ANNOUNCEMENTS

The end of the project

28th January 2024


For awhile we observed almost no interest of the users in our project, which was confirmed by a survey on X (formerly twitter).

Finishing the development of the project would still require approximately a year of work, which is together with low interest very demotivating. All token holders were paid the full price of EQT V2 they hold. Price was determined as highest dollar price of EQT V2 among all 3 blockchains where EQT V2 exist. The payouts were done in form of MATIC on the polygon blockchain.
The full list of payments can be checked using one of the following links (there is excel sheet packed in .zip):

https://ipfs.io/ipfs/bafybeiaghytaxekwi4rkmjp5e6vzhxvrgrx475nb6dou66d62shlnuef5m

https://bafybeiaghytaxekwi4rkmjp5e6vzhxvrgrx475nb6dou66d62shlnuef5m.ipfs.nftstorage.link


(The content of this website will be kept for the case that we'll ever decide to continue with the development)

Launch of Equivalence Protocol V2

14th November 2023


New version of the project is going to launch after the liquidity is moved from the old version on the 18th/19th November.

Necessary details like deployment addresses will be added to this website before the launch, however some other documentation may take some time to be updated. Pages with older content will be marked with red text in the headline.
It may take multiple weeks, or even months before the detailed documentation is available for all aspects of the project.

Upgrade of the Equivalence Protocol

12th September 2023


We are planning a massive upgrade of the Equivalence Protocol smart contract to the version 2!

After evaluating all the pros and cons, we've decided to make one large change to our current roadmap - instead of deploying the same smart contracts on the Polygon blockchain and later creating a bridge to the Ethereum, we will create an entirely new and significantly upgraded version of the Equivalence Protocol on the Polygon blockchain.



The benefits of this upgrade:

1) Liquidity, slippage and fees

The new Equivalence Token will no longer be a "token with fee on transfer", this means it will be supported by the latest versions of the decentralized exchanges, which support the concentrated liquidity and unbalanced liquidity pools, allowing us to add all the tokens to the pool at the very beginning, without waiting for the funds gained by the minting process.
This would decrease slippage by up to 100x compared to the current values!
Because the new version will be launched on the Polygon blockchain, gas fees will be decreased by about 1000x (this is only a rough estimation).

2) New tokenomics

Due to lower gas fees, the cost of development on the Polygon blockchain is significantly lower, so we have decided to decrease the project's share of funds gained by the token minting from 16% to only 2.5%. At the same time we will decrease the share taken by the team from 4% to 2.5% as well, however, the team would also be receiving the fees from the liquidity pools (0.3%).
The EQT part of the fees will be burned, this will replace the original fee on transfer.
The liquidity pools will now be given 95% of all the funds gained by minting new EQTs, instead of the current 80%.

3) Price tracking and other new functions

Thanks to the enormously decreased gas fees of the Polygon blockchain we can add advanced features. Multiple currency pairs will be created in the liquidity pools and the price of EQT will be tracked in the real time, together with additional data for each currency pair. Smart contracts connected to the Equivalence Protocol V2 will have access to the price data, giving them more options when creating connected assets - for example combining price data from multiple pools automatically according to the asset type to achieve a higher precision of the price data.

4) Minting

In the new version, it will be possible to mint the tokens not only with the native token of the blockchain (currently ETH, in the new version MATIC), but also with multiple ERC-20 tokens. Currently we're planning USDC, USDT, WETH, WBTC.


The disadvantage of this upgrade:

There is only one known issue with the planned upgrade - the lack of compatibility with the current version of the Equivalence Protocol.
You don't have to worry about losing your tokens, both versions will co-exist for a certain time.
Once the new version is fully operating on the Polygon blockchain, everyone will have time to choose whether to sell the tokens they hold, use them to purchase the NFT's available, or wait till the deadline, that will be announced once everything is ready. After which all the liquidity will be moved to the Equivalence Protocol V2 and all token holders (except some MEV bots which also hold the tokens) will receive the equivalent value of their tokens in the new blockchain (there may be a price difference, but you will receive the same monetary value as your tokens held on the Ethereum).

