Can you believe it’s been another month? We just recently held our eleventh community call to go over our latest news with our strongest supporters and closest followers. Were you there?
No worries if not! We had about 128 participants in attendance who tuned in to see our CEO Alex and tech team manager Peter share relevant updates on our work and progress. You can watch the video playback of the call right here, or read on for a text summary below.
- Tech updates
- Plans for launching fluid xDOT staking
- What makes fluid xDOT safe
- xDOT use cases
- Epsilon is live
- The EQD stablecoin is live
- Results of the Genshiro beta test
- GENS opt-out is live
- Genshiro is going public
- The Pancake Swap pool for GENS
- Genshiro’s crowdloan is live
In terms of parachains, XCM is our new runtime version for Kusama, and it will soon launch with full functionality.
We have implemented various fixes and improvements across the entire system. These are predominantly related to fixes for volatility calculation, transfers between sub-accounts, and reserve implementation in balances.
We’ve also got a bunch of monitoring up and running — with our monitoring service finalized, now we’re up to date with everything that’s going on inside our blockchains, databases, bridges, relays, and the like.
Plans for launching fluid xDOT staking
We are going to launch our revolutionary fluid xDOT staking! Users will be able to stake their DOT for their favorite Polkadot parachain and get xDOT, which are DOT wrappers on our canary network on Kusama, called Genshiro.
Our new xDOTs will work with a multisig custodian account, and will support multiple projects. xDOTs are effectively claiming rights to ordinary DOT, and they have a novel price that’s based on an AMM or perpetuals.
In the meantime, we will be setting up multisig, collecting DOT for Equilibrium and the active crowdloan, issuing xDOT for every project that won the slot, and bootstrapping the xDOT/DOT liquidity for AMM. After that, we will launch decentralized custody upon winning a parachain slot.
Be sure to check out the full writeup of our fluid xDOT staking right here.
What makes fluid xDOT safe
Simply put, the DOT is held in a multisignature wallet with trusted VC firms (such as Signum Capital, Genesis Block Ventures, DFG, and PNYX Ventures). We literally can’t access funds without approval from these counterparties. Lastly, xDOT is going decentralized once Equilibrium becomes a parachain!
xDOT use cases
First of all, xDOT will be available in both the Genshiro and Equilibrium blockchains, and will be transferable between the Polkadot and Kusama ecosystems. Users will be able to collateralize it for use in borrowing or trading on margin. It will also work as liquidity that they can lock to earn yield plus liquidity farming rewards. And it can also work as AMM pool liquidity, in which they can earn market maker yield while using LP tokens as collateral or locking them to earn yield on Genshiro. By the way, Genshiro is already up and running and offers a lot of functionality, like a working lending platform with over $3.1 million of real liquidity already locked.
Epsilon is live
Epsilon is the official Curve implementation on Substrate, and it currently supports a liquidity pool of USDT, USDC, BUSD, and EQD. There is currently more than $350,000 in stablecoin liquidity available there, and LP tokens can be staked in Genshiro to earn yield or to borrow more assets.
There’s also rewards available to veCRV holders, who receive fees from Epsilon!
The EQD stablecoin is live
Our decentralized stablecoin is up and running. It’s portfolio-backed, with more than ten assets currently available and counting. It supports algorithmic interest rates, making it markedly different from typical types of stablecoin.
EQD is the main currency for our DEX. You can trade everything from BTC to perpetuals on Tesla with up to 20x leverage. And furthermore, it’s truly cross-chain, functioning across Kusama, Polkadot, Ethereum, and Binance Smart Chain. We’ve even got more blockchain support on the way.
Results of the Genshiro beta test
We were happy to have our users kick the tires on Genshiro before opening it up to the wide public. Our beta test yielded a total of $3.1 million total value locked within our protocol at a supply APR exceeding 35%, and all this from just 3,430 beta testers!
GENS opt-out is live
A number of users who locked their EQ for GENS were expecting to receive GENS tokens upon the successful completion of our Kusama parachain slot auction bid. Winning the Kusama auction is delayed for objective reasons, but we are invested in taking care of the users that make our work possible. So this innovative GENS opt-out mechanism is an opportunity for users who want to sell their GENS allocation and get BUSD until we launch our parachain on Kusama. It happens via an open auction process with no penalties involved.
Check out the full details of this mechanism right here.
Genshiro is going public
That’s not to say we’re IPOing. Instead, the private beta has ended and the doors are open to anyone who wants to join. We are organizing a so-called “Farm Fest” to celebrate the launch — participants can get a 20x APR boost for joining us during this time. Stay tuned for the farm fest announcement.
There will also be a special APR for those who lock GENS long-term, increasing the rewards they earn on specific assets.
Users can put stablecoins in the Epsilon pool, get LP tokens in return, and lock them in Genshiro to earn yield.
The Pancake Swap pool for GENS
Just as the community voted, we will be opening a GENS/BUSD liquidity pool on Pancake Swap soon! Liquidity providers will be able to contribute to the pool and earn market maker rewards for doing so. They might also lock Pancake LP tokens in Genshiro to earn extra farming rewards in GENS.
Genshiro’s crowdloan is live
Let’s review the reward structure for this edition of the crowdloan. There’s a total of 120 million allocated for rewards, which will be distributed evenly in proportion to users’ KSM stakes.
Also, there is a special HUGE bonus for those who participate in Genshiro’s crowdloan before Nov 8. All participants will be able to get 5,000 GENS per 1 staked KSM. At the same time users can get additional 1,000 GENS per KSM they stake over 500 KSM.
10% of the GENS allocation is assigned for downside protection in case KSM should decline in value during the course of the crowdloan. Our users will have a figurative insurance policy in case this should happen.
Let’s not forget the referral program. Users can share their custom referral links to get a 3% bonus on any funds contributed via the link. And those using the link get a 3% bonus on whatever they contribute!
There you have it, a text recap of what went down at our eleventh community call. We’ll see you at the next one!