How To Use The Genshiro Closed Beta

October 01, 2021
How To Use The Genshiro Closed Beta

We’re so pleased to welcome you to our closed beta and walk you through its functionality. We have already had a total value locked in excess of over $2 million! This is your way to take advantage of all our features before we end up securing a parachain slot.

Genshiro’s closed beta participants are the first to gain access to our cross-chain DeFi products, as well as GENS staking (liquidity farming) with current APY > 25%. They will furthermore get an extra 5% APY in GENS (via liquidity farming) on their average deposit during the first three months after Genshiro launches.

Get started by visiting

  1. First, click on “Application.”
  2. Connect your wallet. Make sure that you have your Polkadot.js wallet extension installed. Then select “Mainnet.” Only closed beta participants will have access to the mainnet.

3. Click “Connect Wallet” in the sidebar.

4. You have two invites for any friends you want to bring on board. Who do you think will make a strong addition to the Genshiro community?

5. This is a sidebar where you can see all the balances stored on your Polkadot.js wallet.

6. Make a deposit. Click on any asset to get started. In this tutorial we’ll use BUSD, so click on the “Deposit” button. We should mention here that since BUSD is a BSC asset, we will top up BUSD from BSC to our Substrate, using our BSC bridge. You can read more about that right here.

7. Enter the amount of tokens you want to deposit, then click “Approve” to let the smart contract spend your tokens.

Please note that you will need the Metamask browser extension for this to work. You should have BUSD (for sake of our example) and some BNB for paying fees. Don't forget to switch the network in Metamask to Binance Smart Chain — we are depositing BUSD and this is a BSC asset.

8. Then click the “Deposit” button, enter your Metamask password, and you’re all set.

With the first deposit, we automatically exchange some of your funds to 100 GENS tokens so that you can interact with the Equilibrium parachain and pay transaction fees.

That's it! You've made your first deposit and can now start borrowing assets. You may even wish to become a bailsman and earn a 25% bonus on whatever assets you supply to the system.

Liquidity farming with APY 25%

You can start GENS farming once you provide liquidity to the platform — the minimum deposit for this is $1,000 in digital assets. Current APY is > 25%! Once you’ve entered an amount, click on “Deposit to the liquidity pool” to become a Liquidity Provider supporting Genshiro — read more about this system here. This is where you can also calculate your estimated profit and start liquidity farming. You don't need to do anything else, the process is fully automatic! (You can always check your portfolio by clicking on the “Earn” tab.)

Start borrowing

You can also borrow assets on Genshiro, but you have to provide collateral in order to do so. To get set up, just click on the “Borrow” tab. In the “Liquidity portfolio” section, click on the “Add collateral,” then enter your desired amount of collateral to supply. You can then start borrowing assets!

That’s where we’re at for now! Thanks for joining us in this beta program — we look forward to adding new and enhanced functionality in the future, especially as we secure a parachain!

The window to register for this beta has closed, but each active participant can invite up to two friends to join in! Feel free to ask active users for the invitation in our chat. We are also planning some further activities that will see us give away a limited amount of passes that grant access to our closed beta. Stay tuned for these updates on our Twitter!

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