Every month for the past eight months, we’ve held a community call to issue public-facing updates on what we’ve achieved and what’s coming up. Last week we held the ninth edition of the call, and there was no shortage of material covered.
Our CEO Alex Melikhov led the call, and he was joined by our lead project manager Peter Sergeev and Ling Shi, our Head of Marketing in China. We had 85 attendees tune in to watch and ask questions. If you missed our ninth community call you can watch a video replay, just click here. If you’d rather read a text digest, then you’re in the best possible place to make that happen. Just keep reading below for more!
- Our technical updates
- Equilibrium’s DEX progress
- How Genshiro’s standalone substrate sustains competition
- Huobi Pool will validate the Equilibrium and Genshiro networks
- Genshiro early access program
- Crowdloan bonuses explained
- Genshiro crowdloan referral program
- KSM downside protection for the crowdloan
- Introducing our China strategy
- Kusama Demo Day is coming up!
Our technical updates
The navigation within our user interface was changed, as well as we prototyped new interfaces to account for borrowing/lending/trading roles. We want to make it easier for users to distinguish between the products we offer.
We’ve completed the automation for deploying our bridges. We actually deployed them both to the testnet and mainnet. The smart contracts, relays, and initial list of supported assets are all in place.
We’ve also made full preparations to launch a standalone version of our substrate, including testnet, off-chain fixes, runtime parameters, internal audit, benchmarking, monitoring, and so much more. Feel free to join Genshiro’s launch party at Kusama Demo Day on September 2! Save your spot here.
Equilibrium’s DEX progress
We’ve made great strides toward completing and releasing our decentralized exchange. We’ve reworked our margining engine, finished building the core DEX logic, designed and implemented the order book, and prototyped new interfaces.
The primary thing remaining for the DEX is to integrate and test everything.
How Genshiro’s standalone substrate sustains competition
We’re not the only DeFi project out there, but we know our strengths compared to others. Genshiro will be cross-chain from day one, as we already support the bridging of assets from two of the most prominent chains, ETH and BSC. We are also in talks with third-party support that might later see us able to bridge assets like BTC and SOL.
The Genshiro team is also happy to seize the first mover advantage: why wait to win a parachain slot if we don’t have to? We’d rather just release products and build a meaningful community around them. Our system allows for easy onboarding to the BSC blockchain, and we even have arrangements with liquidity providers: there’s over $5 million already committed!
Huobi Pool will validate the Equilibrium and Genshiro networks
Equilibrium already has several well-known and established validators, like Ryabina, Staking4all, Crypto Chain, Pinknode and Discsoft. But now we’re adding one more to the fold, and it’s a big one: Huobi Pool will throw its support behind Equilibrium and Genshiro to make block validation in our networks even more unbiased and reliable.
Huobi is a leading crypto company that manages billions of dollars of crypto transactions every day. Its mining pool platform is called Huobi Pool, and its geographically dispersed data centers and interconnected servers run on a private network. It’s been in operation since 2018, and we couldn’t be happier to have them enter our fold.
Genshiro early access program
We are launching our standalone substrate for Genshiro, meaning our users will be able to use our products even before we win a Kusama parachain slot. We will launch this as a closed beta at first.
We’ve got quite the perks on offer there. First of all, closed beta participants will be the first to gain access to our cross-chain DeFi products, as well as GENS staking and mining. Secondly, they will get an extra 5% APY in GENS via liquidity farming on their average deposit during the first three months after Genshiro launches.
Here’s how to join the closed beta:
- Fill out the application form.
- Get an invitation via email.
- Register your blockchain wallet address.
In case you provide liquidity during our Kusama Demo Day on September 2 and receive a bonus!
Crowdloan bonuses explained
We are offering some compelling bonuses for those who support us during our crowdloan. To start with, we’ve got a 25% early bird bonus on offer for those who contribute during the first 14 days of the campaign (until September 10). Beyond that, we are pleased to offer the following:
- 20% bonus for contributions over 50 KSM.
- Doubled rewards on any contributions made in the first round. (Please note that only participants from the first round are eligible for this bonus. If you have doubled rewards, only the early bird bonus is available for you, the other bonuses don’t apply.)
- 3% referral bonus on your friends contributions and they will get another 3%
- A very special offer for any contributions over 500 KSM. (Please contact us at firstname.lastname@example.org for details if you’re interested in participating at this scale!)
Genshiro crowdloan referral program
We’ve launched a referral program for those who are active members of the crypto community. You can use a custom URL to invite your friends to participate in Genshiro’s crowdloan campaign, and you’ll earn 3% from their contributions!
Furthermore, everyone who uses your referral code will get their own 3% bonus. This means your potential referrers will be highly incentivized to hunt for your referral link wherever you post it. Find more details here.
KSM downside protection for the crowdloan
Stake with confidence knowing you’re protected against KSM downside during the parachain lease period. We have allocated a maximum of 10% of the total GENS supply as a hedge for our community. In the case that KSM price should decline during the crowdloan, we will distribute it to crowdloan participants and cover up to 50% of the downside.
We’re the first to offer such a mechanism like this, and you can learn more about it here.
Introducing our China strategy
The Chinese market has been a top priority for us as we develop the future of finance. We already have a foot in the door there, as we’ve already been developing for the Chinese community for some time — just consider our four active WeChat groups (send a message to jinju520ke - our community manager on Wechat and he will invite you)!
This time we had Ling Shi, our Head of Marketing in China on stage. She shed some light on our plans in China. We will be making moves that build Genshiro and Equilibrium brand awareness and drive community growth including participation in AMAs, translation of our announcement into Chinese, cooperation with well-known media and KOLs, organization of airdrops and giveaways, and more. Stay with us on this, we’re excited to be bringing our technology to this country!
Kusama Demo Day
We’re holding a veritable who’s-who of Kusama on September 2 and would be happy to have you join us. Click here to learn more about this free online event!
Not only will there be representatives from a number of projects already in production on Kusama, but we will be celebrating our launch, share a very special presentation, show our production development, and demo some use cases.
It’s going to be a great event and we hope to see you there!
That does it for this month of updates — as you can expect, we’ll be back next month with more news and information at our tenth community call.