The journey of our Picasso parachain and its native token, $PICA, towards achieving advanced interoperability within the crypto world takes an exciting turn. A breakthrough that is triggered by Centauri’s novel extension of the Inter-Blockchain Communication (IBC) protocol. Centauri’s imminent establishment of the first trustless connection between DotSama and the Cosmos ecosystem underlines the pivotal role Picasso and $PICA play.
As we edge closer to our venture into the Cosmos ecosystem, we are all set to launch some pioneering cross-ecosystem strategies in collaboration with teams in the Cosmos ecosystem. Kickstarting these strategies will be the launch of the PICA token on StreamSwap, followed by the first cross-ecosystem liquidity pools on Osmosis. The following segments delve into StreamSwap’s unique concept, aiding our community in understanding the protocol better in anticipation of the PICA token’s Cosmos debut.
What is StreamSwap and how does it work?
StreamSwap is a time-based swap protocol where swaps happen over a period of time rather than instantly to ensure a community-driven price discovery. For a great overview of their services check out their full explainer article.
There are two stakeholders in any token launch on StreamSwap, which are referred to as Streams. The first is the Streamer, the protocol who is listing their token. The second are the Subscribers, those who are interested in buying the Streamer’s token. There are also only two tokens in any Stream, the token being Streamed and the token being Subscribed.
A Stream is separated into 2 phases:
The Bootstrapping Phase — during which Subscribers are able to deposit their tokens in advance without any swaps occurring. Tokens can also be withdrawn at any time during this phase, subscribed tokens are paired against the token to be streamed.
The Streaming Phase — during which tokens can still be deposited and withdrawn by Subscribers but swaps begin to occur linearly over the entirety of the Stream’s preset duration. At the end of the Streaming Phase you can then redeem the Streamed token.
Picasso’s Stream details
Our launch Stream will be provided with 100,000,000 PICA tokens. The full details of the Stream can be found below 👇
Token to Stream: PICA
PICA allocated: 100,000,000
Token to Subscribe: USDC
Bootstrapping period: 24 hours
Streaming period: 4 hours
Tokens streamed & swapped per minute during the Streaming Phase: 100M / 120min = 833,333 PICA/min
Follow us on Twitter for updates regarding the timing of our StreamSwap launch and more information on how you can participate.
What’s next?
After the conclusion of these Streams, the Subscribed tokens will be utilized to open liquidity pools on Osmosis and Pablo. More details on token pairs and incentives will follow in a future update.
The StreamSwap launch and subsequent Osmosis listing will be the first instances of Polkadot-native assets utilized within Cosmos DeFi, marking a significant step forward for both ecosystems and general blockchain interoperability. Stay tuned as we have more strategies planned to launch in the coming weeks.
