If you opt to employ the services of the crypto yield aggregator in question, you may expect to gain from EQIFi. However, in this post, we’ll look at how to use EQIFi and all of its basic capabilities.
We’ll go through every facet of EQIFi, starting with registration on the site and on to deposits, APY, yield farming, etc. But first, some history on EQIFi – where it originated from, what’s with the whole “powered by a licensed bank” thing, and other queries like these – is in order.
The Origins of EQIFi
While we covered the basics of EQIFi in our dedicated review, it’s worth delving into the platform’s history and discussing its plans before diving into the “how to use EQIFi” section.
The project’s plan begins in the fourth quarter of 2020. Starting with feature planning and the establishment of DevOps infrastructure, EQIFi immediately began releasing features in the following months – MetaMask integration, KYC processes, banking products, yield aggregation, EQIFi interest swaps, security audits, and so on.
As I write this “how to use EQIFi” lesson, the platform works on a relationship with Bittrex Global, extra banking services, and other connectors. EQIFi is also planning to issue its debit card. A glance at the EQIFi “About” page reveals the team behind the project. David Cullinan, the CMO of EQIBank, is one of the team’s members.
While the founders are Jason Blick and Brad Yasar, Brad is the CEO. The team of eight people. Aside from EQIBank, the initiative includes collaborations with several other financial institutions.
Aside from the team composition, another essential factor to grasp is the organization’s objective behind the project. The EQIFi platform intends to be the leading DeFi enterprise in the industry, providing its customers with a wide range of financial goods and services related to the decentralized finance sector and cryptocurrency. So, now that we’ve gotten that out of the way let’s take a nice, close look at how to utilize EQIFi.
The Fundamentals of EQIFi
So, as said earlier in the lesson, we’ll go over all of EQIFi’s significant features and how you may use them to your advantage. But, to begin, let’s start at the beginning and examine the platform’s registration procedure.
How Do I Sign Up for EQIFi?
To begin your registration, you must first visit the official website of EQIFi.
Step 1: Click the “Sign Up” button in the top-right corner of the webpage.
Step 2: Enter your full legal name, surname, email address, and password. Do so.
Step 3: Once you’ve confirmed your email address, you’re in!
No matter how you look at it, a three-step registration procedure is a pure happiness. When you enter your account, you will see the main dashboard, where you may begin testing EQIFi and enjoying all of its features.
You’ll see all of the available items for usage on the EQIFi platform on the left side – we’ll get to them in a minute. Scrolling around the screen displays your account summary, encourages you to complete KYC verification, and introduces you to the site’s numerous services.
It’s a wonderful moment to talk about the platform’s KYC. EQIFi is unique in identity verification because it is associated with and powered by a regulated and registered financial institution.
While it provides users with DeFi-related services, you must submit both verifications of your ID and an application form if you want to access all of the project’s benefits.
The KYC procedure has three stages. Once you validate your email address, it will set your account to Level 1. This level allows you to look at the platform and “get a feel” for how things are. This just demonstrates that EQIFi complies with the appropriate KYC rules and regulations, which is a good thing in this situation.
However, remember that you can learn how to use EQIFi and try out most of its features without providing evidence of your ID. That’s fantastic for anyone who is still “on the fence” and wants to play around with the platform before making any long-term commitments.
How to Stake EQIFi Tokens?
Following that will be EQIFi deposits and the platform’s staking capability. You must have some EQX tokens to stake on EQIFi. You may trade tokens on Uniswap and PancakeSwap and the cryptocurrency exchanges KuCoin and Gate.io.
Staking on EQIFi is divided into four levels. Each tier has a different EQX token requirement and thus offers larger staking payouts, borrowing limits, LTV enhancements, and much more. If you want to understand more about the advantages of keeping and staking EQX tokens, you can read my EQIFi review, which details the subject.
So, how do you go about staking your EQIFi tokens? Let’s go over the procedure step by step.
Step 1: As mentioned in the chapter, you will need to acquire some EQX tokens to get started with EQIFi. Trade them on DEXs like Uniswap or centralized platforms like Gate.io.
However, you must have at least 10,000 EQX tokens available to begin earning extra rewards when staking. This quantity of EQX is worth over $900 when writing this “How to Use EQIFi?” lesson.
Step 2: Go to the “Stake/Unstake” option in your dashboard’s staking area. Input the number of EQX tokens you want to stake or acquire EQX if you don’t already have them. You can also buy EQIFi through the platform. You may exchange WBTC, ETH, USDT, and USDC for EQX.
Step 3: Once you acquire the tokens and elect to stake them, your current staking information will be visible on your dashboard. Keep in mind that once you’ve confirmed your stake, you won’t be able to withdraw your staked tokens for at least 90 days. Depending on the circumstances, you may push the date out even more.
How Do I Deposit / Become an EQIFi Liquidity Provider?
Some of the most common reasons why individuals use the site in the first place include staking and EQIFi yield aggregation. However, it is worth noting that there are other things to learn about how to use EQIFi!
Before diving into the site’s yield aggregator tool, you should probably familiarize yourself with the platform’s deposit and liquidity provision capabilities. Things are relatively straightforward when it comes to liquidity pools. In EQIFi, you may view the TVL (Total Value Locked) at any moment and access a liquidity pool yourself.
To do so, just browse your dashboard’s “Liquidity Pools” section and then hit “EQX-ETH” under the “Provide liquidity” area. You will be able to invest a certain quantity of ETH or EQX tokens and begin earning passive interest. Another technique is to use EQIFi deposits.
WETH, WBTC, USDT, and EQX are the four cryptocurrencies accepted for deposits. There is one exception with variable-rate deposits: you cannot use WETH. You must first browse your dashboard’s “Deposit” area to make a deposit. You can view your current stats on the left side, and on the right side, you may make a new deposit.
Choose the token to deposit, input the amount, and choose the period. It will put your cash into EQIFi after confirmation. You select whatever deposit you wish to withdraw and click a single button.
If there’s one thing you should remember from this “How to Use EQIFi?” guide, the platform in question is packed with tons of cool features. Intending to be the top project in the DeFi space, EQIFi is doing rather well!
Whether you want to borrow crypto assets, stake them, or earn an APY, EQIFi will give you various options – interest rate swaps, compound deposits, the EQX governance token, etc.
The fact that a certified and regulated bank also powers EQIFi adds to the already lengthy list of advantages. One major disadvantage you should be aware of is that using any of the platform’s main features will cost you at least $900-$1000. This is a substantial chunk of money for many people.
However, I must emphasize that, like with any other DeFi effort, you should use EQIFi with care. Only invest money you are willing to lose, and conduct your exhaustive research before using the brand’s services.