Don’t miss out on our IDO for GENS tokens!

June 08, 2021
Don’t miss out on our IDO for GENS tokens!

Genshiro is Equilibrium’s Kusama-based canary network. It inherits an experimental spirit that’s quite common for the Kusama network, and will be a testing site for our future products before they’re deployed to Polkadot. This means we get to implement some new features for future iterations of Genshiro, like derivatives, perpetual swaps, and futures contracts on gold, ETFs, commodities, and stocks.

GENS is the native utility token for Genshiro. Its use cases include voting for validators, transaction fees, interest rates, and liquidity for bailouts and collateral (when GENS will become a more established asset). Check out the GENS tokenomics here.

At the moment, the only way to get GENS tokens is to participate in the upcoming IDO on DODOex, a major liquidity aggregator and decentralized exchange. This will help us release more GENS tokens into the wild. The first 12 million GENS tokens will be available on Binance Smart Chain and will be distributed among IDO participants.

How will it work?

Users will stake BUSD stablecoin in the crowdpooling module and receive GENS in return. GENS price will increase as the amount of staked BUSD increases. This approach is also known as Bonding Curve.

As such, Genshiro will conduct a Bonding Curve Crowdpooling where the GENS token price will increase as the amount staked by participants increases. GENS price is allowed to increase up to 0.0375 USD (150% of the initial offering price of 0.025 USD). Respectively, if the total stake amount by participants is over the Crowdpooling hard cap, then all participants will receive tokens proportional to their shares of the pool, at the Crowdpooling cap price.

The GENS token price will stop increasing once the cap of 12 million GENS available for sale is reached. The BUSD amount staked by participants that exceeds the hard cap (12 million GENS * 0.025 * 150%) will be refunded back to the participants once the Crowdpooling period ends.

Anyone who wants to buy GENS during the IDO is eligible — you can read more about DODO’s crowdpooling process here.

What happens after IDO?

At the end of the crowdpooling event, the GENS liquidity pool will be open for spot trading on DODOex.

We have allocated another 12 million GENS for the AMM liquidity pool. All funds raised via IDO will be also transferred to this pool and locked for at least 30 days to guarantee sufficient pool liquidity.  

We acknowledge that not everyone will be able to participate in the coming IDO due to increasing interest around it. Fortunately, those who weren't able to get in will also have an opportunity to grab their GENS. After the IDO all users will be able to participate in our parachain lease offersing on Kusama, and earn up to 1,500 GENS for each staked KSM for our Genshiro parachain. Join our PLO whitelist!

Why do we need crowdpooling for GENS?

Crowdpooling is a unified token distribution system for new assets like GENS. It provides solid infrastructure for generating interest in a project and imbuing it with capital, even if the bid size is small. It comes with the following advantages:

  • tokens are immediately liquid and tradable
  • fundraising is open and fair
  • like an airdrop, the larger the token distribution and circulation, the more market value is created — this directly benefits token holders
  • swapping via liquidity pools instead of order books prevents slippage

What do I need to know to participate?

Our IDO starts on Wednesday, June 16, at 12 PM UTC and ends on Thursday, June 17, at 12 PM UTC. The token price will increase as the amount of staked BUSD increases — that rate is defined by DODO’s Proactive Market Maker (PMM) algorithm.

Token Contract Address: 0x2CD14cbA3F26254beeD1d78158cd2B6F91809600

Participation link:

Since this crowdpooling campaign is taking place on the Binance Smart Chain, you will need a wallet that’s compatible with BSC. You might try Metamask, MathWallet, TokenPocket, or Trust Wallet. You can find out how to connect your Metamask to BSC here.  

Please be aware that you will need to hold BNB in your wallet to pay for transaction fees. We recommend having at least 0.05 BNB on hand. You can visit this link to connect your BSC wallet in a browser.

Still have questions? Check out this guide on how to join the campaign.

Participate in IDO | Join the IDO Whitelist

DODOex links:

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