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What is EQIFI (EQX)?

This article covers EQIFI (EQX, CoinMarketCap ID 10455). It is not related to EQX Labs, a separate project that also uses the EQX ticker for tokenized U.S. equities on Hyperliquid.

EQIFI (EQX) is the native utility token of the EQIFi platform, a decentralized finance protocol designed for pooled lending, borrowing, and investing. Built on the Ethereum blockchain and also deployed on Binance Smart Chain, EQIFI supports a range of assets including ETH, ERC-20 tokens such as wBTC, stablecoins, and select fiat currencies. The protocol aims to provide a single, uniform platform for DeFi products, integrating with EQIBank services such as bank accounts, loans, custody, debit and credit cards, OTC trading, and wealth management.

EQIFi positions itself as a "Global Digital Banking" or NeoBanking platform that merges traditional banking with a decentralized finance alternative. EQIFi describes itself as a fully licensed and regulated DeFi platform. Per the references, EQIFi Management Limited is registered with the BVI Financial Services Commission as an Approved Manager, and banking services are provided solely by EQIBank Limited, licensed in the Commonwealth of Dominica; the EQIFi website states such banking services are not endorsed by EQIFi (DeFi) Limited. The EQX token has a total supply of 500,000,000. EQX holders can stake tokens in the EQIFi app to earn additional EQX daily. The platform also offers crypto lending with interest rates as low as 3% p.a. and terms up to 36 months. The project launched in June 2021, with its token sale in August 2021.

Key Specifications & Tokenomics

• Name: EQIFI
• Ticker / Symbol: EQX
• Blockchain / Platform: Ethereum, Binance Smart Chain
• Ethereum Token Contract: 0xBd3de9a069648c84d27d74d701C9fa3253098B15
• Binance Smart Chain Token Contract: 0x436C52A8ceE41D5e9c5E6f4Cb146e66D552Fb700
• Category: DeFi, Lending & Borrowing, Staking, Yield Aggregator
• Total Supply: 500,000,000 EQX
• Max Supply: 500,000,000 EQX
• Circulating Supply: 75,520,012 EQX (self-reported; not verified by CoinMarketCap). Crypto.com lists 500,000,000 EQX circulating, so the real float is uncertain.
• Launch Date: June 14, 2021 (token sale began August 2021)
• Official Website: https://www.eqifi.com/
• Company / Entity: EQIFi Tokens Limited; EQIFi Limited, Trinity Chambers, Ora et Labora Building, Wickhams Cay II, P.O. Box 4301, Road Town, Tortola, BVI
• Explorers: etherscan.io

Who created EQIFI?

The EQIFI project is associated with several key figures. Brad Yasar is CEO of EQIFI and has been interviewed by NewToTheStreetTV. Ioana Frincu also appeared in an EQIFi interview on NewToTheStreet. Corey B. is listed as Co-founder & CEO on EQIFi's LinkedIn company page. Josh Meier is listed as Chief Executive Officer of Andromeda on the same page. The project is operated under EQIFi Tokens Limited and EQIFi Limited, registered in the British Virgin Islands.

How does EQIFI work?

EQIFI operates as a decentralized protocol for pooled lending, borrowing, and investing. The platform offers four main DeFi products. Fixed Rate Products allow users to provide collateral in the form of ETH, wBTC, stablecoins, and select fiat currencies into pools with algorithmically set fixed interest rates that settle on a specified future date. Variable Rate Products feature algorithmic borrow rates that automatically respond to network activity and demand, rising with increased borrowing demand to attract more lenders. Interest Rate Swaps function as DeFi forward contracts where one stream of future interest payments is exchanged for another based on a specified principal amount, typically swapping fixed for variable rates or vice versa to manage exposure to rate fluctuations. The Yield Aggregator automatically assigns capital between different liquidity pools to pursue the best possible profit and margin at all times.

Getting started on the platform involves three steps: signing up, buying or depositing crypto, and growing savings through investing, borrowing, earning, and spending. The EQIFi app (App Store ID 1620545657) lets users buy crypto or top up from the EQIFi wallet, and stake EQX to earn more EQX daily.