Development on Ethereum is Complete.
Let's Celebrate with Extra Tokens to be Gained!

1st September 2023


We are celebrating that the development on the Ethereum blockchain is now complete - next stop is the Polygon blockchain!

We've finished the scheduled part of the development on the Ethereum when the "LiquidityLock" smart-contract was deployed (you can find it here). Its purpose is to store the tokens of the EQT liquidity pools. The liquidity lock doesn't allow for the withdrawal of those tokens - the tokens must be unlocked first, which take 30 days.
Everyone can easily check whether the liquidity is being unlocked and whether there is an officially announced reason for such action - this means you don't need to worry that the liquidity would suddenly disappear and your tokens would lose its value, you can rest at ease.


The celebration of this Milestone:

Starting at the night from the 2nd to 3rd of September, 0:00 UTC, we'll be giving out large amount of tokens from the project funds to anyone who will mint new tokens! It will be possible to get up to 2,000,000 EQT. This giveaway will last for 2 weeks, ending on 17th September, 23:59 UTC (or when the 2,000,000 EQT limit is reached).
Everybody who mints the tokens for the 0.3 ETH or above, will receive 20% extra tokens!
All smaller mints will be summed up and when their total value reaches 0.3 ETH, one randomly picked address, which minted the tokens, will receive the Equivalence Tokens worth 0.06 ETH!

NFT Marketplace

5th August 2023


As you may have noticed, our application went through some upgrades in the past weeks and a new part has been added - an NFT Marketplace.

This marketplace will be used to trade the upcoming collection of NFTs:

Amazing Landscapes by Greg Miller - Limited Editions (OpenSea, Rarible)

The art was made by the painter Gregory Joseph Miller (https://www.gregsart.org/) and the smart contract was created by our Development team.


The advantages of this marketplace:

The disadvantages of this marketplace:

Change of Token Minting and Creation of WEQT

16th June 2023


Our project is about to move into the next phase, which will not only impact the project itself, but also on the holders of Equivalence Tokens.
We are members of the same community - people who strongly believe cryptocurrencies and decentralization have place in the society and we believe, one way or another, crypto will be part of our life in the future. We want you to have the same knowledge and chances as we, who work on the project, do.

Because the upcoming changes will be quite significant, we want to give you an explanation of what is going to happen, how will it affect the value of the tokens you are holding and how this opportunity can be used (something we plan to do ourselves, whether you decide to do it also is up to you).

We are simply sharing our opinion and approach to the opportunity that is about to come: please note, this is not a financial advice.

The date is not yet determined, but soon a Wrapped version of the EQT will be created. This WEQT will include pre-minted tokens. 100% of these tokens will be dedicated to the liquidity pool(s), so there's no need to worry about inflation or other such effects. These tokens will be converted to standard EQT and stored on the wallet dedicated to the creation of liquidity pools. (A small amount will be still kept as WEQT and later used to create liquidity pool of WEQT)
What effect will this have? The amount of tokens that can still be minted will significantly decrease... this means the effect on the price will be significantly weaker and less liquidity will make it possible to move project to the next stage - which is the minting of tokens based on current price in the pool(s).

At the moment, there is a price difference between the constant price, set in the smart contract, and the real price in the liquidity pool. This difference is not extreme, but still significant.
At the moment, all tokens are still considered by the smart-contract to have the value of 0.00001 ETH.
The price, which the token is traded for, is less than this, but it is possible to keep the value of EQT according to smart-contract even after the change.
How? By using the smart contract Utility Tokens. For example EQT can be converted to gold and after the change of price, gold can be converted back to EQT... which would result in getting more EQT, because it's price will be according to the pool, this means less than how it was counted before.
Of course there is a risk of the gold price going down, or the changing price of ETH... also there are gas fees, so it may not be worth doing with a small amount of tokens, because gas fees may be greater than value of gained tokens.
We plan to do this ourselves, and to be fair, we are now informing everyone of the possibility.
A tutorial about how to do so directly on Etherscan is in our documentation, or if you use Metamask, our Dapp can make this process much easier (but the tutorial for use of the Dapp is not yet available).