EQONEX, today releases details of the first-ever airdrop of its native token EQO dollar. According to the announcement, EQONEX’s long-awaited airdrop has been scheduled to take place on September 20, 2021.
For the airdrop, EQONEX plans to issue 100 EQO-D for every 1000EQO held. The airdrop will be exclusively for EQO dollar tokens (EQO-D) holders either on the EQONEX exchange or in Digivault, EQONEX’s custodian.
While commenting on the airdrop, Neil Sheppard, Chief Product Officer at EQONEX, explained:
“The upcoming EQO-D airdrop provides an opportunity for EQO holders to experiment with, or increase their, perpetual trading strategies using our advanced trading features such as cross collateral, sub-account functionality, and isolated margin whilst benefiting those same holders with increased referral reward opportunities and a buyback.”
Notably, non-institutional and institutional EQONEX traders have until September 19 2021 to accumulate 1000 EQO-D or more to participate in the event.
EQONEX’s airdrops are reportedly different from other cryptocurrency airdrops since there is no price discovery with EQO dollars. EQO-D has a fixed value within the exchange allowing users to use it as the equivalent of 1 USDC of collateral when trading Perpetuals on EQONEX.
After the airdrop, the EQO-D tokens could be used as collateral when trading perpetual futures contracts, gift collateral, and buy back benefits on EQONEX. Holders will trade the tokens on a 1 EQO-D to 1 USDC basis with the limit set at 5,000 EQO-D.
EQO-D recipients who will have more than 5000 EQO-D have the option of gifting the additional tokens to new or inactive EQONEX users, given the necessary terms and conditions are met.
For the buyback utility, EQONEX will reportedly buy back eligible EQO-D. Eligible EQO-D holders will benefit from a buyback pool of 200,000 USDC1. They will be able to earn USDC from their tokens by selling them to the exchange.
In addition to the airdrop, traders can also get up to $200 in EQO for signing up, verifying accounts, and purchasing the EQO tokens. This, however, will only be applicable only for September.
The airdrop will come barely a month after the exchange introduced cross-asset collateralization (cross collateral). EQONEX users can now use other assets and USD and USDC as collateral assets to fund their Total Account Margin.
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Media contact:
Heather Dale
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