Subsocial Launches Crowdloan Auction for Kusama Parachain Slot Bid
Kyiv, Ukraine, 11th November, 2021,
Subsocial, the social network for the Polkadot ecosystem, is thrilled to announce it will be bidding for one of the coveted parachain slots on Kusama. As such, Subsocial also invites KSM holders to participate in its crowdloan campaign in return for generous rewards in the projects’ native SUB tokens, which have extensive and growing utility in the Subsocial platform.
Since launching the first parachain auctions in June, Kusama has successfully onboarded eleven projects and is developing a thriving, interoperable eI cosystem of applications. As a social network at the heart of the Polkadot and Kusama (Dotsama) community, Subsocial has a unique opportunity to become the first social media platform that directly integrates with the burgeoning Web 3.0 economy. Subsocial is committed to providing as much value as possible by developing features and integrations that showcase the rich functionality and capabilities of the Dotsama ecosystem.
In line with its vision to launch a social platform that interconnects with Web 3.0, Subsocial has determined that now is the time to make a bid for a parachain slot. The move will also increase liquidity for the SUB token by allowing it to be listed on DEXs such as Karura.
As part of its bid for a parachain slot, Subsocial is also launching a crowdloan campaign that aims to be simple and transparent in the way it’s structured and communicated.
Subsocial will allocate 16.5% of the initial total supply of SUB tokens or 16.5 million to the crowdloan. Of those, 15 million will be distributed as guaranteed rewards. The remaining 1.5 million will be allocated to referral bonuses and distributed according to the terms of the referral program.
Contributions to the crowdloan will be capped at 100,000 KSM. If the cap is reached, then rewards will be 150 SUB per KSM. However, the rewards are not fixed to a particular ratio, and if Subsocial wins a slot with a bid of less than 100,000 KSM, contributors will receive rewards higher than 150 SUB per KSM. For instance, if Subsocial can secure a parachain slot with 50,000 KSM, contributors will receive 300 SUB per KSM.
Crowdloan participants may also earn referral bonuses. Each participant will receive a unique referral code, allowing them to generate rewards of 15 SUB per KSM contributed by their referrals, which are split 50:50 between the referrer and the referee. Any unused referral funds from the 1.5 million SUB allocation will be returned to the Treasury and used for the next crowdloan.
SUB rewards will be subject to a vesting schedule. Upon receipt, 20% of the rewards will be available immediately, while the remaining 80% will vest over the 48 weeks of the parachain slot lease.
The low initial unlock is designed to stimulate the use of the SUB token for its various intended utilities in the Subsocial platform. Users can get started by creating their own social network and playing with monetization features.
Subsocial is an open platform for decentralized social networks and marketplaces. Via Subsocial’s web user interface, anyone can launch their own decentralized censorship-resistant social network or community with built-in monetization methods.
Subsocial is built with the Polkadot and IPFS tech stacks. As a social platform at the heart of the Polkadot and Kusama ecosystems, Subsocial is uniquely positioned to tap into the tools and technologies that make up Web3.0 – the Internet of Value.
- Dan Edelstein