Diginex, a digital assets financial services company, has launched a new token called EQUOS Origin (EQO), which can only be earned through trading on the EQUOS cryptocurrency exchange.
It will have utility within an already fully functioning exchange and is not being offered for sale to raise capital.
EQO can only be earned by trading on or ‘staking’ 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, explains Diginex.
EQO will have multiple 'utilities', including being used to reduce fees for trading on EQUOS. Diginex says 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.
In addition, it will be able to be used as collateral for derivative margining.
In homage to bitcoin, Diginex explains that EQO has a finite supply of 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.
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.”
Byworth adds: “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.”
EQUOS Origin will launch on 8 April, with 11 Reward Blocks. The first 10 blocks will reward fee-paying clients’ price taking volumes between 16 March and 7 April.
