Equation is a decentralized finance (DeFi) Automated Market Maker (AMM) built specifically for perpetual contracts. Its Balance Rate Market Maker (BRMM) framework is intended to improve price discovery for perpetuals and tackle gaps seen in existing AMM approaches. By joining market-making, liquidity providers can help supply the market and potentially receive trading fee revenue, while also handling the risks that come with temporary liquidity pool imbalances.

The EQU token serves as the native asset of Equation. These tokens are fully issued through multiple mining approaches, including position mining, liquidity mining, and referral mining, with rewards going to community members. EQU holders can take part in protocol trading fees by staking their tokens. Token allocations support ecosystem activities such as maintaining contract positions, supplying liquidity, and contributing to the Risk Buffer Funds. EQU also includes governance rights and entitles stakers to a portion of trading fees