Here’s What We Covered During Our Eighth Community Call

August 04, 2021
Here’s What We Covered During Our Eighth Community Call

For the eighth month running, we held another community call to update our followers on what we’re up to and answer any questions they may have. This instance of the call saw 77 attendees join our CEO Alex and senior project manager Peter along with Luiz Hadad, head of our newly established Latin America team.

You can watch a video replay of the call right here, or read a text digest below.

  • We will reward veCRV holders and put Curve into production
  • The latest on our DEX
  • Ledger compatibility
  • DAI integration
  • Kusama auction results
  • Our strategy for the second round of auctions
  • EQ/GENS lockdrop updates
  • Further community growth
  • Our Latin America strategy
  • Plans for the Genshiro launch

We will reward veCRV holders and put Curve into production

We’ve become intimately acquainted with the Curve AMM, and now have a stablecoin pool up and running in our testnet. We have finished all the integration testing and even tested fee redistribution back to Ethereum veCRV holders for periodic collection.

We have furthermore prototyped, designed, and programmed our Curve interface, which is already available on our testnet and ready to be released to the mainnet.

The latest on our DEX

Our DEX is in progress, we are working on it. We have prototyped its interfaces and we have a slick, simple desktop version for conventional margin trading. We are still working on order functionality, margining with orders, and a matching engine for the DEX.

Compatibility with Ledger

We are the first substrate project to add support for Ledger devices directly into our substrate and parachain. Our Ledger app is currently in line to be added to the Manager section of Ledger Live.

This development significantly improves security for those holding EQ and GENS in a Ledger device. Cold storage is an important component of crypto custody, and now institutions can hold significant stakes of our core assets without requiring any further control.

You can read more about this development here.

DAI integration

This is an important integration for us! DAI is a major stablecoin with a lot of use cases — this coin sees the highest relative demand among other stablecoins. Adding DAI brings more liquidity to our platform as well. Many DAI markets are quite large, so we have made arrangements with StableNode as our liquidity provider to get things started.

When we launch our project on the mainnet, users will be able to use DAI in our lending platform, farm liquidity with it, become a bailsman, and earn passive income with it. They can even trade on the substrate version of the Curve AMM. Check out the full details here.

Kusama auction results

The Kusama auctions were one of the biggest events in the Kusama and Polkadot ecosystem. We saw quite a lot of activity and were happy to participate there with our canary network, Genshiro.

The landscape for this auction was a competitive one. Projects like Karura and Moonriver raised impressive sums

In any case, we raised over 8,000 KSM worth some $15 million, according to current market prices. With right around 1,000 total participants, the average contribution to our campaign was 7 KSM.
We can see that we ended up taking 9th place by number of contributions after Altair. Participation from the community was right along the same lines as those we finished among. It seems we have a very good chance to get an auction slot in the next round.

Our strategy for the second round of auctions

We are overhauling our rewards structure for the second round of Kusama auctions by doubling the rewards for those who contributed in the first round (up to 4,800 GENS per 1 KSM), offering a 20% bonus for any contributions over 50 KSM, and offering a 25% bonus for early participation (joining the crowdloan in the second round during the first 7 days).

Every contribution will operate at a ratio of 100 GENS : 1 KSM, even if we don’t manage to get the parachain slot. There is a special form to fill out if you wish to contribute more than 500 KSM, please see it here.

EQ/GENS lockdrop updates

We have decided to reduce our GENS unlocking time from 90 days to 60 days. The countdown will start once we launch our Kusama parachain.

By way of sharing relevant numbers here, we have seen 15.5 million EQ locked in our lockdrop campaign. That’s 56% of the unlocked supply — that’s really exciting and we’re grateful to our community for their participation. We’ll eventually be distributing 155 million GENS, and the average user has locked 68% of his or her allocation.

Further community growth

We have made the strategic decision to add Turkey, Vietnam, Russia, and Latin America as key geographies for building up our community base. We developed a marketing strategy for each GEO and opened specialized group chats in the native language of each of these countries, all aimed at conversation around Equilibrium, Genshiro, and the future of finance.

Our Latin America strategy

Here’s where Luiz Hadad from our LATAM team took the lead. He discussed his specific job duties as they pertain to raising the awareness of Equilibrium, Genshiro, and DeFi in general in the Latin American parts of the world, growing our community even more.
Luiz covered the community-building actions he’s been involved in. From creating content and translating it between Portuguese and Spanish to teaming up with influencers and even partnering with popular crypto wallets, he’s helping spread the word and grow our community.

Plans for the Genshiro launch

We will support a wide range of initial functionality for Genshiro’s standalone substrate launch, including lending, bailouts, a Curve implementation, ETH and BSC bridges, liquidity farming, and more. The Kusama parachain launch will offer a BTC bridge, an alpha version of our DEX, and the ability to migrate parachains.

As you know by now, we’ve got a certain special appreciation for Curve. You can watch how our stablecoin Curve pool works on the testnet right here.

Our community calls are a monthly check-in and knowledge transfer for those following the Equilibrium and Genshiro ecosystems. We’ll see you at the next one!

Follow us:

Website | Twitter | Telegram |Facebook

The Equilibrium framework is a software service with a consensus based governance system. EOSDT and Native Utility Token (NUT) are not a security or a regulated instrument. The use of this site and the Equilibrium self-service gateway is subject to Terms and Conditions, by accessing this site you agree to these Terms.