Equito Finance has officially launched its second Testnet! It is also complete with incentives that will give you access to the upcoming EQI governance token.
What is Equito Finance?
Equito Finance is a cross-chain decentralized exchange built on the Algorand blockchain allowing users to swap and earn on a true cross-chain Dex. They aim to create a fully decentralized and open market for DeFi users. They are motivated by a desire to create a strong, open, and trustless financial market where bids and asks meet without the involvement of third parties.
What Does the Testnet Aim to Achieve?
The goal for the launch is to test and abuse their code not only for their DEX but also for their bridge to Ethereum. The more these aspects are tested, the stronger Equito Finance will be.
Why a Second Testnet?
After their first testnet, Equito Finance had no choice but to release a second. The reason has to do with the fact that their DEX is an AMM DEX. Essentially, they had to remake the entire code to incorporate or fix anything found in the first Testnet.
What are the Incentives?
Up to 3,000 Testers will be eligible to receive a special Equito Finance NFT, which will be redeemable for the future EQI governance token. This is the first round of incentives. If you are not part of this first group of 3,000 testers, then do not worry because you will still have a chance to receive one or both of the next two tiers.
The second tier includes a rare NFT and $150 worth of USDC. Only the tester who bridges the most liquidity, the tester who adds the most liquidity to the liquidity pool, and the tester who swaps the most will be granted these rewards.
Finally, tier 3 will be granted to the single tester with the best average score over all three areas of tier two. Tier three includes the rarest NFT as well as $550 of USDC.
The Equito Finance NFT collection (named “the Protocol Origins”) takes inspiration from the comics “The Equito Protocol.” The comics, made and posted by Equito Finance, follow their main character “Nova” and her “Revolutionaries” along their mission to restore balance to the city of Netcity by defeating the evil and corrupted Lock Capital corporation.
In the comics, you will experience adventure, heartwarming moments, thrilling escapes, and of course, lots of explosions! On top of all that, you will also have the chance to read about important Algorand news that takes the form of Easter Eggs hidden along the journey.
Structured with a 5-rank rarity, the NFT rewards will be as follows:
Name: “Headless” Hat
Total unit: 4.000,00
EQI value: 100,00
Name: “Police Officer”
Total unit: 1,000.00
EQI value: 400.00
Total unit: 250.00
EQI value: 1,600.00
Name: Henry Locksman
Total unit: 50.00
EQI value: 8,000.00
Name: Nova Litner
Total unit: 10.00
EQI value: 40,000.00
How will the NFTS be distributed?
Once the testnet contest is over, our team will check all the whitelist participants, their eligibility, and rank. Please note that you must participate in testing the testnet and fill out the Whitelist.
After reviewing the contest participant, a public report will be published by the Equito team with a list of all eligible participants and the winners of the top categories!
To redeem the NFTs, the eligible participant must join with the shared link into the ALGOxNFT shuffle.
What is the EQI token?
EQI is the Equito Finance governance token.
As well explained in this Coin Market Cap Guide, “Governance tokens are tokens that developers create to allow token holders to help shape the future of a protocol. Governance token holders can influence decisions concerning the project such as proposing or deciding on new feature proposals and even changing the governance system itself.”
The EQI token isn’t much different meaning that Token-Holders participate in Equito Finance’sFinance’s DAO.
EQI token Holders express their will by creating and voting on proposals.
Token Holders also earn from their participation by sharing the DAO’sDAO’s treasury fees.
Once the Governance is implemented, EQI holders will be able to run activities such as:
- Vote on proposals;
- Delegate vote;
- Blockchain integrations
- Treasury management
So now you know a bit about the new DEX on Algorand and how it will help the ecosystem and its amazing users. Are you going to use Equito Finance?
Test it for yourself: https://testnet.equitofinance.com
To learn more about Equito Finance, visit their website, join their Discord and follow them on Twitter.
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