Energy Web Opens Polkadot Crowdloan
Join Energy Web in Shaping the Energy Future via Upcoming Polkadot Crowdloan, Launching September 5th
Zug, Switzerland, August 24, 2023 — Energy Web, a non-profit organization developing digital solutions to accelerate the energy transition, is pleased to announce the Energy Web X crowdloan. The objective of the crowdloan initiative is to secure a parachain slot for Energy Web X on the Polkadot Relay Chain, thereby empowering it to leverage the security and scalability inherent in Polkadot’s infrastructure. Contributing to the crowdloan represents a unique opportunity for the Polkadot and Energy Web communities to help expand the Energy Web ecosystem to the Polkadot network and support Energy Web’s mission to accelerate the energy transition.
Crowdloan and Polkadot Parachains: Powering Energy Web X with Polkadot
Connecting to the Polkadot Relay Chain offers a multitude of scaling and security benefits for the Energy Web ecosystem. Energy Web X aims to harness these advantages through a parachain connection. However, due to the limited availability of parachain slots on Polkadot, a competitive process is in place to allocate them.
To determine which projects get to connect their parachains to the Polkadot Relay Chain, lease periods (referred to as ‘ ‘time slots’ ‘) are auctioned off. Each lease period lasts for 12 weeks. Projects can bid for up to 8 slots at once in a crowdloan, for a total of 96 weeks of lease time. Winning an auction secures the project a parachain slot, granting it access to the security and resources of the Polkadot ecosystem.
The Energy Web and Polkadot communities can support Energy Web X’s bid for a parachain slot through a crowdloan mechanism.
How the EWX Crowdloan Works
Contributors lend their DOT tokens for the Energy Web X launch via the Polkadot crowdloan mechanism. Similar to the parachain auctions themselves, crowdloans occur directly on the Polkadot Relay Chain. Contributors will use DOT tokens to participate, requiring a Polkadot wallet. Contributed DOT tokens are temporarily locked on behalf of the project. No tokens are spent (except for a small transaction fee). In the event that Energy Web X does not win an auction, contributed DOT tokens are immediately and automatically returned.
In the event that Energy Web X wins an auction and secures a parachain slot, DOT tokens will be returned to all contributors once the parachain lease ends (96 weeks after it begins). If Energy Web X is awarded a parachain slot in the forthcoming auction, launch will be targeted for October 23, 2023 (coinciding with Polkadot lease period 14).
Rewards for EWX Crowdloan Contributors
To incentivize community participation, a rewards program is in place. For every 1 $DOT contributed to the Energy Web X crowdloan, 1 $EWT (Energy Web Token) on Energy Web X is offered as a reward. The distribution of $EWT rewards is expected to commence in Q1 2024, with the rewards vested and distributed in consistent amounts in regular intervals over the remaining lease time of Energy Web X until Aug 25, 2025.
The EWX parachain address is automatically calculated based on the Polkadot account that was used for the Crowdloan participation. Therefore it’s not possible to receive the crowdloan rewards to another address.
Participation Guidelines
To participate in the EWX Crowdloan, contributors must send their $DOT tokens directly to the EWX Crowdloan on Polkadot, as described below. Funds raised via the crowdloan will be used in auctions beginning on September 5, 2023 and concluding between September 19 and September 24, 2023. Due to the candle auction mechanism that defines the auction end time at random, contributions made before September 7 have the most impact on EWX’s chances of winning the auction and your chances to win a reward. Please note that Ledger wallets will not initially support EWX. Contributors using Ledger wallets for the EWX Crowdloan may need to follow additional steps to access their $EWT rewards after the public launch.
About Energy Web
Energy Web is a global non-profit accelerating the clean energy transition by developing open-source technology solutions for energy systems. Our enterprise-grade solutions improve coordination across complex energy markets, unlocking the full potential of clean, distributed energy resources for businesses, grid operators, and customers. Our solutions for enterprise asset management, data exchange, and Green Proofs, our tool for registering and tracking low-carbon products, are underpinned by the Energy Web Chain, the world’s first public blockchain tailored to the energy sector. The Energy Web ecosystem comprises leading utilities, renewable energy developers, grid operators, corporate energy buyers, automotive, IoT, telecommunications leaders, and more. More information on Energy Web can be found at www.energyweb.org
About Energy Web X
Energy Web X (EWX) is an open-source, public, substrate-based blockchain purpose-built to support Worker Node Networks. Learn more about how EWX unlocks the full potential of Worker Nodes to power solutions for electricity markets, low-carbon commodities, and electric mobility.
