Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Genesis Shards.
Genesis Shards is a decentralized ecosystem powered by Polkadot redefining NFTs as DeFi options. The AMA took place on March 30 and our guest was @NilotpalM (Co-founder). The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Andrés M. | Satoshi Club: Hello Satoshi Club, our AMArathon continues with Genesis Shards project. Our guests today are @garlamw and @NilotpalM
Nilotpal: Hi, a pleasure to be here.
Andrés M. | Satoshi Club: Welcome, how is going your day?
Nilotpal: Been a wild ride the last few days. Haha!! But nothing I can complain about.
Andrés M. | Satoshi Club: Haha I understand that there’s some coming events for Genesis Shard.
Nilotpal: Yeah, certainly. Some major ones.
Last week we closed our private raise https://cointelegraph.com/press-releases/genesis-shards-raises-27m-to-create-new-pre-ido-market-using-defi-nft-options
Gold Rocket | Satoshi Club: So. Let’s start! Introduce yourself. How did you get to be involved in crypto & Genesis Shards?
Nilotpal: So my first step in Crypto was back in 2015. Being an investment banker with Deutsche Bank working on deal structuring, valuation and IPO processes, and later a strategic consultant at Accenture with a deep love for economics, it didn’t take me long to fall in love with the dynamics of the crypto space. 2016 and 2017 were quite eventful wherein I consulted and invested in a lot of local projects alongside building my network. Over time I became a key player in the Asian blockchain ecosystem, advising and backing projects along the way.
In 2018 I joined Marlin Protocol (a 1.7Bn$ project atm) and headed the Business there till 2020. I was instrumental in early growth of the company, where my expertise around business growth, crypto-economics and strategy helped lay a strong foundation for the brand.
Later in 2020, I co-founded Genesis Shards with Garlam Won (who has also been in the ecosystem since 2015, and previously headed Marketing at Harmony before starting his venture – Momentum 6).You can find me here on twitter: https://twitter.com/M15Nil?s=09
Gold Rocket | Satoshi Club: What is the essence of Genesis Shards? How long does it take to develop a project? What plans do you have for the future? And what can we expect from Genesis Shards?
Nilotpal: Genesis Shards is a whole new marketplace for pre-IDO tokens on NFTs powered by Polkadot. GS was created to usher in a new paradigm for DeFi transforming NFTs into a liquidity vehicle for pre-IDO tokens, and to introduce a whole new suite of DeFi products across multiple blockchains. By wrapping time-locked fungible tokens into NFTs, Genesis Shards is creating a new marketplace for previously illiquid tokens. This opens up a whole new universe of possibilities!
– For Investors – they will no longer have to worry about shady OTC deals with high default risk: they can simply utilize the safe, trustless pre-IDO liquidity provided by Genesis NFTs.
– For DeFi projects – they can leverage the early liquidity of their tokens offered by the platform and build a strong community support early on in their journey. They can also get a sense of early price discovery helping with quicker course corrections.
This opens up a new frontier for DeFi NFT’s where they can now be reimagined as Defi options, from being mere collectibles.
For us timeline isn’t that important, the commitment is. There are quite a few:
On tech side: We have made significant progress on the tech side and are well positioned on our roadmap. The tech team has already shipped codes for –
Landing page design, Gen Tickets Web Frontend Mockups, Gen Tickets NFTs Design, GEN Access Cards NFTs Design, GenFactory & GenTicket contracts (on testnet), GenFactory smart contract v1 + tests, (on testnet) GenTickets smart contract v1 + tests (on testnet), GenAccess cards smart contract + tests and Gen token contract + tests (on testnet)
We would be sharing a detailed roadmap for the project with a complete snapshot on the tech progress in the coming weeks. There is a lot in pipeline in weeks and months to come.
Let me share a quick glimpse into the Gen world for the community:
On ecosystem side: We are creating a massive ecosystem around Genesis Shards with participation from experts from all corners. In lieu of it we have built a 3 tier value network within its community, consisting of
– Genesis Access partners – primarily VCs and strategic investors to help expand its ‘field of vision’. Just released a few partners recently.
