Dear Genshirians, we’re happy to announce a new crowdloan campaign for our Genshiro parachain to prolong our parachain slot on Kusama!
Genshiro is a versatile DeFi parachain on Kusama, which unifies various DeFi-related activities and products, including loan, synthetic asset trading, margin trading, and decentralized exchanges (DEX), onto a single platform. Additionally, Genshiro supports cross-chain interoperability, which connects blockchain networks and opens doors for multi-currency DeFi tools. As Equilibrium’s canary network, new and more exotic products expected for launch are battle-tested in Genshiro before releasing on Equilibrium.
It’s been a long journey; however, we are grateful for our continual improvements. Aside from the numerous minor updates, we’re pleased to have launched the on-chain orderbook DEX and improved platform liquidity via our Liquidity Bootstrap event.
We also experienced challenges and received constructive feedback on ways to improve our services. Regarding our proposal to boost liquidity in June, user feedback shifted our focus to fixing issues pertinent to their overall platform experience.
Below is the list of fixes we’ve completed so far:
- Establishing a community committee to keep users actively involved in Genshiro
- The GENS/EQD pairing is now available
- We have enabled GENS transfers
- SUDO removal
- We integrated with Subscan to give our community better data transparency
- Minor frontend fixes
New pairs opening:
- WBTC/EQD
- ETH/EQD
- BNB/EQDKAR/EQD
- PARA/EQD
We’re still striving to improve Genshiro as we have the following developments in the pipeline:
- Governance release.
We’ve tested the setup and parameters of Democracy and Council pallets in the testnet and will work with polkassembly UI to support governance in Genshiro.
2. Discounts and Lenders.
It is a new functionality developed, tested, and deployed in Equilibrium. To successfully deploy it into Genshiro, we must develop a migration scheme where debts present in the system will be gradually transferred to Lender pools as they fill up. Stay tuned for the announcement once we’re ready.
3. Public repo for our codebase.
We’ve open-sourced our Oracle, Curve, and Financial pallets, and we will gradually open-source all of the code bases by Q2 2023. See our GitHub for details. We have another audit scheduled for Q1 2023, after which we will open-source the rest of the code base.
Genshiro Crowdloan Details
With interest in Kusama crowdloans somewhat subdued and projects winning slots by direct bidding of around 1000 KSM (judging by past several auctions), we will aim to collect KSM in a similar order of magnitude. Our crowdloan campaign details are as follows:
- Auctions: 55–58 (See participation details).
- Crowdloan CAP: 2000 KSM
- Crowdloan rewards: 10M GENS
- Distribution: pro-rata
If we collect less than 2000 KSM and still win the slot, the entire 10M GENS will be distributed pro-rata, so the effective reward is always upward of 5000 GENS per 1 KSM, which is at least 35% APR at current market prices.
Get involved in the Genshiro crowdloan.
About Equilibrium and Genshiro
Equilibrium is a one-stop DeFi platform on Polkadot that allows for high leverage in trading and borrowing digital assets. It combines a full-fledged money market with an orderbook-based DEX. EQ is the native utility token that is used for communal governance of Equilibrium. xDOT is a liquid and tradeable wrapped DOT that unlocks liquidity of DOT locked in parachain auctions and delivers multiple crowdloan bonuses on Polkadot.
Genshiro is a Kusama-based sister-chain for Equilibrium. It’s the protocol that helps users seamlessly earn yield, borrow, and trade on margin. Using asset portfolios instead of single collateral vaults.
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Genshiro’s Kusama Crowdloan is Live! Learn How to Participate was originally published in Equilibrium on Medium, where people are continuing the conversation by highlighting and responding to this story.
