Hello Genius Community!
Since the announcement of the additional 5 million tokens for the second round of our ISPO beyond the initial 10 million GENS tokens originally allocated for the entire ISPO, we have received a great deal of passionate community feedback regarding your concerns around some of the specifics of the model we presented.
We listened.
As stated in our original documentation, we would either end the ISPO early if we reached 10 million before the end date of June 10th, or add additional GENS to further extend the ISPO beyond the 10 million allotted for it. We have been overwhelmed by the interest and passion of not just our community, but the broader Cardano community.
Our community expressed a strong desire to participate and continue to earn additional GENS. Our first attempt to fulfill this desire was an earnest and honest attempt to do so, while making sure we respected the integrity of all investors, stakeholders, and community members involved in addition to the tokenomics of the project as a whole.
That being said, after listening to the community and after careful deliberation, the team decided to extend the current ISPO in its current conversion rate. The current GENS rate of 1 ADA Staked = 0.0025 GENS rewards per epoch will remain across all GENS staking pools — GENS1 / GENS3/ GENSX for 100% GENS rewards, and GENS2 for 50% GENS / 50% ADA rewards. The ISPO will run until the extra 5 million GENS has been exhausted. At the current rate of delegations, we predict the GENS tokens allocated for the ISPO will run out in epoch 338, May 10th, 2022. NFT and bonus reward requirements will be adjusted to reflect the reduction in the total epoch count for the ISPO duration. For example, the diamond hands tier requirements will adjust from 34+ epochs to 28+ epochs. All other reward tiers will also have their total epoch requirements reduced from the old estimate by 6 epochs as well to reflect this change.
We take your support and the trust you place in us very seriously, and we consider our community members as collaborators on our journey to democratize DeFI for everyone. We appreciate your feedback, engagement, passion, support, and your desire to see this project be the best it can be. Thank you.
About Genius Yield
While DeFi provides many investment opportunities, managing capital is complex and time-consuming. Genius Yield is your all-in-one solution to benefit from advanced algorithmic trading strategies and yield optimization opportunities designed to minimize risk and maximize profits. Our Smart Liquidity Management protocol is intuitive, hassle-free, and secure.
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