What the hell is it? I transmuted some equip I had (pretty sure it's useless compared to i event equip now) but have no idea what that even does?
Transmuting permanently turns equipment into "charms." Charms provide a static bonus of 1% of the stats of the original equipment. They cannot be used, and have no other function beyond showing off old/neat/strong equipment. Charms stack, so if you transmute an eb equipment, 1) you can get it to drop again and 2) you can transmute that new drop and have two (or more) of those charms.
Pretty simple OP. Like thrawn said. Transmute the EQ and it will tell you what the Charms stats will be before you transmute it. Older EQ seems to be not worth upgrading before transmuting since it costs a ton of a aqua for almost no stat increase. However EQ from the past 2-3 events might be very worth upgrading before transmuting since the stats actually increase a decent amount and costs a fraction of the aqua/inferno atleast compared to older EQ. Btw higher level EQ gives higher stats as a charm.
Ahh, my bad. Thanks for the clarification, I thought they said 1% at some point, but honestly I have lazily not bothered to check that.