August 9, 2021
This month was a period of significant growth and technological advancement. Key developments included the integration of the DAI stablecoin, enhanced security with Ledger support, and the launch of a pioneering bridge connecting Polkadot and Kusama with Binance Smart Chain. We also covered the results of the first Kusama auction round and detailed special offers for the ongoing second round.
Kusama Auction Outcomes and Enhanced Reward Structures
The Kusama parachain auctions represent one of the most anticipated events within the Kusama and Polkadot ecosystems. Our canary network, Genshiro, participated actively. The first round concluded with strong community backing, raising over 8,000 KSM, which was valued at approximately $15 million at the time. The campaign saw around 1,000 unique participants, with an average contribution of 7 KSM. Following Altair, Genshiro ranked 9th in terms of total contributions received.
The focus has now shifted to the second auction round, where winning a parachain slot is the primary objective. To incentivize participation, the reward structure has been enhanced. Contributors from the first round will receive doubled rewards (4,800 GENS per KSM). Additional bonuses include a 20% increase for contributions exceeding 50 KSM and a 25% early-bird bonus for participants who join the crowdloan within the first seven days of the second round.
A special offer is also available for those staking more than 500 KSM in the second round. For a comprehensive overview of the process and potential returns, explore more strategies available.
Breakthrough Bridge: Connecting Polkadot and Kusama to Binance Smart Chain
A major technical milestone was achieved with the launch of the first operational bridge linking Polkadot and Kusama to Binance Smart Chain (BSC) on our testnet. This pioneering infrastructure enables the seamless, bidirectional transfer of assets between BSC-based networks and those built on Substrate, the framework underlying Polkadot and Kusama. Initially, users on the testnet can experiment with transferring BUSD tokens to experience the bridge's functionality firsthand.
This development is a leap forward for interoperability, allowing assets and liquidity to flow freely between these major ecosystems.
Expanding DeFi Capabilities with MakerDAO's DAI Stablecoin
To broaden the utility and liquidity within our ecosystem, we have integrated support for DAI, a leading decentralized USD-pegged stablecoin from MakerDAO. This integration ensures full compatibility with our suite of DeFi services, including lending, borrowing, and swapping, thereby unlocking a wider array of financial use cases for our users.
To ensure a robust launch, StableNode will be providing the initial lending liquidity for DAI, ensuring smooth operations from the start.
Elevating Security with Native Ledger Hardware Wallet Support
Security remains a paramount concern, leading us to become one of the first Substrate-based projects to integrate native support for Ledger hardware wallets directly into our chain. The dedicated Ledger application is currently in the process of being officially listed in the Ledger Live manager.
This integration drastically improves the security for holders of EQ and GENS tokens by enabling cold storage options. This is a critical step towards meeting the stringent custodial requirements of institutional investors, who can now securely manage these core assets.
Strategic Infrastructure Partnership with Pinknode
We are excited to announce a strategic partnership with Pinknode, a leading provider of blockchain infrastructure. The agreement entails Pinknode supplying secure API endpoints, full node operation services, and sequencer node operation services. In return, we will direct a portion of our platform's growing traffic through Pinknode's robust architecture.
This symbiotic relationship strengthens the infrastructure of both projects as we concurrently pursue our goals in the parachain auctions.
Fostering Global Community Growth
A key strategic initiative this month was deepening engagement with key global communities. We focused on creating localized content and establishing stronger ties in Russia, Turkey, Vietnam, and Latin America. This involved sharing our development progress in local languages and introducing our platform to key regional opinion leaders and media outlets.
To facilitate organic community discussion, we significantly expanded our Telegram community offerings. Dedicated discussion groups for users from Russia, Turkey, Vietnam, and Latin America were established, allowing members to converse and get support in their native languages.
Engaging the Community Through Live Events
Education and outreach were prioritized through several live streaming events. Our CEO, Alex, joined broadcasts hosted by Crypto And Things and Chainlink. Simultaneously, our lead analyst, Peter, participated in a Russian-language live stream with Slezi Satoshi. These events served to update the community on our progress and answer questions directly.
Successful Community Initiatives and Campaigns
Community engagement reached new heights with several successful campaigns. The recent CoinMarketCap airdrop initiative garnered participation from over 180,000 users. Furthermore, an ongoing educational campaign with DotMarketCap allows participants to earn up to 20,000 GENS by learning about the Genshiro platform.
These initiatives highlight the vibrant and expanding community supporting our projects.
Key Discussions from the Eighth Community Meeting
The monthly community meeting, held on July 29th, served as a comprehensive update session. Key topics included the latest technical developments, the strategy for the second Kusama parachain auction round, details on the new BSC bridge, the DAI integration, and a full breakdown of the statistics from the first crowdloan round.
Frequently Asked Questions
What is the purpose of the Kusama parachain auctions?
The auctions are a mechanism for projects to secure a permanent slot on the Kusama relay chain, which provides guaranteed block space and seamless interoperability with other parachains in the network. Winning a slot is crucial for long-term stability and growth.
How does the new bridge with Binance Smart Chain work?
The bridge acts as a two-way transfer channel. It uses smart contracts to lock assets on one chain (e.g., BSC) and mint or release equivalent representative assets on the other chain (e.g., a Kusama parachain), enabling value and liquidity to move between the ecosystems.
Why is integrating a stablecoin like DAI important for DeFi?
Stablecoins are the backbone of DeFi, providing a stable unit of account and medium of exchange essential for lending, borrowing, and trading. DAI's decentralized nature aligns perfectly with the core principles of DeFi, reducing reliance on centralized assets.
What are the benefits of using a Ledger hardware wallet?
Ledger devices store a user's private keys offline in a secure hardware element. This "cold storage" method provides the highest level of protection against online threats like hacking and phishing attacks, making it ideal for storing significant holdings.
What was the goal of the localized Telegram groups?
The goal is to break down language barriers and foster stronger, more inclusive communities. By providing dedicated spaces for discussion in native languages, we empower users from different regions to engage more deeply with the project and support each other.
How can I stay updated on future community campaigns?
The best way to stay informed is to follow official announcements on our primary social channels. View real-time tools and community hubs for the latest news and ongoing participation opportunities.