Search

Product

All About the Upcoming EQO Dollar (EQO-D) Airdrop

August 30, 2021

EQONEX

Great news for holders of our EQONEX exchange token EQO. The first official airdrop is coming soon.

This guide briefly explains what an airdrop is, what it means for EQO holders, and how they can get the maximum benefit from their new EQO dollar (EQO-D) tokens. 

What are EQO Dollars?

As described in the EQO whitepaper, holders of the EQO token are eligible to receive “Airdrops”, which are allocations of new tokens for use within the EQONEX ecosystem. EQO Dollars (EQO-D) are the first airdrop of the EQO token and will be exclusively granted to holders of EQO. 

How the EQO Airdrop Is Different

To start with, to be eligible for the upcoming EQO airdrop, in which new EQO-D tokens will be allocated, recipients must exclusively be EQO holders either on the EQONEX exchange or in Digivault, our custodian.  

Both institutional and non-institutional customers can take part and the amount allocated will be proportional to the amount of EQO that a user is holding at the time of the airdrop. 100 EQO-D tokens will be distributed for every 1,000 EQO held. This number will be rounded down to the nearest thousand. 

Unlike most other cryptocurrency airdrops, there is no price discovery with EQO dollars. As the name suggests, EQO-D has a fixed value within the exchange and can be used as the equivalent of 1 USDC of collateral when trading Perpetuals on EQONEX.  

EQO-D is the first token to be airdropped to EQO token holders and has three main utilities: Collateral Kick-start, Gift Collateral Kick-start, and Buyback. We'll discuss each of these in more detail below. In order to benefit from all three utilities of EQO-D, EQO holders are required to be verified EQONEX customers. Holders of EQO on Digivault can only take advantage of the Buyback utility. 

Collateral Kick-start

Traders on the EQONEX exchange can use EQO-D as collateral to trade Perpetuals at the equivalent price of 1 USDC. This utility will be available for a limited time, when all eligible EQO-D tokens are sold back via the Buyback utility.  

Recipients can use a maximum amount of 5,000 EQO-D for trading Perpetuals and must move their maximum allowable tokens (up to 5,000 EQO-D) into a sub-account to begin trading. Customers may create up to six sub-accounts as they wish and must make sure that the cross-collateral function is enabled on their chosen sub-account before trading.  

EQO-D provides EQO holders meaningful collateral, that enables them to experiment and execute more creative strategies in derivative markets. 

EQONEX's advanced cross-collateral function has been designed with the highest attention to detail, adopting best practice from traditional finance, allowing for negative balances within sub-accounts to reduce liquidation risk. 

Gift Collateral Kick-start

EQO-D recipients who have been allocated more than 5,000 EQO-D can choose to gift their EQO-D tokens to new or inactive EQONEX customers (terms and conditions apply). This allows active users to earn even more EQO-D tokens through generous referral bonuses, as well as having the net effect of onboarding new customers to the exchange, incentivizing dormant customers to trade, and boosting liquidity on the platform. 

Buyback

The third and final benefit to recipients of EQO-D is the Buyback utility in which the EQONEX exchange will buy back eligible EQO-D.  

During this time, EQO-D holders will be able to earn money from their tokens by selling them to the exchange at an established price. In order to do so, all open Perpetual positions must be closed. Any tokens not sold back by the end of the Buyback period will be forfeited.  

Holders of EQO-D, who only have their tokens stored on Digivault, will have their tokens automatically sold back during the Buyback, up to a maximum of 5,000 EQO-D. This limit applies to EQO-D holders on Digivault as well as on the EQONEX exchange. For further information and terms and conditions about the Buyback, collateral kickstart, or gifting EQO-D collateral, please refer to the EQO-D whitepaper here. 

The Takeaway

The upcoming EQO-D airdrop is an excellent opportunity for EQO holders and for the EQONEX exchange, as well. Not only will our loyal customers have the chance to experiment with creative trading strategies and advanced trading features using awarded collateral but they can earn referral rewards or simply benefit from the EQO-D Buyback utility. 

As well as introducing new users to the exchange, highlighting its impressive functionality and features, and encouraging more Perpetuals trading, through airdrops like this one, EQONEX is continuing in our goal of adding more value to the EQO token. 

Related Articles

The Second EQO Halving Is Coming Soon! What Happens Next?

September 20, 2021

Christina

The next halving event for the EQO token is due to take place on September 24, and it's good news for EQO holders.

Keep up with crypto through EQONEX!


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

What is Cross Collateral

August 26, 2021

EQONEX

EQONEX has added Cross Collateral functionality, which offers traders on the exchange multiple benefits.

Happy Birthday! Celebrating One Year of EQONEX with a Look Back

July 30, 2021

EQONEX

While today is a day of celebration, we’d also like to take the opportunity to reflect on some of our successes over the last year.

Chainlink’s LINK is Now Listed on EQONEX

July 13, 2021

EQONEX

EQONEX is pleased to announce another new exchange listing: Chainlink’s LINK token.