Having recently set up shop on Polkadot, an EOS-based decentralized finance project called Equilibrium is launching a new governance token called EQ.

EQ works like the next generation of Equilibrium’s NUT, the platform’s first governance token specifically for use on EOS. As interoperability is a rising issue for blockchain adoption, the new EQ token will work across other blockchains, including EOS. NUT will remain a valid way to participate in Equilbrium’s decentralized governance, but for EOS only.

Those who want to use the EQ token can exchange their NUT for it August 31 to September 29. They can then use their newly acquired EQ to experiment with the system. We spoke to Equilibrium CEO Alex Melikhov to learn more.

"Polkadot lets us offer all-new products for our industry, like cross-chain pooled lending, decentralized stablecoins, synthetic assets, any beyond,” Melikhov said. “It even supports cross-chain DEXes that lets users transact BTC, ETH, and XTZ for multiple DeFi instruments."

DeFi has been booming lately, and Equilibrium has grown significantly in just a few months. “Our decentralized EOS-based stablecoin, EOSDT, has seen its daily trading volumes surge to over $10 million,” Melikhov said, “but I believe that DeFi’s full potential has not been reached yet. Cross-chain interoperable products like Equilibrium will boost the market.”

If you’re interested in acquiring EQ, you only need to exchange some NUT for it. Equilibrium is allotting 25% of its total supply of 120,000,000 EQ tokens for the upcoming swap.