About Genesis Access Partners. As Genesis Access Partners, they will help bring in promising early stage DeFi projects into our ecosystem, this will effectively help expand our ‘field of vision’
Learn more about Genesis Access Partners here : https://medium.com/genesis-shard/introducing-access-shards-69716b784bb3
Genesis Ecosystem partners – Channel partners within its community to provide the best possible support to projects in terms of engagement, social media reach out, etc. and
– Genesis Mentor partners – industry angels to help and guide projects with product-market fit, formulating sales pitches, tokenomics, partnerships, building business models within the GS ecosystem
Happy to share that we have nearly 50+ Access, Ecosystem and Mentor partners at the moment supporting the network. Further details around them would be shared on our twitter handle in the coming weeks:
We are also in talks with several top tier projects exploring integration with them at different levels. Glad to share that we recently closed a strategic partnership with Polygon, PolkaFoundry and Kylin and have many more to come in the near future
In addition to strategic partners for Genesis itself, we have a strong lineup of partner projects that wants to launch on our Genesis Pre-IDO marketplace once it goes live.
Andrés M. | Satoshi Club: I know that 3commas is used as a trading bot, which benefits this partnership will bring to your project?
Nilotpal: The ultimate vision of Genesis Shards is to be a self-sustaining ecosystem where projects can get the best possible early stage support to navigate through the DeFi waters. A DeFi project today faces a multitude of challenges on its journey to maturity. This includes but is not limited to community growth and participation, exposure, partner networks, etc. – all of which need to be brought together quickly and effectively in order to scale. These issues are further accentuated by the current state of the market, which is moving at an ever accelerating pace – giving projects very little time to settle and put these pieces together.
To achieve that vision, we have decided to bring on a group of strategic partners who will help the Genesis ecosystem function effectively and sustainably at scale. Genesis Shards has built a 3 tier value network within its community, consisting of
– Genesis Access partners – primarily VCs and strategic investors to help expand its ‘field of vision’.
– Genesis Ecosystem partners – channel partners within its community to provide the best possible support to projects in terms of engagement, social media reach out, etc. and
– Generis Mentor partners – industry angels to help and guide projects with product-market fit, formulating sales pitches, tokenomics, partnerships, building business models within the GS ecosystem
The 3-tier value network keeps the interests of community, projects and investors aligned within the GS ecosystem, with each of them benefitting the other to create a completely self-sustainable ecosystem.
3 commas is a part of Genesis access shard, and would help expand our field of vision in the space.
Gold Rocket | Satoshi Club: Does community activity affect the final product?
Nilotpal: The coming weeks would have a lot of community engagements lined up with some major announcements to be made.
Community is at the core of Genesis’s vision. The very heart of the product focuses on two main challenges faced by the community in Pre-IDO space:
– Lack of liquidity in OTC markets and
– Inconsistent OTC trade practices in uncertain environment. In addition to this, our vision involves creating a community centric marketplace where retail members with Genesis Access Card holdings get access to early-stage entries in some of the best-vetted projects in the DeFi space — on the same stage as VCs/ institutions, Community plays the most significant role in the Genesis Shards ecosystem, right from the ground up.
Q1 from Telegram User @AugusS7
In this new market for previously illiquid tokens, will they have high gas consumption as in the Dex markets of ETH? or really how much would be the fees to pay? and will all of them be paid in $ GS?
Gold Rocket | Satoshi Club: Perfectly! I suggest to proceed to the questions…and feel free to share any information during the AMA.
Nilotpal: While Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication. The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains. We would also be utilizing Moonbeam for our relays. Moonbeam is a smart contract ‘parachain’ on Polkadot, for ERC-1155 tokens which enables compatibility with Ethereum smart contracts.
On top of the cross-chain communication, Polkadot and Moonbeam will enable faster transactions while reducing gas costs on the Genesis exchange.
Role of GS token: The $GS token is native utility token of Genesis ecosystem. The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.
The various roles of $GS token in Genesis ecosystem:
Gen Access: $GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.
Gen NFTX: $GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.
Gen Governance: $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
The best part about Genesis token is that it accrues value with every new pre-IDO that gets launched on it.
Andrés M. | Satoshi Club: How can the holders achieve their own Genesis Pool?
Nilotpal: For this let’s try and understand the 4 pillars of Gen architecture: Genesis Shards is creating a permissionless environment of interchain liquidity for pre-IDO tokens. At the core of its architecture, GS has 4 main building blocks:
1) The $GS token – It is the native utility token of the ecosystem. It is an ERC20 token issued on Ethereum and can be swapped for elements such as Gen Access. It also plays a significant role in governance of the Genesis network.
