Genshiro in three minutes: DeFi one-stop shop on Kusama

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Genshiro is Equilibrium’s pioneering network. Its short-term goal is to win a Kusama parachain card slot, and then activate functions such as loans, lock-ups, rescue plans, and liquidity mining.

Written by: Groot

On June 8th, Polkadot founder Gavin Wood stated that Kusama plans to start the slot auction at 20:00 on June 15, 2021, Beijing time. The long-awaited “Summer of Polkadot” has finally been slowly Opened, and a number of Polkadot ecological projects have also entered the state of parachain slot auctions in full swing.

Genshiro, a DeFi one-stop shop built on Polkadot’s pioneering network Kusama, also announced on June 8 that IDO will be conducted on DODO at 20:00 on June 16th, Beijing time. This round will be available on the Binance Smart Chain 12 million GENS tokens were distributed to IDO participants, in order to create a better market liquidity foundation under the premise of ensuring the fair launch of GENS.

What is Genshiro?

Genshiro is a Canary network based on Polkadot’s Equilibrium on Kusama. The Polkadot-based DeFi project Equilibrium includes a currency market and a cross-chain DEX platform, while Genshiro is a Kusama-based DeFi one-stop shop that can be cross-chain The way to achieve almost all the functions that DeFi can currently achieve under the premise of lower risk.

Compared with Polkadot-based Equilibrium, Genshiro is more accessible to users and has a lower barrier to getting started. Genshiro has realized support for a large number of ERC20 tokens at the beginning of its launch. In addition, unlike the popular token assets that only add relatively low volatility to Equilibrium, when selecting assets for Genshiro, the flexibility will be much higher, which also means that the assets that Genshiro can reach will be more abundant and more accessible. The low mortgage rate design also provides more possibilities for leverage and margin trading.

In addition, Genshiro has also innovated its governance model, encouraging users to hold GENS to obtain the right to new system parameters for proposals and voting decisions. The longer the user’s capital investment, the higher the voting weight they will receive. For most governance plans, new considerations in the time dimension have been added, making it more friendly to long-term ecological participants.

As Equilibrium’s pioneering network, Genshiro will also iterate new functions or products for testing. Future derivatives, perpetual contracts, and futures contracts based on gold, stocks, commodities, and ETF indexes will all be used in development. Deploy to Genshiro.

As stated by the team, Genshiro’s bold product settings will definitely make it more attractive to experienced traders. After all, this can effectively reduce the passive loss of the “old guns” in these markets, allowing such users to operate in routine operations. The cost in the system is effectively reduced. This is also expected to indirectly increase the liquidity of the Kusama network and bring value to the Kusama community. Therefore, this is expected to form a win-win situation.

Token GENS Economic Model

Genshiro’s token is GENS, and the total number of tokens is 1.2 billion. Use cases include payment of transaction fees, interest rates, and loan collateral. At the beginning of the token issuance, GENS will be distributed to EQ (Equilibrium tokens) holders, users who participated in the early lock-up airdrop and users who participated in liquidity farming and mining, in order to establish Genshiro’s initial liquidity. A quarter of the total supply will be distributed through PLO.

The basic token distribution ratio is as follows:

  • 45% is initially allocated to EQ holders;
  • 20% will be used as the Kusama IPO reward to incentivize KSM holders to vote for Genshiro to obtain the position of the parachain;
  • 15% is used as a reward for liquidity mining;
  • 15% is used as the system “insurance” fund in case of unexpected risk events;
  • 5% is used as EQ pledge reward.

Users who have configured EQ on Polkadot can get 10 times the number of GENS tokens on Kusama. To receive this part of the “reward”, you only need to pledge the unlocked EQ tokens for 3 months, and you can get the corresponding GENS tokens at a ratio of 1:10. In addition, users who purchase EQ through DOT/EQ token transactions can also obtain GENS at the same ratio through pledge lock.

IDO rules

This IDO Genshiro will provide 24 million GENS tokens, of which 12 million will be used for public sale and the remaining 12 million will be used to provide basic liquidity. IDO will open at 20:00 on June 16th, Beijing time, and end at 20:00 on June 17th. The initial selling price is 0.025 U, the upper price limit is 0.0375 U, and the maximum purchase amount for individual investors is 1,000 U.

The token contract address is: 0x2CD14cbA3F26254beeD1d78158cd2B6F91809600

This IDO is conducted on the Binance Smart Chain network. Before participating, users need to confirm that they have sufficient BNB in ​​the wallet of the BSC network to pay the interaction fee. It is recommended to reserve more than 0.05 BNB in ​​the wallet. ( Participating address )

Genshiro in three minutes: DeFi one-stop shop on Kusama

team

Alex Melikhov, the founder and CEO of Equilibrium and Genshiro, is an engineer in the field of applied mathematics. Before entering the blockchain industry, he worked in the field of financial technology and was mainly responsible for the construction of payment systems and network security systems. In 2016, he participated in the founding of Changelly, and then formally participated in the cryptocurrency field. As of now, Changelly is still one of the largest digital currency exchanges in the market.

The Equilibrium and Genshiro teams have been working together since 2017, and they were the first to build platforms and applications based on Ethereum. In April 2019, the team launched the first EOS-based decentralized stablecoin. The team currently focuses on the development of Polkadot and Kusama applications and platforms.

Parachain Slot Auction (PLO) Strategy and Development Vision

Genshiro’s short-term goal is to win a parachain card slot, and then launch core functions such as loans, lock-ups, rescue plans, and liquidity mining on Kusama. By becoming a parachain, Genshiro will connect to a vibrant world of parachain projects in Kusama to achieve more convenient asset transfer and establish cross-chain bridges with other projects.

Genshiro plans to win eight six-week leases in the Kusama Parachain slot, and Crowdloan will officially open on June 15. Users can use the Kusama relay chain module Crowdloan to lock the KSM they hold until the lease expires to contribute to the PLO. Participants can get a basic reward of 1000 GENS for every KSM locked during the parachain lease period, and the locked amount is larger. If it is big, it is expected to get up to 50% extra rewards (more than 10,000 KSMs are locked, and the reward for each KSM is 1500 GENS).

Genshiro in three minutes: DeFi one-stop shop on Kusama

In addition, the project also sets additional rewards for the ranking of the auctioned slots. All participants who successfully auctioned the first four slots will receive another additional reward.

Genshiro in three minutes: DeFi one-stop shop on Kusama

For early participants, the total amount of additional rewards that can be obtained is as follows:

Genshiro in three minutes: DeFi one-stop shop on Kusama

All token rewards will be released linearly in the next 48 weeks. In addition, the team will provide 20% of the total supply of tokens, or 240 million tokens, for PLO auctions, and the unallocated GENS rewards will be used to redeem KSM as part of the funds for future parachain auctions.

According to the team, it is currently negotiating strategic cooperation with a number of partners. These mainly include mainstream exchanges, liquidity providers and wallets. Just as Equilibrium has been committed to stimulating the full potential of the DeFi market, Genshiro also shoulders the same mission, which means that the future of Genshiro will not be limited to Kusama and Polkadot.

summary

Genshiro is derived from the word nuclear reactor in Japanese. As the official team stated, it was inspired by the stories of early scientists using technology to release a new type of energy in the world. Financial technology enabling blockchain is a relatively new phenomenon, just like the emergence of nuclear energy, it deserves more attention and exploration.

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