The W3F Grant is completed and our Curve implementation to be launched on Genshiro first, our canary network on Kusama
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, Equilibrium’s canary network on Kusama, we will deploy our Curve developments on Genshiro first. We’ve now completed all the milestones according to the grant.
Here’s what we did in the second milestone:
- We implemented methods to add and remove liquidity from pools, as well as methods to exchange assets within pools. Furthermore, our users will be able to use pool LP tokens as collateral or bailsman liquidity within our product.
- LP tokens represent claims on balances supplied to the protocol. Users earn interest from exchange fees through the LP token’s exchange rate appreciation as the tokens increase in value relative to their underlying assets. The price dynamics of these LP tokens makes them the perfect candidate for use within Equilibrium’s money market.
- Our code is available for your perusal on Github. We included detailed technical documentation that describes our pallet logic, storage, interfaces, and subscriptions. Bringing Curve to Equilibrium’s parachain is an important part of our plan to unleash the full potential of the DeFi market. Curve aims to use liquidity more efficiently than any other stablecoin DEX, already pushing $4 billion in total value locked.
So what’s next? We will first add the Curve AMM to Genshiro, our planned Kusama-based parachain. After that, we will set up Genshiro’s first stablecoin pool. Once we make sure that everything works as intended, we will deploy the same functionality to our planned Polkadot-based Equilibrium chain.
Among other next steps, we are planning to implement fee distribution to CRV token holders. They will be receiving distributions in our native tokens, EQ and GENS. Technically speaking, fees for exchanging will be collected in various assets and automatically converted to our native tokens via treasury. Then GENS and EQ will become available for CRV holders to claim.
The future of the DeFi ecosystem is bright and we’re proud to be playing an important role in it.