operators now have a min contribution of 10,000 XEQ
  • Pools are mandatory
  • Pools have a max stake amount of 65,000 XEQ
  • Operators have the claim of 50% of the block reward with the full contribution. If the operator stakes at the minimum, they receive 28% of 50% of the block reward
  • Pool stakers receive the other 50% pro-rata of their stake.
  • Block reward increased to 18 XEQ per block (2 minutes). Block rewards are now split 75 (staking) / 25 (mining).
  • Removing operator fee
  • 0.1% of every staking transaction is burnt from the total supply indefinitely

These changes allow more XEQ to be staked with better rewards without compromising staking return.

  • On the old system with 200 nodes staked, the max staked amount is 7,000,000 with a block per staking pool at 3.2.
  • On the new system with 200 nodes staked, the max staked amount is 20,000,000 with the same block per staking pool at 3.2.
  • The block per staking pool would go to 1.2 with the same total XEQ staked and drastically cut rewards for all stakers on the network.

Bridge

After the fork date, the Wrapped Equilibria bridge will be fully restarted, and bi-directional swaps will be allowed.

Wrapped Avalanche

To expand the ecosystem, Equilibria will be adding another supported chain. Avalanche is a low-cost EVM compatible chain that will be the first blockchain to use EON, Equilibria Oracle Network. Due to the low cost of Avalanche transactions, adoption of EON will be easier than pushing for adoption on Ethereum.

Avalanche Equilibria will be fully launched by 06/03.

GUI Wallet Upgrades

The GUI wallet will see significant upgrades regarding user experience and user interfaces. Some of the improvements:

  • More remote nodes to connect to (3 from community, 12 from XEQ)
  • Remote node auto-finder so users aren’t stuck on the main screen
  • Wallet synchronization height updates to ensure users know their wallet is progressing correctly
  • Hiding various elements for a less cluttered interface
  • Simplifying user interfaces

Equilibria Wiki

The Equilibria wiki has been updated with more content and a better layout. The wiki page will be the number one spot to deep dive into the Equilibria project.

Equilibria Oracle Network

After the hard fork, the Equilibria Oracle Network “whitepaper” will be added to the wiki. This document will allow everyone to be on the same page on how Equilibria will provide oracle as a service. The next step is releasing the public testnet for native price feeds.

Equilibria Community Content

Community members can now contribute to the project by writing articles, recording videos, or setting up remote nodes. More information can be found on our GitHub.

Upgrading your wallet

Download the latest wallet for windows, mac, and Linux.

We have a subreddit!

Check it out here.

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Join our Discord or Telegram and ask away.

Want the latest news?

Our Twitter has the latest information regarding forks, major development milestones, and more.

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