What makes EQIFI unique and valuable?

EQIFI distinguishes itself through its integration of traditional banking services with decentralized finance. Through EQIBank, users can access SWIFT and SEPA-enabled IBAN accounts with over 100 currency options, including USD, EUR, GBP, CAD, CHF, SGD and CNH. Per the references, banking services are provided solely by EQIBank Limited. Users can access a crypto-friendly debit card that converts crypto into spending power at over 44 million locations worldwide. The platform also provides OTC trading for cryptocurrencies, stocks, bonds, and securities, as well as P2P transfers and escrow solutions.

EQIFi Management Limited is approved and registered by the BVI Financial Services Commission as an Approved Manager, permitting it to advise and manage up to 400 million USD of Assets Under Management. The BVI Investment Business regulations permit Approved Managers to advise and manage funds located in 40 different jurisdictions worldwide. The project has been recognized as Digital Bank of the Year 2022. EQIFi states it is available in 180 countries and reports over $2.5 billion in cumulative disbursements; these figures are company-reported and not independently verified in the references. EQX holders can stake tokens in the EQIFi app to earn additional EQX daily, enhancing the token's utility within the ecosystem.

What is EQIFI used for?

The EQX token serves multiple functions within the EQIFi ecosystem. EQX holders can stake tokens in the EQIFi app to earn additional EQX daily. The token is integral to the platform's DeFi products, including fixed and variable rate lending pools, interest rate swaps, and the yield aggregator. Users can stake EQX to earn passive yields from DeFi pools. The token also facilitates participation in the broader EQIFi platform, which includes bank accounts, crypto loans, OTC trading, P2P transfers, and the crypto-friendly Visa debit card. The platform offers crypto lending with terms up to 36 months, allowing users to keep ownership of their assets while borrowing.

How Is the EQIFI ecosystem developing?

The EQIFi ecosystem has seen several notable developments since its launch in 2021. In August 2021, EQIFi completed its ICO and token sale. The platform has expanded its product offerings to include bank accounts, a yield aggregator, OTC trading, P2P transfers, a Visa card, crypto loans, and escrow solutions. EQIFi has also launched a mobile app available on the Apple App Store, allowing users to buy cryptocurrency on the go. Fundraising figures differ across sources: ICODrops reports about $10 million raised across six completed rounds (Token Launch, IDO and four more), while Coinlore reports approximately $178,125. EQIFi has been recognized as Digital Bank of the Year 2022. EQIFi states it is available in 180 countries and reports over $2.5 billion in cumulative disbursements; these figures are company-reported and not independently verified in the references.

How to mine EQIFI?

EQX is not mined. It is an ERC-20 token on Ethereum (a proof-of-stake network) and is also issued on Binance Smart Chain. Holders earn EQX through staking in the EQIFi app, which distributes additional EQX tokens daily. Users can also generate returns by participating in the platform's DeFi products. The Yield Aggregator automatically assigns capital between different liquidity pools to pursue the best possible profit and margin. Lenders can provide collateral into fixed or variable rate pools to earn interest. There is no public information indicating a traditional mining process for EQX.

How to keep your EQIFI Coin safe?

Keeping EQX tokens safe requires following standard cryptocurrency security practices. Since EQX is an ERC-20 token on Ethereum and also exists on Binance Smart Chain, users should store their tokens in wallets that support these networks. Hardware wallets provide an extra layer of security by keeping private keys offline. Users should always verify contract addresses before interacting with any token, using the official Ethereum contract 0xBd3de9a069648c84d27d74d701C9fa3253098B15 or the Binance Smart Chain contract 0x436C52A8ceE41D5e9c5E6f4Cb146e66D552Fb700. Enabling two-factor authentication on exchange accounts and the EQIFi mobile app adds further protection. It is also advisable to avoid sharing private keys or seed phrases and to be cautious of phishing attempts that mimic official EQIFi communications. The platform offers 24/7 customer support.

EQX is a volatile crypto asset, and its price can fluctuate significantly. Regulatory treatment of DeFi platforms and tokens varies by jurisdiction and may change. Smart contract and platform risks also apply. Nothing here should be read as a guarantee of future performance.