Here’s What Happened During Our Seventh Community Call

June 29, 2021
Here’s What Happened During Our Seventh Community Call

Every month we hold a live video conference for our community of users, and we just concluded our seventh iteration. We covered our latest news and tech updates, and as usual, we took questions from the audience.

If you want to watch the recording, it’s available right here. If you’d prefer to read a text digest, then check it out below. Here’s what we covered during our seventh community call!

Tech updates

We are in the process of developing full Kusama and Polkadot support for the Ledger app. The BIP-0044 wallet structure for Ledger works with special derivation paths for each asset, and separate Ledger screens prompt users to select the correct derivation path.

We are improving our database architecture, particularly as it pertains to parsing events, extrinsics, and blocks from Equilibrium, Kusama, Genshiro, and Polkadot blockchains. We will also be providing API endpoints for our frontend, like display data on portfolios, equity value, and fees earned.

Web3 Foundation grant for the Curve AMM

We’ve previously covered our receiving a grant from the Web3 Foundation to bring Curve Finance to Polkadot. As we announced our plans to launch Genshiro, we will deploy our Curve developments on Genshiro first. This means we’ve now completed all the milestones for our W3F grant!

DODOex IDO results

We saw 318 participants get involved in our DODOex IDO, raising a total of 286,000 BUSD. GENS is now available to IDO participants on Binance Smart Chain, and there are now 12 million more GENS for the AMM liquidity pool, subject to a 30-day lockup period.

GENS exchange listings and PLO platforms

$GENS is now listed on Kucoin, BKEX, and DODOex. There are also a host of PLO platforms supporting Genshiro crowdloan: Kucoin, Kraken, OKEx, and MEXC are all in the mix.

Our NFT auction

We auctioned off NFTs bearing the image of cute crypto cats pertaining to a specific crypto asset. That effort raised 323 ETH worth some $600,000 USD, which will go directly toward funding our operations and securing our bid for the Kusama parachain slot.

The latest on the Genshiro crowdloan

It all began on June 15th — we are seeking to win eight six-week leasing periods, and have allocated 240 million GENS (20% of the total supply) as incentive for participants to stake their KSM.

Users can earn up to 2,400 GENS for each staked KSM, as well as a 5% bonus for any referrals. Since 1 GENS = $0.061 and 1 KSM = $170.45 for 2,400 GENS your estimated earning will be 86% APR!

The current rewards structure looks like this:

After Genshiro wins a Kusama parachain slot, 10% of the participant allocations in GENS will be unlocked immediately. The remaining GENS will be claimed by way of linear vesting during the parachain lease period.

The total contribution at the time of this writing is 3,684.23 KSM, coming from a total of 359 participants. You still can support us and join the crowdloan!

Via our website: https://genshiro.equilibrium.io/gateway/en/crowdloan

Via the PLO platforms by Okex, Kucoin, and Kraken.

We’ll see you at the next community call!


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