EQIFi (EQX), the ERC-20 token, is fourth on last week’s top gainers’ list, climbing 4,107 positions and moving from last week’s rank of 12,259 to 8,152. We did a quick review of the token to explain why so many people voted for it this week, pushing it up the charts.
What is EQIFi?
EQIFi, which was launched on August 6, 2021, is the first DeFi protocol to be developed in collaboration with a worldwide digital bank (EQIBank). EQIFi is a decentralized protocol for pooled lending, borrowing, and investing in ETH, ERC-20 tokens such as wBTC and Stablecoins, and fiat currencies. It combines DeFi products with EQIBank bank accounts, loans, custody, debit and credit cards, OTC, and wealth management on a single uniform platform.
EQIFi allows traders, investors, developers, exchanges, and app users of the cryptocurrency ecosystem to borrow against various assets without having to sell. Without waiting for an order to close or necessitating off-chain activity, apps can borrow assets for use in the Ethereum ecosystem. Similarly, speculators can use several trading strategies, such as shorting, to maximize their profits, while miners can borrow against a wide range of assets.
EQIFi token (EQX)
EQX is a native token developed by the DeFi protocol. EQX is an Ethereum-based token with a total supply of 500,000,000 EQX; the coin has an estimated market capitalization of $6,678,229.
Holders of the EQX token can make use of several intriguing benefits. Holders of EQX tokens can stake them and earn up to 10% annual percentage yield (APY) and passive income. Holders will also benefit from a loan-to-value ratio (LTV) increase of 25%.
EQX holders are essentially in charge of the EQIFi protocol. The ecosystem’s community has complete control over proposals, voting, and change implementation. The governance structure and functions of the platform make this possible. Members of the community with tokens can thus propose new asset classes, fees, and even interest rates.
EQIFi Products And Offerings
EQIFI provides investors with a variety of decentralized finance products. These include:
- Fixed-rate products
Investors will be able to obtain pooled loans at a fixed interest rate through fixed-rate products. This pool accepts ETH, wBTC, stablecoins, and several fiat currencies as collateral. Users will be paid interest, determined by a smart contract.
- Variable-rate products
Variable-rate products aim to make the market more robust by featuring algorithmic borrow rates, making the marketplace more vibrant and automatically responsive to changes across the network based on user activity and demand, boosting the amount of token pool borrowing.
- Interest rate swaps
Interest rate swaps are forward contracts in which a user can trade one stream of interest for another stream based on a fixed principal amount. Interest rate swaps typically involve the exchange of a fixed interest rate for a variable rate, or vice versa, to reduce or increase exposure to interest rate fluctuations.
- Yield aggregator
The yield aggregator is an automated aggregator designed to make yield farming simple and automatic. This yield aggregator will automatically allocate cash to several liquidity pools and provide optimum returns at all times.
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