Genshiro is Equilibrium’s Kusama-based canary network. It inherits an experimental spirit that’s quite common for the Kusama network, and will be a testing site for our future products before they’re deployed to Polkadot. This means we get to implement some new features for future iterations of Genshiro, like derivatives, perpetual swaps, and futures contracts on gold, ETFs, commodities, and stocks.
GENS is the native utility token for Genshiro. Its use cases include voting for validators, transaction fees, interest rates, and liquidity for bailouts and collateral (when GENS will become a more established asset). Check out the GENS tokenomics here.
At the moment, the only way to get GENS tokens is to participate in the upcoming IDO on DODOex. This will help us release more GENS tokens into the wild. The first 12 million GENS tokens will be available on Binance Smart Chain and will be distributed among IDO participants.
Users will stake BUSD stablecoin in the crowdpooling module and receive GENS in return. GENS price will increase as the amount of staked BUSD increases. This approach is also known as Bonding Curve.
As such, Genshiro will conduct a Bonding Curve Crowdpooling where the GENS token price will increase as the amount staked by participants increases. GENS price is allowed to increase up to 0.0375 USD (150% of the initial offering price of 0.025 USD). Respectively, if the total stake amount by participants is over the Crowdpooling hard cap, then all participants will receive tokens proportional to their shares of the pool, at the Crowdpooling cap price.
The GENS token price will stop increasing once the cap of 12 million GENS available for sale is reached. The BUSD amount staked by participants that exceeds the hard cap (12 million GENS * 0.025 * 150%) will be refunded back to the participants once the Crowdpooling period ends.
Anyone who wants to buy GENS during the IDO is eligible — you can read more about DODO’s crowdpooling process here.
At the end of the crowdpooling event, the GENS liquidity pool will be open for spot trading on DODOex.
We have allocated another 12 million GENS for the AMM liquidity pool. All funds raised via IDO will be also transferred to this pool and locked for at least 30 days to guarantee sufficient pool liquidity.
We acknowledge that not everyone will be able to participate in the coming IDO due to increasing interest around it. Fortunately, those who weren’t able to get in will also have an opportunity to grab their GENS. After the IDO all users will be able to participate in our parachain lease offersing on Kusama, and earn up to 30% APY on staking KSM for our Genshiro parachain. Join our PLO whitelist!
Our IDO starts on Wednesday, June 16, at 12 PM UTC and ends on Thursday, June 17, at 12 PM UTC . The token price will increase as the amount of staked BUSD increases — that rate is defined by DODO’s Proactive Market Maker (PMM) algorithm.
Whitelist Link: http://bit.ly/IDO_WL
Token Contract Address: 0x2CD14cbA3F26254beeD1d78158cd2B6F91809600
Token Allocation Chart/Tokenomics & Distribution: https://genshiro.equilibrium.io/docs/genshiro-tokenomics.pdf
Total Number of Tokens Provided by Project Team: 12,000,000,000 GENS
Crowdpooling Token Allocation (Number of Tokens for Participants): 12,000,000 GENS (0.1% of the Total Token Supply）
Liquidity Protection Period: 30 Days
- Since this Crowdpooling campaign is on the Binance Smart Chain (BSC), you will need to use a wallet application that supports BSC. Some examples are MathWallet, TokenPocket, and Trust Wallet.
- Please beware that you will need BNB on your wallet to pay for transaction gas fees. It is recommended that your balance is at least 0.05 BNB.
- Visit https://app.dodoex.io/cp/join/0xb5022fa8ef7152183963af4bd436b24edfad66a3?network=bsc-mainnet and connect your BSC wallet to the browser.
- How do I switch to Binance Smart Chain (BSC) on DODO?
- How to participate in a Crowdpooling campaign?
- Do NOT send tokens to or interact with the Crowdpooling contract address before or after the Crowdpooling campaign. Your tokens may be lost forever and DODO is not liable for any asset losses due to user contract interactions outside the Crowdpooling period.
- You can freely adjust your Crowdpooling stake amount at any time before the Crowdpooling campaign ends.
- If the total staked amount by participants is below the Crowdpooling hard cap, then all participants will receive tokens normally (i.e. the number of tokens received = the amount participants staked / token price). The leftover tokens will be put into the liquidity pool and become available for spot trading.
- If the total staked amount by participants is over the Crowdpooling hard cap, then all participants will receive tokens proportional to their shares of the pool, at the initial offering price. Any difference between the amount participants staked and the actual cost of the tokens (i.e., token price * the number of tokens actually received) is then refunded back to participants. Note: Due to the flexibility of DODO’s Proactive Market Maker (PMM) algorithm, the opening price, once spot trading begins, can be equal to the Crowdpooling token price, even if the hard cap is not reached. That is, the opening price is not determined by the amount of assets in the resulting liquidity pools. How it works under the hood is that the PMM algorithm truncates part of the bonding curve and assumes that there is a certain amount of buying support in the market. Even if the amount of capital contributed by participants is low, the opening price can still be the Crowdpooling price, and the resulting bonding curve will have a minimum/floor price. Funds staked by users can then push the token price from the minimum price to the Crowdpooling token price.
Name: Genshiro (GENS)
Official Website: https://genshiro.equilibrium.io