Equilibrium Monthly Report | June 2021

Published on: 03.07.2021

Equilibrium released latest monthly recap with accomplishments of June, 2021.

They announce that you can participate Genshiro’s crowdloan right this moment! They will distribute 240 million GENS tokens (20% of the total supply) as rewards to incentivize KSM holders to vote for Genshiro to receive a parachain slot.

According to the current GENS and KSM market prices, you can earn 75% APR when you participate in Kusama crowdloan. As of July 2, this will apply to contributions over 50 KSM.

Instead of 1,000 GENS per KSM, small contributions will now get 2,000 GENS per KSM. If you lock 50 KSM or more, you can expect a 20% bonus on top of that.

After Genshiro wins a Kusama parachain slot, 10% of the participant contribution in GENS will be immediately unlocked. The remaining GENS will be claimed by way of linear vesting during the parachain lease period.

🔹They completed the W3F grant for bringing the Curve AMM to Polkadot and Kusama

Their implementation of the Curve automated market maker will first launch on Genshiro, so they have met all the requirements necessary to receive a grant from the Web3 Foundation.

🔹GENS IDO on DODOex is complete

GENS is the utility token for Genshiro, Equilibrium’s canary network on Kusama. Its use cases include voting for validators, paying transaction fees, and paying interest rates. It will also work as liquidity for bailouts and collateral when GENS becomes more established.

They had 318 participants in the IDO, raising a total of 286,000 BUSD. GENS is available for trading right now on DODOex.

🔹GENS got listed on Kucoin and BKEX

They are happy to add to the number of exchanges that listed GENS this month. Please welcome Kucoin and BKEX into the fold! GENS/USDT trading pair is available on both platforms.

🔹They successfully auctioned a variety of NFT cats

They raised 310 ETH worth approximately $630,000 by selling a collection of NFT cats. All of that money will go toward covering operational costs, as well as funding our bid for the Kusama parachain slot auction.

Each NFT bears the image of a cat pertaining to a different cryptocurrency — BTC, ETH, DOT, KSM, GENS, and EQ are represented by our adorable kitty cat NFTs. They also come with a fun feature that depends on the real-time price, provided by Chainlink price feeds. When these various cryptocurrencies cross a certain price threshold — when BTC crosses $100,000, for example — it will unlock a golden version of each cat.

🔹They appeared on a number of podcasts and AMAs

If you want to go even deeper into work and get the details straight from CEO, then you tune into one (or many) of the podcasts they’ve been featured on lately.

🔹They held seventh community call

Once a month, they hold a live video conference to interface with community, answer their questions, and issue updates about what they’ve been up to.

🔹They’ve migrated our asset functionality

Now Equilibrium and Genshiro alike will support automatic asset addition to the blockchain, without the need to redeploy any code. Here’s to highly efficient interoperability!

🔹They’re ready to apply our Ledger app to Ledger Live

They’ve finished the development of our Leger app. It supports the DOT, KSM, EQ, and GENS assets and networks, as well as their corresponding prefixes and derivation paths. This means we are ready to apply for Ledger Live listing. Once they’re there, they will become the first substrate project to add direct support for Ledger devices into substrate/parachain.