AMA DOUBLE TOP X GENSHIRO (TEXT EXTRACT)
On September 29, DOUBLE TOP held an AMA session with Genshiro in their public chat.
Genshiro is the Equilibrium canary network and cross-chain protocol.
We invited the team representative, Peter Sergeev, who is a Sr Project Manager Tech Team, to talk about the project, its development and the parachain auction.
1. Peter, tell us briefly about your background, how you got into crypto and the Equilibrium / Genshiro project. What are your specific tasks in the project?
- I started working with crypto in 2017 when I worked as a business analyst in a large Russian bank. Later we moved with the team to a crypto startup - a landing platform on Ethereum, but it was unsuccessful. Then we made a DeFi application on EOS. Afterwards, we switched to Polkadot and wanted to improve on the existing Maker DAO system by creating Genshiro.
2. Equilibrium was initially launched on EOS as an analogue of the Maker DAO. Why did you switch to Polkadot? Were the project goals changed? What is Equilibrium now?
- There was no support from BlockOne on EOS, nothing was going on. It was impossible to write contracts on Cardano at that time, so Polkadot seemed more promising, namely because of the support from WEB3 and Parity. Our goals have not changed, we continue to develop DeFi. The plan was to combine Internet banking and all its use cases and make them available on the blockchain.
3. You had a $ NUT token on EOS, what happened to it? If there was a swap on the EQ, are the tokensunlocked?
The swap idea was to enter Polkadot with something, and those who bought $ NUT and swapped it for EQ got EQ, but they are not unlocked now since one of the conditions was that we win a parachain slot. The $ NUT token is running well. In the EOS ecosystem, our DeFi project is working, we have both an exchanger and Leverage there, which is also listed on Defibox.
4. What are the differences between Equilibrium and Genshiro? What is their current stage of development?
- Genshiro is an experimental network where we will have our developments and test how it will function. Now our product Money Market, an analogue of Compound is on the stage of production. In 2 weeks, our TVL exceeded $ 2 million, we support bridges in BSC and Ethereum, and we also support about 10 assets.
5. What's currently available in closed beta? What are the rewards? What is the difference between Genshiro and other DeFi?
- You can get into the closed beta by invitation, we had around 2500 users who wanted to do this. The main difference between Genshiro and other DeFi is portfolio margining. A user can keep some assets that he wants in one basket and then borrow any other assets that he wants with this basket.
6. Regarding bridges with Genshiro, which assets are available to the bridge and from which networks? What are your plans for the future?
- At the moment, bridges are available to the BSC network and the Ethereum network. We took the technology of the Chainsafe bridge, modified it, made it bidirectional and optimized the work of the rileys. Now there is a set of 3 rileys. For example, when a user sends his assets to a smart contract, the rileys notice that they have been sent: they create a proposal that we need to add the necessary number of assets in our substrate, other rileys process and approve this proposal. Speaking about contacts, we communicate closely in PolkaBTC and also work with Ptokens.
7. In spring, EQ had PLO, and it was necessary to lock $ DOT. Are they okay and safe?
- We work with Copper. This is a cryptographic add-on in Polkadot for decentralized management of the custodial address on which the locked $ DOTs are located. We do not have access to this address and can only send requests for transfers of funds or any other actions. Thus, all 250,000 $ DOT that we have collected are entirely safe, they will be used as contributions in parachains.
8. There was a lock drop of EQ tokens to receive $ GENS tokens. When does the countdown start?
- Unfortunately, there are factors that we cannot influence. There were expectations that the parachain auctions would start earlier, and we would be able to be in the TOP 5 slot, and then the countdown of the EQ token unlocking would start. The same counts for Genshiro tokens. People can claim them as soon as we win a slot in the parachain auctions.
9. Now, there is an active struggle for the 10th slot in Kusama. Will Genshiro try to compete in the next five? What are your participation conditions? Will you improve them to be more competitive in the next batch, or will you focus on product development?
We are ready to fight for the 10th slot of parachains, but we did not expect such an alignment of forces. It won't be easy to win without the support of the whales, who, on average, spread 50-60% of all KSM 10 slots for all projects. PolkaBTC has already raised 180,000 KSM.
At the moment, we have doubled the awards to all those who participated in the first stage from $ 2000 GENS for $ 1 KSM to $ 4800 GENS, and it will stay like this until the end of the auctions. As for the mechanics in the third batch of participation in parachains, we are considering more bonuses. For us, becoming a parachain is an excellent opportunity to connect a bunch of other assets at once.