2) Gen Access cards – Gen Access cards are the ‘entry passes’ into the Genesis Shards ecosystem. They allow holders to acquire Gen Tickets. Different NFT cards grant different access rights — ranging from Gen ticket size to governance influence.
3) Gen Tickets – Each ‘Gen Ticket’ will have a varying amount of Pre-IDO tokens that are inside. The tickets themselves can be traded on NFTX — or they can be swapped for tokens after the IDO, at the time of the token generation event.
4) Gen NFTX – It is a marketplace for DeFi products that come out of the Genesis Shards ecosystem. It has the ability to shard NFTs for fractional swaps.
By wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option which can then be traded on the NFT AMM dex (Gen NFTX). Gen tickets are accessed through Gen access cards bought with GS tokens and are redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain.
As one can sense, the first use case of GS is to create a liquid OTC market using NFTs. However, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to one’s exploration and interpretation. So once the Gentickets with locked pre-IDO tokens are created, they are free to be traded on Gen NFTX. Users at both ends can create pools and trade through the Gen match making engine.
Gold Rocket | Satoshi Club: thank you very much for such a detailed answer! ready for the next question?
Nilotpal: I have used the term first quite a few times while referring to GS. Why don’t I explain how the Genesis Ecosystem is different from the others around?
Well, Genesis Shards can be looked at from 3 major angles:
1) Pre-IDO liquidity platform: the very fact that Genesis Shards is creating an entirely new market by introducing liquidity to Pre-IDO tokens through its NFT swap architecture, it has a first mover advantage in that space.
2) NFT marketplace: Yet, from a marketplace perspective we are more like Opensea – but for Defi Options.
3) Further, given the very nature of GS, it can also be looked at as a Launchpad, where there are some existing platforms like Polkastarter, DaoMaker, Duckdao, Poolz etc. However, the best part about GS is that we don’t compete with any of them like others around, rather intend to have a strategic tie-up with all, where projects launching on Genesis Pre-IDO platform can be funneled into these ecosystems further upstream for an IDO.
Andrés M. | Satoshi Club: So, these are the main features that make you different from your direct competitors?
Nilotpal: Yup correct, but as you can sense it’s many of the firsts that we are exploring.
- NFT for DeFi options
- Launchpad for Pre-IDO
- a secure and reliable OTC marketplace
Q2 from Telegram User @Andrey_Seleznov
Genesis aims to be a marketplace for PRE-IDO tokens on NFTS. To be honest I am a little confused at the meaning behind this phrase Could you please tell us what differentiates pre-ido tokens from post-ido tokens and how will NFT help in your vision? Thanks!
Nilotpal: Pre-IDO – essentially is the period when tokens are usually locked as the public sale hasn’t happened
Post IDO – is when the public sale is done and open market liquidity is available.
At Genesis we wrap time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option. Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain
Let’s say a single ABC Gen Ticket contains a total of 100 tokens.
Let’s look at the timeline:
Phase 1: Pre- IDO
From Day 0 (Gen Ticket creation), until the Token Generation Event (TGE) Day. The Gen Ticket would have 100 locked tokens and 0 unlocked tokens.
Phase 2: IDO date (unlock event)
Upon the completion of the IDO, the initial unlocked tokens (say 20% — so 20 tokens) would be credited to the Gen Ticket. At this point, the token holder has the option of liquidating the 20 tokens — in which case the ticket would serve as a promissory note for the remaining 80 tokens
Phase 3: From IDO to next unlock:
In this phase, the Gen Ticket would be freely tradable on the NFTX exchange, with the value being derived from the split-in unlocked and locked tokens within it.
Phase 4: Unlock event 2
Say after 3 months, 20% more tickets are unlocked — another 20 tokens would be vested into the Ticket. The split may now look like this: 60 locked tokens + 40 unlocked tokens (assuming no tokens have been liquidated so far).
Phase 5: Final unlock
Let’s say another 3 months later, the final batch of tokens is unlocked. At this point the Gen Ticket would contain 100 unlocked tokens and 0 locked tokens — so if the unlocked tokens within it are all liquidated, it would lose all its value.
Basically, the time value of the Gen Ticket would wind down to zero on the date of the final token unlock — so its value would purely be derived from the number of (unlocked) tokens within it.
