It’s been another productive month for Equilibrium, so we’re writing to update our community on everything that went down in April.
We’ve successfully completed phase 1 of our PLO
The first phase of our PLO, a DOT/EQ token swap, is complete. It ran from April 12 until April 25, and we reached the 250,000 DOT hardcap within 3 days, seeing an oversubscription of 78,000 DOT. The final list of distributions currently holds 1,092 unique addresses. Participants at large elected for the 24-month period, so Equilibrium will lock DOT tokens in the Polkadot crowdloan module for 2 years.
We now turn our eyes to when parachain auctions launch on the Polkadot network. At that point, we’ll enter the phase 2 crowdloan of our PLO as the final step toward securing our Polkadot parachain slot. The crowdloan will see users stake their DOT to the crowdloan module and earn up to 25% APY in staking rewards (payable in EQ tokens) over the 24-month parachain lease. This is risk-free as participants will automatically get their DOT back at the end of the lease period.
We closed a $2.5 million Series A investment round
A collection of influential investors have injected $2.5 million into our operations. This round is uniquely multinational, seeing investors from the East and West alike at the same investment table. The participating lineup includes impactful ecosystem funds like KR1, Signum Capital, Hypersphere, OKEx Block Dream Ventures, Genesis Block Ventures, CMS holdings, AU21 Capital, DFG Capital, PNYX Ventures, FBG Capital, LD Capital, and more.
These strategic partners will support the project and help us to secure parachain slots on Kusama and Polkadot. Some of them, like LD Capital and CMS Holdings, already participated in Phase 1 of our PLO. You can read more about this round here.
We’ve announced our Genshiro parachain on Kusama, as well as a lockdrop to get things started there
Genshiro is a canary network of Equilibrium and our DeFi parachain on Kusama. It offers its GENS utility token, which will play a key role in the Genshiro network and the DeFi products built on top of it.
We will hold a lockdrop on Kusama to kick off user activity on our Genshiro DeFi parachain. You can join the Genshiro lockdrop by earning 10 GENS for every EQ you lock, earning bonuses up to 30% at the same time. If part of your EQ allocation is subject to vesting you can claim additional GENS for your locked EQ.
Our whitelist for the Genshiro PLO on Kusama is currently open, and whitelisted participants get a 1% bonus in GENS on their contributions. Whitelist subscribers will also get referral links they can share, publicizing our PLO and earning bonuses when they recruit others for the PLO.
We won the parachain slot on the Rococo V1 testnet
We are on our way to Polkadot and Kusama! We are ready and raring to go for launching our parachain!
We organized several well-attended events as well
We held an in-person tech meetup in Moscow that addressed Rust development, the Polkadot Substrate framework, and how it allows for building customized blockchains. Renowned specialists and accomplished enthusiasts in attendance to share their experience with us. Thanks to everyone who attended! You can watch the full replay of the event here, and every individual presentation is on our YouTube channel.
Our CEO Alex Melikhov and Director of Customer Success Lesley Czuma also ran a live AMA session — you can watch the video replay here or read a text recap of the most interesting questions and answers here.
We also held our fifth community call, as we do each month. We had 145 registered attendees who asked more than 60 questions of our team. If you missed it and want to stay up to date with the latest, just read our summary of the call here or watch the replay.