As the Genius X project ecosystem continues to mature, we are thrilled to announce significant advancements in our staking program, drawing us ever closer to a pivotal milestone. Our community has been the cornerstone of our success. We are very glad to announce that we are on the brink of enabling $GENSX stakers to receive a specific portion of Genius X Accelerator projects’ tokens, including at least $FLDT, $DG, $REACH, $HYN, and $ADA (from launchpad sales fee). This is a step that underscores our commitment to inclusive growth and shared success.
Distribution Plan
What Will Be Distributed to $GENSX Stakers:
As explained in this article, 20% of all Genius X accelerator project tokens and the Genius X Launchpad fee that HAVE BEEN collected by Genius X by the 1st Distribution Date (see below), as a pool of Fee-Sharing, will be distributed to $GENSX stakers via claiming (see below), which include:
- $FLDT for FluidTokens
- $DG for Drunken Dragon
- $REACH for Reach Metaverse
- $HYN for HHMC/Outlaws Brawl
- $ADA (fee from Genius X Launchpad since it is live)
On the 1st Distribution Date, $GENSX stakers will receive the aggregate amount of project tokens and Launchpad fee portion that HAVE BEEN collected by Genius X by the 1st Distribution Date, followed by future and ongoing distribution of tokens and fees each month.
There may be other Genius X projects that will have a TGE in the near term, but they will not be distributed on the 1st Distribution Date if their TGE ends up being later than that. Instead, they will be distributed on other future Distribution Dates.
All the distribution of the accelerator project tokens will be tied to each token’s own vesting schedule according to the project’s respective tokenomics and release schedule, as follows (all the token amounts below are the 20% due to $GENSX stakers):
Who Are Eligible to Receive the Fee-Sharing:
If you ever staked $GENSX between our own token launch (7 July 2023) and 31 January 2024, then you will be eligible for a portion of the Fee-Sharing. Snapshot was taken at 12:00 UTC on 31 January 2024.
The exact amount of Fee-Sharing for each staker is determined by the following factors:
- Amount of $GENSX staked — the more $GENSX you staked, the more Fee-Sharing you will receive from the pool;
- Staking period — the longer period you staked $GENSX for, the more Fee-Sharing you will receive from the pool; and
- Genius X Galaxy NFT — holding one (or more) Galaxy NFT gives you another 10% boosted weight in the portion of Fee-Sharing you will receive from the pool.
Did not stake any $GENSX before 31 January 2024? Don’t worry. Usually, Genius X earns the accelerator project tokens on a monthly or quarterly basis over a long vesting period. Therefore the Fee-Sharing pool will accumulate gradually and will continue to be distributed to $GENSX stakers over a long period of time.
For example, if you stake $GENSX between 1 February 2024 and 29 February 2024, then you will be eligible to receive the Fee-Sharing distribution in April, and so forth. We allow a 2-month buffer here just in case of delayed collection of tokens that Genius X has from projects. And the number of days you stake during the month will be considered as a weighing factor for the portion of the Fee-Sharing you will be eligible for.
It’s never too late to start staking $GENSX to become eligible for the future Fee-Sharing!
When and How Will the Distribution Take Place:
As communicated previously, the distribution of the Fee-Sharing will start by the end of Q1 2024. As we are still planning for the readiness of the distribution system, we will communicate the exact 1st Distribution Date very soon, but we expect it to be before the end of March 2024.
On the 1st Distribution Date, eligible wallets will receive their portion of the Fee-Sharing from the entire period ending on the 1st Distribution Date. Thereafter, we will be aiming for a monthly distribution of the future Fee-Sharing going forward, meaning by staking $GENSX you will receive the Fee-Sharing every month.
The distribution will be done in the same way as the Genius Yield “My DEX Rewards” system. This means you will need to claim the distribution on the staking platform.
Staking $GENSX on Cardano vs. on Arbitrum
The “My DEX Rewards” platform only supports the claiming of Cardano native tokens with Cardano wallets that stake $GENSX. Given all the distributable tokens as of today are Cardano native tokens, Cardano network stakers can use the “My DEX Rewards” platform directly.
The $GENSX stakers that stake on Arbitrum network will be separately communicated with about the process of claiming their portion of the Fee-Sharing.
Why Starting Now and Not Earlier:
Venture building is a long-term business, which usually takes years rather than days or weeks. Our team had decided that it would have been too early to start the Fee-Sharing distribution before, as most of the Genius X accelerator project had not matured enough, or even had a token launched back then. That is why we designed an APY-based staking reward over the last few months for the $GENSX staking program.
We highly appreciate the patience of our community, and now we are ready to start the distribution of Fee-Sharing for all of you who have been supporting Genius X!
