The Equilibrium parachain lost its Polkadot slot lease in February 2023 and stopped producing blocks. This proposal will close HRMP channels to and from the (non-existent) Equilibrium chain.

Educational sidenote: since XCM uses reserves on each parachain instead of actually moving tokens between chains, you can look at the sibling account on Bifrost for any other chain to see the total funds moved from Bifrost into that other chain.
You can find a chain's sibling acct address by 1) Look at subscan's "Hot Channels" list to get each parachain's ID 2) Use Shawn Tabrizi's "Substrate Utilities" to convert parachain ID into Sibling acct and 3) look at that address on Subscan.

Equilibrium sibling acct on Bifrost: https://bifrost.subscan.io/account/5Eg2fntLDxSsJAuwHC7GpsPcPCW1NidnVuuueRNigVuRwREd
contains 2.99 BNC and 5,945.484 VDOT. Ideally

Motivations to close these XCM channels:

1. Another chain can obtain Parachain ID 2011 (highly unlikely), and impersonate Parachain ID 2011. This means the perpetrator would get access to all funds stored by Parachain ID 2011 original Sovereign account.
   https://forum.moonbeam.network/t/proposal-51-close-xcm-channel-with-equilibrium/1713. Moonbeam already closed their Equilibrium channel.
2. Accidental user mis-use. Although I didn't think users could send funds to the Equilibrium chain after it wasn't operational, the last funds transfer from Bifrost to Equilibrium was 29,412 PINK on 2024-03-26. What if users accidentally sent funds to Equilibrium using an automated script, not realizing that user funds are becoming trapped there? Let's protect our users.