“More Info Here:
▪️Official Twitter: https://twitter.com/GenShards
▪️Official Medium: https://medium.com/genesis-shard
▪️Official Announcement Channel: https://t.me/genshardsANN
▪️Official Website: https://www.genshards.com/
Q3 from Telegram User @yellowchamp
According to your twitter, NFT is currently serve only as collectibles. By using the Genesis Shards, NFT swap architecture, they can also serve as DeFi options. This unlocks a plethora of new possibilities in DeFi. If currently NFT is only for collectibles, with Genesis Shards how will be NFT be more valuable as Defi Options?
Nilotpal: The crypto season of 2021 is witnessing a quantum leap in the value recognition of “NFTs” or non-fungible tokens. NFTs are soon becoming a rapidly popular asset class. However, few, if any, NFTs have any added utility part from their collectible value.
Theidea of NFTs being re-defined as Defi Options opens up possibilities of a whole new suite of DeFi applications that weren’t previously explored.
As the first use case of Genesis ecosystem, by wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.
– Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens), and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero – and only the underlying asset value would remain.
As one case sense, the very derivative nature of Genesis products can open up endless possibilities for NFTs in the DeFi space subject to ones exploration and interpretation.
Andrés M. | Satoshi Club: NFT is a hot topic this year, even artists non crypto are joining to get profit. Are you embracing this market? I mean newbies that not have too much knowledge about crypto or how to create NFTs.
Nilotpal: Yup and trust me the NFT as DeFi option is going to be a much larger market. That’s not going to be an issue at all. We are making sure the interfaces are as user friendly as possible with little to 0 friction & prior knowledge requirement.
If one knows Opensea and Uniswap, they shouldn’t have any issue using Genesis shards.
Andrés M. | Satoshi Club: Completely agree, two great topics together. Great work, adoption means to be useful for everyone.
Nilotpal: Our preliminary analysis suggests that — the DeFi derivative marketplace could be worth $540 billion — and this is super conservative. We are just using the DeFi TVL in the current state of crypto for our extrapolation without even considering the potential growth in cryptomarketcap size and the potential growth in DeFi dominance within it.
Even if we assume that DeFi options on NFTs should capture 5% of the value of the larger DeFi derivatives sector — this alone gives the DeFi options marketplace a $25 billion value — and this is using the conservative number for the market size.
Q4 from Telegram User @Wormz28
Just recently, you delightedly announced LD Capital and AU21 Capital as Genesis Shards Access Partners. So as an Access Partners, may we know what they will help to bring into your Ecosystem? Also how will the both projects and the users benefits from this great partnerships?
Nilotpal: No its more or less the same, Btw, you were asking for it. Let me break the big news here first!!!
Do not forget to leave a retweet! https://twitter.com/GenShards/status/1376927922515275781
Read more about the Dual IDO here :https://medium.com/genesis-shard/genesis-shards-announces-first-ever-polkastarter-dual-ido-on-eth-bsc-228eb97ce73e
Gold Rocket | Satoshi Club: It’s especially nice that you shared this in Satoshi Club!!
Nilotpal: Memories for us and you too. Anyways, it was a pleasure having this session here. You guys were an amazing host!!
I might have to end it here though as with this news a lot of fresh work has got lined up at my end.
Q5 from Telegram User @Brainchest
What are the minimum requirements for me to get on the Waitlist Form? For example, if I have 500 USDT, can I apply? And what is the approximate income as a percentage of that amount for the year I can get?
Nilotpal: This would come on a detailed blog soon. Please stay tuned to the announcement channel and the Twitter feed.
And feel free to like and retweet this post:
Nilotpal: Yeah but this has to be the last one.
Andrés M. | Satoshi Club: Haha sure, the last one of the first part.
Q6 from Telegram User @meml97
I read on your newest Medium article about how the Genesis ecosystem will have a coterie of partners: Genesis Access shards, Genesis Ecosystem shards, Genesis Mentor shards. Can you tell us more about this partnerships and what roles do they have within Genesis Shards’ platform? What are the differences between these three categories and the partners on each one of them? Also how many and what partners will you have on each of this categories, and how do you assign them to one specific category?
Nilotpal: think it was already discussed. Let me refer back to the answer.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @Indomiekuy
I understand that Genesis Shards is a marketplace for tokens on NFT. So can you explain how important are the community for your project and how did you try convince make your community and investor keep interest with Genesis Shards project?
