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Cardano Ecosystem

Genius X

03/14/2023

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Genius X Update

Action and adaptability create opportunities. With that credo in mind, the Genius X team has deeply reworked and redesigned various aspects of the documentation to enable the best success of the project and its investors.

Genius X Update

Action and adaptability create opportunities. With that credo in mind, the Genius X team has deeply reworked and redesigned various aspects of the documentation to enable the best success of the project and its investors.

Find the changes in our updated documentation.

Genius X NFT bonus program

Initially, the Genius X team designed a complex and interesting NFT bonus program. To unlock the weighting factor boosters in the redistribution pools, users needed a Genius X NFT. To earn a Genius X NFT, users would stake a predetermined amount of $GENSX for a certain amount of time and would receive these NFT boosters. While this feature was interesting and incentivized $GENSX holders to remain staked for long periods of time, it was highly subject to gamification. That’s why we implemented a strict rule: NFTs utilities would be tied to the wallet that earned it.

We received a copious amount of feedback from the community and it was clearly not a welcomed feature. Users want to be able to trade the NFTs and their utility as they deem fit.

We’ve listened to our community and now Genius X NFTs utilities are tradable!

To avoid gamification of the NFT bonus program we’ve decided to change our approach. To unlock weighting factor boosters in the $GENSX staking program one must now use locked staking periods.

The details:
- 6 months locked staking: offering a 3% weighting booster

- 9 months locked staking: offering a 6% weighting booster

- 12 months locked staking: offering a 10% weighting booster + the ability to stake your vested rewards from ISPO using any Genius X NFT rewarded during the ISPO.

This means there won’t be any new Genius X NFTs minted besides the ones that were rewarded during the Genius X ISPO. We remind our Genius X Community that minting for the Genius X ISPO NFTs is ending on April 19th, 2023 as the Policy will close on that date. This will significantly increase scarcity of the collections and create demand and value for the secondary market as the Genius X community requested.

Titan, Comet and Vesta NFTs will have the same utilities: respectively +10%, +6% and +3% weighting factor booster.

Genius X NFT holders and early supporters now have a new opportunity to unlock more weighting factor boosters by combining locked staking and a Genius X NFT!

For example: A Titan NFT holder staking $GENSX and the NFT in a 12 months locked vault will be able to unlock +20% weighting factor on the redistribution pools from the accelerator program!!

Staking program update

While we had designed an elegant and complex tiered staking program, we felt it was unnecessarily complicated. Genius X shares Genius Yield’s vision of unlocking financial opportunities for all and the way the tiered staking program was designed necessitated a high level of involvement and oversight. One needed to carefully check what tokens were available for redistribution and take action at the right time to not lose on any opportunity.

Many of our community members are not monitoring our social media closely and we think they shouldn’t be excluded from any of the opportunities Genius X has to offer. For example, you could be away from the crypto space for a few weeks because of holidays and could have missed several epochs of redistribution from a token you really wanted to earn.

That’s why we have decided to update the staking program. There won’t be anymore tiers, what counts now is your $GENSX staking positions only. From now, every $GENSX staker will automatically be eligible for ALL the tokens available for redistribution. The more $GENSX you stake (+ eventual weighting booster factor from locked staking periods and/or Genius X NFTs booster) the more you’ll receive rewards from all the tokens available.

This way, one can simply stake $GENSX tokens and forget about it: rewards will automatically accrue overtime, anytime there is a token available for redistribution without any other action from the user. No more missed opportunities!

Launchpad and public sale participation

Initially, the tiered staking program was designed to grant whitelisting access and more maximum allocation in the launchpad during public sales. We designed that feature while the launchpad was in the Research & Development phase and we implemented the oversubscription feature afterwards.

Thanks to the oversubscription feature, we feel that whitelisting is not required anymore as anyone will get the opportunity to participate and receive a share of tokens from any public sale no matter what the participation is. To learn more about it please check this link to our documentation.

Thanks to the same oversubscription model, we can implement a high maximum allocation for everyone without being at risk to be in a First Come First Serve model. This way, anyone can participate in the launchpad depending on their investment strategy.

We also think that whitelisting is unnecessary as the core value of the $GENSX token is the redistribution of the fees from the launchpad and the redistribution of tokens from the accelerator. With a more inclusive launchpad, there is a higher chance of successful public sales in the future, meaning more redistribution for the $GENSX stakers.

Adaptability creates opportunity.

TGE Update

While we had initially planned a $GENSX Token Generation Event in April 2023 with the first airdrop of the Genius X ISPO, we have taken the hard decision to delay both events for early Q3 2023. We will announce exact dates in due time.

$GENSX token core value is the redistribution of fees from the launchpad and tokens from the accelerator program. By April 2023, the Genius X startups ecosystem will not be mature enough to allow us to redistribute any tokens from the accelerator or redistribution of launchpad fees.

We think it is worth waiting to release the $GENSX token when it already has a good utility because it will have more inner value. That’s why we have decided to wait until several Genius X onboarded startups have had their Token Generation Event before distributing the $GENSX token. This will directly give the $GENSX token an extra value as stakers will be able to directly accrue different token rewards.

We are aware that there are a lot of changes, and these decisions were not taken lightly. We believe they are in everyone’s best interest and they will help both Genius X and our investors to succeed in the long term.

We want to deeply thank you all for your continuous support and we are looking forward to continuing this journey with you, accelerating ambitious and promising blockchain startups while providing the best opportunities for our investors and token holders.

About Genius X

Genius X is a business accelerator and launchpad for fully-vetted, early-stage blockchain startups. Our mission is to create a more decentralized and inclusive future built by the brightest minds utilizing blockchain technology. The Genius X program helps ambitious founders turn their visions from startups into impactful and scalable solutions that add value by leveraging blockchain technology. We accelerate the most promising startups by providing advisory support in areas such as marketing, business strategy, token design, and fundraising, giving them the edge to become successful.

The Genius X Launchpad is the most advanced smart contract-based Launchpad on Cardano and provides a seamless way for investors to safely participate in early-stage project funding, and achieve maximum potential return for their involvement. The Genius X Launchpad’s operations for token sales are handled by a smart contract, allowing for oversubscription on sales with any unused ADA being automatically refunded to each user’s wallet.

Venture Capital / Accredited Investors — Contact us here.

Startups wishing to apply for Genius X Accelerator program membership can fill out the form here.

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