As you know by now, the Genshiro team launched a standalone substrate and a closed beta for it on September 2. The beta program will be a space for our community to begin using our product offerings before we actually win a parachain slot on Kusama.
Those who participate in this beta program are the first to gain access to our cross-chain DeFi products, including borrowing, earning yield, and liquidity farming (with up to 25% APY). 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.
By way of update, we currently have 2,250 participants in this beta, and they’ve locked a total value of over $2 million. Genshiro is already interoperable with Ethereum and BSC.
If you’re reading this and eager to sign up, we must tell you that the window to register for this beta has closed, but don’t despair just yet: each active participant can invite up to two friends to join in! Feel free to ask active users for the invitation in our chat. We are also planning some further activities that will see us give away a limited amount of passes that grant access to our closed beta. For example, you might want to join our campaign with DappRadar for a chance to win access until Sep 30. Stay tuned for these updates on our Twitter!
So what’s next now that the closed beta is actually running?
- We will launch a Curve AMM on Polkadot and Kusama that’s based on our standalone substrate. Importantly, Curve tokens ($LPTO) on our substrate will be available on the Genshiro platform for staking. Also, veCRV holders will be able to collect a fee in GENS and EQ tokens on the total swap volume from all of the pools.
- We will continue to participate in Kusama parachain auctions to win a parachain slot. There are still a variety of bonuses on offer for those who want to help us make it happen. We’ve got a 20% bonus for contributions over 50 KSM, as well as doubled rewards on any contributions made in the first round. Please see the full details about our bonuses right here.
- Equilibrium’s DEX is nearing its production phase. We’ve made great progress toward completing and launching our decentralized exchange. We’ve reworked our margining engine, finished building the core logic to drive the system, designed and implemented the order book functionality, and prototyped new interfaces. We are going to integrate and test everything before actually setting it live.
We remain committed to winning a Kusama parachain slot. In the meantime, our beta participants are able to try out our cross-chain DeFi products on our standalone substrate. If you missed the chance to register for it, we’ll be sharing details on how the next wave of participants can gain access soon.
In the meantime, you might want to contact your friends in the beta and ask them for an invite! Every closed beta participant has two spare invites initially.