Nilotpal: Community is at the core of Genesis’s vision.
The very heart of the product focuses on two main challenges faced by the community in Pre-IDO space:
– lack of liquidity in OTC markets and
– inconsistent OTC trade practices in uncertain environment
In addition to this, our vision involves creating a community centric marketplace where retail members with Genesis Access Card holdings get access to early-stage entries in some of the best-vetted projects in the DeFi space — on the same stage as VCs/ institutions, Community plays the most significant role in the Genesis Shards ecosystem, right from the ground up.
Q2 from Telegram User @lzamg
The Gen Tickets can be traded on your Gen NFTX exchange or can be exchanged for the IDO tokens at the time of TGE. But can you explain further about the advantages of both options? I mean, which one would be the best option and in what cases?
Nilotpal: At the most basic level, Gen tickets are NFT contracts that represent a varying amount of pre-IDO tokens. These NFTs can be traded on our Gen NFTX exchange or can be exchanged for the IDO tokens at the time of token generation events.
A Gen Ticket is a kind of ‘DeFi option’. Options are derivative instruments that derive their value from an underlying asset; in this case, the underlying is the Pre-IDO tokens.
By wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), the NFTs start behaving like a DeFi option.
Just like regular options, these Gen Tickets will have some value derived from the underlying assets (pre-IDO tokens) and some value derived from time sensitivity (token unlock points). When the last post-IDO token tranche is unlocked by the project, that is when the time value would collapse to zero — and only the underlying asset value would remain. As regarding the “better” option to trade (on NFTX vs waiting for IDO) – there is no better or worse here, it’s a choice that our platform provides
The very reason we introduced Gen Tickets is to address the concerns with preIDO liquidity. Trading on the Gen Ticket itself would be preferred if you wish to liquidate your position in the preIDO phase, or in between token unlock points. However, you can keep holding the Gen ticket and exchange it for the tokens at IDO, if you do not need the pre-IDO liquidity…it would be a personal choice. But the major game changer here is that very CHOICE, no other platform offers this choice at the moment.
I think you should have a read of the below article – it explains the value in a Gen Ticket over time pretty well. https://medium.com/genesis-shard/introducing-gen-tickets-50e0b0a060ec
Q3 from Telegram User @Tony253210
The biggest lack that the Non-fungible tokens have are the poor uses cases and low liquidity to them, so I have understood that Genesis works with NFTs, so can you tell us how fix this intrinsic limitation?
Nilotpal: Yes, I agree that these two limitations indeed exist with NFTs at the moment, Poor use case
The crypto season of 2021 is witnessing a quantum leap in the value recognition of “NFTs” or non-fungible tokens. NFTs are soon becoming a rapidly popular asset class. However, few, if any, NFTs have any added utility apart from their collectible value. The very idea of NFTs being re-defined as Defi Options by Genesis Shards opens up endless possibilities for a whole new suite of option based DeFi products that can be traded on our platform. Such a market wasn’t earlier possible there in other existing platforms like Opeansea, and the likes.
Liquidity: While Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication.
The solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains.
Q4 from Telegram User @victorogb
In the forseeable future, where do you see the economic functionality and use of the $GS token and how relevant will it be in the DeFi market space?
Nilotpal: The native $GS token is native utility token of Genesis ecosystem. The token gets used for Genesis Access, Genesis NFTX and plays a significant role in Genesis network governance.
The various roles of $GS token in Genesis ecosystem:
Gen Access: $GS Tokens are required to be swapped for Genesis Access NFTs to be a part of the Genesis network. Based on the amount of tokens held access tiers are decided enabling different access rights to its users.
Gen NFTX: $GS token is the native token on the NFTX platform allowing users to benefit from reduction in Swap fees for tickets, access cards or Gen smart contracts.
Gen Governance: $GS tokens would provide governance rights to its members where they can vote on different proposals within the ecosystem. The number of tokens held would be a representation of voting power within the network.
Q5 from Telegram User @h1drX
Why did you decide to call the project “Genesis”? Is there a story behind the name of the project or any inspiration or reference? Did you adopt the name Genesis referring to the biblical stories?
