Genshiro Crowdloan Is Live! How To Participate?

June 16, 2021
Genshiro Crowdloan Is Live! How To Participate?

It’s finally time to vote for Genshiro’s parachain on Kusama!

We intend to win eight six-week leasing periods for our Kusama parachain slot (48 weeks or 336 days). We’ll rely on a crowdloan. This is a Kusma relay-chain module that lets people contribute to the parachain auction by locking up their KSM until the end of the parachain lease. Participants will be able to stake KSM for our parachain slot and earn rewards in GENS tokens.

20% of the 1.2 billion GENS token supply will go towards Kusama auctions — that’s 240 million tokens. Users can earn up to 1,500 GENS for each KSM while participating in the crowdloan, but the actual premium will depend on the amount staked.

There are three types of bonuses available to participants that are accrued in the initial reward of 1000 GENS:

* Applies up to a 2x scale on the early participation bonus

We have also minted an exclusive community NFT cat in 1000 copies that will be distributed among crowdloan contributors as gifts.

You can read more about the crowdloan bonuses in detail right here. All GENS rewards will be released linearly in the course of parachain lease.

So how do I participate?

There are three ways users can get involved in our crowdloan campaign:

  1. Pledge via third-party PLO platforms of major exchanges (Kucoin, OKEx, and Kraken)
  2. Buy a cat artwork at NFT auction on Rarible.
  3. Use a convenient UI on our website.

Let’s use our website as an example for a walkthrough:

  1. Visit our website.
  2. Connect your Polkadot.js wallet in the sidebar on the right.

3. If you don’t hold KSM yet, deposit KSM to your account.

4. Enter the amount of KSM that you’d like to contribute to our crowdloan campaign, then click the button “Vote and get GENS”.

5. Under the “Crowdloan” tab, you’ll see all the current crowdloan stats: how much KSM you staked, the lock time, the expected APR, and the reward. It will also display all the campaign statistics: the total KSM that’s been contributed, the number of crowdloan participants, their average contributions, and the average bonus.

6. You can also find detailed stats for all the parachains in the “Parachain Slot Auctions” section.

That’s it!

Other options for participation

As mentioned, there are avenues beyond our own website for getting in our Kusama crowdloan.

OKEx

OKEx offers its own PLO platform, and you can read full details on how to use it here.

To join via the web, visit https://www.okex.com/. Navigate to “Finance” in the top menu and choose “Earn”. Then, enter the slot auction page through the “Parachain slot auction.”

From the OKEx app, select “Earn” from the home screen and then enter the slot auction page by tapping “Parachain slot auction”.

Kucoin

Kucoin similarly offers its own PLO platform, and those details are available here.

  1. Visit https://www.kucoin.com/
  2. Deposit/transfer KSM to your Pool-X account
  3. Log into your account and click “Participate Now” to support Genshiro

Kraken

And here is an interaction for Kraken.

  1. Sign up for a Kraken account
  2. Deposit or buy Kusama (KSM)
  3. Navigate to Earn > Parachains
  4. Select Genshiro
  5. Enter the amount of KSM to contribute
  6. Select contribute and confirm

NFT auction on Rarible

We have created a collection of awesome cat NFTs that is offered for sale on Rarible, the major NFT marketplace on Ethereum. Each of these cats is pertaining to a particular cryptocurrency and turns into its gold version if its price hits a certain threshold. Contributions that we receive from NFT auctions will be used for funding Genshiro operations and primarily our bid for the parachain slot.

You can learn more about NFT auctions here.

There you have it — everything you need to participate in our crowdloan. We’re proud to be building the future of decentralized finance, and we’re happy to have our community along for the ride. We appreciate your valuable support!


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