1. What is Genshiro?
Genshiro will be a testing site for future products of Equilibrium before they deploy them on Polkadot — this means Genshiro users get to play with exciting, experimental features before anyone else. They’ll have access to a broader range of crypto assets compared to Equilibrium, less strict margin rules, the Curve AMM, a DEX with derivative contracts on ETFs, stocks, gold, and commodities, and more.
2. Key Features of Genshiro
Genshiro will offer a lower minimum collateralization ratio (just 100%) that introduces way more flexibility for leveraging and margin trading. Genshiro is more generally accessible than Equilibrium Polkadot’s platform because it will support numerous ERC-20 tokens from day one. Another innovative element here is Genshiro’s governance model. It works by letting users stake GENS (Genshiro’s Kusama-based utility token) to propose and vote on new system parameters. The longer a user’s funds have been staked, the more weight their vote gets on the proposal.
3. GENS use cases and tokenomics
There are 10 GENS tokens for every 1 EQ. So given the EQ initial supply of 120 million, the total GENS supply on Kusama is 1.2 billion tokens. Its use cases include:
Voting for validators
Liquidity for bailouts & collateral.
GENS allocations include a substantial chunk to be distributed among existing EQ holders, bonuses for early participation in a lockdrop, an allocation for the Liquidity farming program to bootstrap initial liquidity on Genshiro. A quarter of the total supply will be distributed via PLO.
4. Lockdrop for existing EQ holders on Polkadot
Users with an allocation and vesting in EQ on Polkadot can get ten times the amount of GENS tokens on Kusama. To do so, they will need to stake their unlocked EQ tokens for three months, while GENS will be automatically accounted for on locked allocations (that are subject to vesting at the moment of Genshiro’s genesis block). If a user has unlocked tokens, they need to lock them for 3 months to get 10 GENS per 1 unlocked EQ. 10 GENS will be freely available per 1 EQ that’s being vested.
Genshiro had some great partnerships with big funds and programs that helped them bring DeFi to Kusama like: Web3 Foundation Grants Program, Binance, Huobi Global,....
Genshiro will be a place that Equilibrium can bring new technologies and features to Kusama for users to try out so they can truly enables the potential of DeFi of Polkadot & Kusama ecosystem
See Genshiro on DotMarketCap: https://dotmarketcap.com/coin/genshiro