Algem has partnered with Equilibrium, joining the closed beta competition with up to $40,000 worth of Equilibrium’s $EQ tokens up for grabs. The campaign will last for two weeks, and competitors will receive $25,000 worth of virtual tokens, with the competitors who grow their portfolios the most during the competition standing to win prizes.
Equilibrium is a DeFi protocol on Polkadot that combines a high-leverage money market and an order book decentralized exchange (DEX) with margin trading.
Furthermore, Equilibrium – a one-stop platform for holders of crypto assets like BTC, ETH, DOT, KSM, and other tokens- allows holders to earn, borrow and trade at maximum efficiency.
The rewards for participation are split into three groups
- Individuals: They are prizes for the Top 50 individuals with the highest valued portfolios at the end of the campaign with $1,435,000 EQ tokens set as rewards. The individual with the highest valued portfolio will receive 650,000 EQ tokens, and the top 2 and 3 will receive $400,000 and $150,000 EQ tokens, respectively. The top 4-50 will receive $5,000 EQ tokens each.
- Individuals in teams: Each team will receive $200,000 EQ tokens to be shared by the top 10 most active team members, with the top 3 most active members receiving 70,000, 40,000, and 20,000 EQ tokens, respectively. The 4-10th most active members will each receive 10,000 EQ tokens. The team winners can also be the winners in the individual category if they have the highest portfolios at the end of the competition.
- Teams: 1.3 million EQ tokens are set out as rewards for the Champion team. The aggregated value of each group’s top 10 most active members will determine the Champion team. The prize will be shared amongst the team members proportionate to their portfolios.
What exactly can you do on Equilibrium to bolster your portfolio?
Using the $25,000 virtual tokens, users can participate in a series of activities to grow the values of their portfolios to emerge winners in the competition. Some of the actions users can partake in on Equilibrium include:
- Lending assets in your portfolio.
- Borrowing assets using the assets in your portfolio as collateral.
- Trading any supported crypto assets, including BTC, ETH, DOT, USDT, USDC, BNB, ACA, GLMR, ASTR, and INTR.
- Minting EQD, a multiple-collateral stablecoin pegged to USD, using a portfolio of assets.
Knowing the risks/rewards of these activities will aid the users in making the best decisions in growing their portfolios. Users can check this article to learn more about lending and insuring the system on Equilibrium as they plan the best methods to build their portfolios.
The campaign aims to educate users about the Equilibrium platform’s use cases. It will also test the platform as users are advised to use the systems in various forms and break it if possible.
Register Now To Participate and Win Prizes!
Algem users can participate by joining the Algem community team using the community code ALGEM3378 as they register by filling out the form here.
Algem is a dApp built on Astar Network and offers two main features: liquid staking and liquid lending. As the name implies, these two solutions enable ASTR holders to remain liquid with their assets while putting them to work. In addition, the liquid staking and lending solutions allow users to accumulate staking rewards and increase their earnings using Algem’s liquid nASTR tokens across Astar’s Defi ecosystem. In doing so, Algem supports other Defi protocols by providing liquidity and creating a sustainable and cooperative ecosystem on Astar Network and Polkadot.
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