Diginex Limited (Nasdaq: EQOS), a digital assets financial services company, has launched EQUOS Origin (EQO), a token that can only be earned through trading on the EQUOS cryptocurrency exchange.
Diginex Limited (Nasdaq: EQOS), a digital assets financial services company, has launched EQUOS Origin (EQO), a token that can only be earned through trading on the EQUOS cryptocurrency exchange.
Unlike most token offerings, EQO will have utility within an already fully functioning exchange and is not being offered for sale to raise capital. Instead, EQO can only be earned by trading on or “taking” on the exchange, with a minority portion of the daily allocation sent to the EQUOS treasury. The lack of pre-mine or sale is fully aligned with the EQUOS values of transparency, fairness, and equality.
EQO will have multiple “utilities”, including being used to reduce fees for trading on EQUOS. Holders of EQO will also be entitled to airdrops of new tokens issued for utility purposes within the Diginex ecosystem in the future.
As EQUOS rolls out borrowing and lending capabilities, scheduled for later this year, EQO will be used to boost yields available on assets held in Digivault, the hot and cold wallet custodian integrated into EQUOS. EQO will also be able to be used as collateral for derivative margining.
Richard Byworth, CEO of Diginex, says: “From a fairness, security and compliance perspective, the EQUOS platform is already a leader in the industry. However, a key component for institutional clients and traders is having deep liquidity and consistent volume growth.
“EQUOS Origin is being issued specifically to drive activity, volume, and balances on the platform. It has been carefully designed to incentivise traders for trading and holders for holding and bringing balances to the platform.”
In homage to Bitcoin, EQO has a finite supply at 21 million tokens, with no pre-mine. Tokens will be distributed daily via a “Reward Block” over a two year “Issuance Period” and will have a regular supply reduction (or halving feature) every 90 Reward Blocks.
EQUOS Origin will launch on 8 April 2021, with 11 Reward Blocks. The first 10 blocks will reward fee-paying clients’ price taking volumes between 16 March 2021 and 7 April 2021.