Nilotpal: Interesting question! ‘Genesis’ is defined as: the origin or mode of formation of something. Well, Genesis Shards is all about addressing ‘pre-IDO’ (early) stage liquidity, and building a helpful ecosystem for DeFi projects in the early stages.
As it deals with the early stages in a project’s lifecycle, hence the term ‘Genesis’
Q6 from Telegram User @meml97
One thing that intrigued me about Genesis Shards is the fact that usually, NTFs are built and powered by Ethereum, but I noticed that Genesis Shards’ NFTs are power by Polkadot, can you tell us more about this and why did you decide to be powered by polkadot? What kind of technology did you use to create your NFTs? And what benefits will you get from this?
Nilotpal: Though Genesis as a pre-IDO platform will have its own liquidity engine, we see huge value in partnering with the existing cross-chain architecture of Polkadot for inter-chain communication. The reason why we chose Polkadot is – the solidity compatible Polkadot parachains will enable Genesis Shards ecosystem to take pre-IDO tokens from various low liquidity blockchains, wrap them into Gen NFTs and be traded on Genesis enabled liquidity pools. This will also allow the projects to take full advantage of the liquidity internal and external to their native chains.
Q7 from Telegram User @Maizpilao
On your website I did not manage to see any Roadmap when will be the launch of your application? What are you currently working on?
Nilotpal: In terms of development, we have made significant progress and are well positioned on our roadmap. The tech team has already shipped codes for –
Landing page design, Gen Tickets Web Frontend Mockups, Gen Tickets NFTs Design, GEN Access Cards NFTs Design, GenFactory & GenTicket contracts (on testnet), GenFactory smart contract v1 + tests, (on testnet) GenTickets smart contract v1 + tests (on testnet), GenAccess cards smart contract + tests and Gen token contract + tests (on testnet).
A lot of updates around these would be shared on our tech progress blog in the coming weeks. Do follow, https://medium.com/genesis-shard
Q8 from Telegram User @alaskasb
Can you tell us about the first dual IDO ethereum and BSC polkastarter that Genesis Shard will have? It’s amazing that they are 2 IDO, could you give us more details about this? Thanks?
Nilotpal: Polkastarter is integrating Binance Smart Chain (BSC) to increase the accessibility of IDOs and to promote cross-chain interoperability. This integration allows projects to launch their Polkastarter IDO simultaneously on both Ethereum and Binance Smart Chain.
As the first-ever project to launch under this integration, Genesis Shards would not only get access to greater liquidity but also reach a wider range of audiences in the public distribution phase. IDO participants will be able to easily swap $GS tokens between Ethereum and BSC. The BSC support would provide community members with the option of cheaper gas fees while participating in the IDO, which we believe would make the distribution more equitable.
Read more about it here : https://medium.com/genesis-shard/genesis-shards-announces-first-ever-polkastarter-dual-ido-on-eth-bsc-228eb97ce73e
Q9 from Telegram User @Priyanshu0021
How many partners currently have trusted Genesis Shards and what benefits do these partners bring to Genesis Shards vice versa?
Nilotpal: The currently announced partnerships for Genesis Shards are:
Polygon: Genesis Shards has partnered with Polygon (formerly Matic) to increase the scalability of Gen Tickets (NFTs) on the Genesis platform through Polygon’s L2 solution
PolkaFoundry: Genesis Shards has partnered with PolkaFoundry to help bring a much wider range of DeFi projects building on Polkadot, into the Genesis ecosystem and to provide them with Pre-IDO liquidity solutions
Kylin: Genesis Shards has partnered with Kylin to access oracle services and integrate price data feeds through Kylin’s Oracle network
Do stay tuned, we are always looking to form more strategic partnerships where we see potential synergies!
Q10 from Telegram User @Wormz28
Your vision is to transform NFTs into a liquidity vehicle for pre-IDO tokens and a whole new suite of DeFi products across multiple blockchains. So how will Genesis Shards capitalizing the NFT hype to provide liquidity solutions for pre-IDO tokens?
Nilotpal: Liquidity for pre-IDO tokens will be provided as follows: We shall be wrapping time-locked fungible tokens (in this case PreIDO tokens) into NFTs (in this case the GenTickets), that can be traded on the NFT AMM dex (Gen NFTX). Gen Tickets would be redeemable for post-TGE (Token Generation Event) tokens once its vesting cliff period is over.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Genesis Shards. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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