Spotlight on Our Portfolio Projects
The journey so far has been remarkable, with several of our portfolio projects not only thriving but also making substantial strides in the blockchain space. Please be reminded again that the venture building industry’s norm is a 90% failure of a startup project, and an industry-wise expectation that only a small portion of the startup portfolio will be expected to deliver a high return, and it takes time to mature. A couple of projects have made their mark, with their tokens actively circulating in the market, showcasing the tangible outcomes of our collective efforts. Furthermore, we are excited to share that some others are gearing up for their Token Generation Events (TGE) soon.
Please see below a quick update on all the projects that have already had their TGE, or have a near-term plan of TGE:
- FluidTokens ($FLDT) — Token launched already. As many of you are aware, FluidTokens have been doing amazingly well, with 8 million ADA raised during their token launch, and a constantly growing TVL on their platform. The team has an ambitious plan moving forward, including a number of new functionalities and product lines in the DeFi and real-world tokenization landscapes.
- Drunken Dragon ($DG) — Token launched already. Currently, this project is under a development freeze for Q1 and Q2 of this year due to internal reorganization and will plan to continue developing on this project later this year.
- Reach Metaverse ($REACH) — Token launched already. A new founder has recently taken over the project and has been creating a restructuring plan and a new roadmap. In particular, the new team just announced a Future Development Plans and Token on Cardano which outlines the high level roadmap.
- HHMC ($HYN) — Token launched already. Their game Outlaws Brawl has been launched on various networks and environments including Cardano, Polygon and a Mobile (Android) version with more than 10,000 downloads. The founder had to become unavailable due to personal/family reasons late last year while the rest of the team is taking care of the minimum operation. Genius X team continues to follow up for updates and plans.
- Ledgity ($LDY) — No TGE date available yet but based on our discussion with their team, it is estimated for Q2 2024. Ledgity just had a successful LBE on Fjord with nearly $600k raised and a growing TVL in their yield protocol. They are currently working on the token listing plan and are having discussions with several exchanges. TGE, as well as Cardano-Arbitrum token swap (for holders of the old $LTY token on Cardano, including the MISPO investors, to swap for the new $LDY token on Arbitrum or the Cardano bridged version, on Ledgity’s official website. You can find on their Documentation about the Swap Plan and the new $LDY Tokenomics and Vesting Schedule), will take place once the listing plan is finalized.
- SmartPlaces — No TGE date available yet but based on our discussion with their team, it is estimated for Q2 2024. SmartPlaces team is preparing an airdrop campaign to anchor the token launch, as well as finalizing their geolocation-based social app integrated with the NFT land plot.
- Liberty Finance — No TGE date available yet but based on our discussion with their team, it is estimated for Q2/3 2024. Liberty Finance has achieved more than 100,000 transactions on their testnet by 14,000+ users. We understand are currently finalizing a substantial partnership with a major Middle Eastern blockchain platform, and are also preparing for an airdrop campaign for their Islamic Finance-compliant DeFi protocol, which aims to bring more users and traction prior to TGE.
The potential TGE plan of other projects will be communicated once the information becomes available to Genius X.
A New Era of Fee Sharing for the Accelerator Program
In light of these developments, we are particularly proud to open the doors to fee sharing within the Genius X Accelerator program. As we explained in this article, you can easily stake your $GENSX, a native token of the Genius X project, in the Genius Yield Dashboard. Once the tokens are staked, you will be entitled to the next wave of staking program rewards. This initiative is designed to deepen our community’s engagement and participation in our success story, offering a tangible share in each project’s native token pool! Moreover, once the Staking Vault is created, you also start earning attractive APY on your staked $GENSX tokens. It is a testament to our belief that by working together, we can achieve extraordinary results and pave the way for a future where everyone involved has a stake in the success.
Our Commitment to Transparency and Inclusivity
As we edge closer to implementing this groundbreaking feature in our staking program, we are committed to maintaining transparency and keeping our community informed every step of the way. The introduction of token-based fee sharing is more than just a milestone for Genius X; it’s a reflection of our ethos of inclusivity, partnership, and shared prosperity.
We extend our heartfelt thanks to our community for your trust, support, and belief in our vision. Together, we are not just helping the blockchain ecosystem; we are shaping the future. Stay tuned for more updates as we journey towards enabling fee sharing for our stakers, a milestone that will mark a significant chapter in our collective journey.
About Genius X
Genius X is one of the first tokenized, blockchain-agnostic business accelerators and launchpads for fully-vetted, early-stage blockchain startups. Our mission is to create a more decentralized and inclusive future built by the brightest minds utilizing blockchain technology. The Genius X Accelerator helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value across multiple blockchains. We accelerate the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, fundraising, as well as token sales, giving them the edge to become successful.
The Genius X Launchpad is the most advanced smart contract-based Launchpad that will support various major blockchain networks. The launchpad provides a seamless way for participants to safely participate in early-stage project funding. The Genius X Launchpad is unique from other launchpads in that it is non-custodial, as operations on the platform are handled by smart contracts.
Venture Capital / Accredited Investors — Contact us here.
Startups wishing to apply for Genius X Accelerator program membership can fill out the form here.
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