Genshiro (GNS)
What is Genshiro (GENS)?
Genshiro is Equilibrium's DeFi one-stop shop on Kusama that can do all things that existing DeFi primitives do, but with less risk and cross-chain.
GENS is the native utility token that is used as:
- a reward for validators/collators running blockchain nodes and performing parallel work.
- a means to pay transaction/interest fees
- a means to pay transaction/interest fees
- bailout and collateral liquidity in Kusama-based liquidity pools (when the tokens obtain value)
- a governance token
Who Are the Founders of Genshiro?
Since Genshiro is a canary network of Equilibrium, the founder and CEO is Alex Melikhov. Alex is an engineer in applied mathematics by training. Before blockchain, he was working on fintech projects.
The current team has been working together since 2017 building on Ethereum back in the day. In 2018, the team kicked off the development on EOS. In April 2019 the team launched the first decentralized EOS-based stablecoin as the first product of the Equilibrium's product line, called EOSDT. Today EOSDT is the most liquid decentralized stablecoin and the biggest DeFi project on EOS, with over $14 million of total value locked in our smart contracts, and over 1,000 user positions generated.
Now the team is developing on Polkadot and Kusama to obtain true cross-chain interoperability and to turn Equilibrium and Genshiro into a full-fledged DeFi one-stop-shop.
Who Created Genshiro?
Genshiro’s founder and CEO is Alex Melikhov, whose career spans roles in engineering and applied mathematics. Prior to his current role, he founded the Changelly cryptocurrency exchange in 2016.
Originally, Melikhov and his team developed Equilibrium to operate on the Ethereum blockchain. However, they migrated to EOSIO and launched the first EOS-based decentralized stablecoin, EOSDT. The move to Polkadot was aimed to expand on the functionality and scalability of their platform’s capabilities, which led to both the current models of Equilibrium and Genshiro.
In order to fund the project, Genshiro launched a cat-themed NFT collection on Rarible, which raised 310 ETH toward their Kusama parachain slot bid. It also launched a parachain auction for KSM holders. Finally, the Genshiro team has received funding from well-known venture capital names such as KR1 and Block Dream Fund.
Why Does GENS Have Value?
Those wishing to participate in the Genshiro ecosystem must first acquire a certain amount of GENS tokens.
GENS is a governance token that allows holders to vote on decisions that guide the network. It is also used to pay for transaction fees when trading, to pay interest fees for borrowed funds, and as liquidity for bailouts and collateral. Finally, rewards are distributed in the form of GENS tokens to those who stake their GENS tokens or provide liquidity to the lending pools.
Like many other cryptocurrencies, the supply of GENS is capped, meaning that according to Genshiro’s software rules there will only ever be 1.2 billion GENS tokens.
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Cryptocurrency