The Interlay Crowdloan will start on 14th December! BTC ♥️ Polkadot!
Interlay is entering the Polkadot auction in Batch 2 to win a parachain slot (6–11) and will hold a crowdloan to collect support from the community. Once live, Interlay’s interBTC will bring Bitcoin to the Dotsama ecosystem, and help bootstrap it.
In this post we cover:
- and a sneak-peek at the next steps after winning a parachain slot.
- a deep dive into the tokenomics of the Interlay crowdloan;
Interlay + Polkadot = Bitcoin DeFi on Steroids
By now, many of you know that Interlay is a decentralized network focused on blockchain interoperability. Founded by ex-Imperial College CS PhDs — Alexei Zamyatin and Dominik Harz, Interlay’s mission is to make Bitcoin interoperable in a fully trustless and decentralized way.
interBTC, Interlay’s flagship product, is Bitcoin on any blockchain. Backed by multi-collateral insurance, interBTC resembles an algorithmic stablecoin pegged to and redeemable 1:1 for Bitcoin (i.e. a hybrid).
interBTC will bring radically open Bitcoin to Polkadot to kickstart liquidity for parachains like Acala, Moonbeam, Parallel, HydraDX, and many others.
In parallel, we are working on bringing interBTC to Cosmos, Ethereum, and other major DeFi networks.
Bitcoin on Polkadot is just the start. We’re aiming to be on all major DeFi platforms within 2 years. In parallel, we are adding support for Bitcoin-tailored smart contracts, a decentralized exchange for native Bitcoin, synthetics — and support for more bridged assets beyond BTC.
Our grand vision, however, is something more radical.
Imagine you could invest your BTC into DeFi on any blockchain with just 1 click — without BTC ever leaving your wallet.
We’ve invented a way for non-expert users to earn yield on their Bitcoin, simpler and more secure than ever before. A new paradigm for Bitcoin DeFi tapping into the vast user base of Bitcoin holders.
Quoting co-founder Alexei: “It’s a moonshot project. Works on paper, first PoC efforts look good — but it’s too early to claim victory. Also, we don’t want to leak plans for our secret weapon too early. But if it works, this truly has the potential to challenge the centralized status quo”.
For the techies: A first technical paper will be released next month.
The Interlay Crowdloan in a nutshell
Interlay is opening a crowdloan to bid for a Polkadot parachain slot in batch 2, bringing trustless Bitcoin to the Polkaverse. Why go for batch 2, you may ask. It gives time to other parachains to go live, making integrations with them possible! As interoperability is Interlay’s main focus, we pay great attention to use-possibilities with other projects in the ecosystem. The usability is what makes Interlay extremely valuable!
Interlay will participate in the Polkadot parachain auctions and support a crowdloan to enable the community to vote for:
- Target slot: 6–10
- Lease duration: 96 weeks (8 periods, maximum lease duration)
- Max. lockup target: 50,000,000 hard cap (21,000,000 soft cap if clear leader)
To participate in the crowdloan, you need to lock your DOT on https://crowdloan.interlay.io/ and vote for Interlay to become a parachain.
The INTR Token
INTR is Interlay’s governance token. Its main purposes are:
- Governance. INTR holders vote on governance proposals and elect council members to make operational decisions.
- Utility. Mid-term, Interlay will support transaction fee payments in INTR and other digital assets, in addition to DOT.
INTR features an unlimited supply. The emission schedule is defined as follows:
- 1 billion (1,000,000,000) INTR emitted over the first 4 years
- 2% annual inflation afterward, indefinitely.
INTR tokens are distributed to network participants, builders, and early backers in two forms: airdrops and block rewards. There will be no public sale or ICO!
Thereby, Interlay will be governed by the community from day one: 70% of the INTR supply is distributed to the community.
After exactly 4 years and the full distribution of the initial supply of 1 billion INTR, the protocol will initiate a 2% annual inflation that will continue indefinitely — distributed fully among the community.
More details: token economy whitepaper released by Kintsugi Labs
Crowdloan Reward Structure
Interlay allocates 10% of the initial 4-year supply (100,000,000 INTR) to crowdloans. Airdropped INTR will be subject to vesting: 30% available when transfers are enabled, 70% vests linearly over 96 weeks.
For those who like to experiment and learn, we have opened Early Bonuses:
- Early bird: 10% Contribute before the start of Auction #6 (23 Dec.)
- Challenges: 2.5% for the Quiz, 2.5% for minting interBTC on testnet. Attention: You MUST use the same account as you‘ll use for the crowdloan contribution!
Other bonuses include:
- Referral program: 5% each for the referrer and referred. Minimum crowdloan contribution required for both accounts.
- Kintsugi Legends: 2.5% bonus if you contributed to Kintsugi crowdloan (MUST use same account!)
- Strong supporters: 10% bonus if you contribute more than 50,000 DOT
- kBTC user bonus (tbc): Mint kBTC and/or run a Vault with collateral. Will be announced ad-hoc!
All crowdloan details can be found here.
- 14 December 2021: Interlay crowdloan opens.
- 23 December 2021: 2nd batch of Polkadot parachain auctions start. 6 auctions, 1 every 14 days.
- 11 March 2022: Six new parachains go live on Polkadot!
- Polkadot Network Launches Parachains
- Parachain info & live update
- How interBTC works
- Interlay’s vision for interoperability
We envision a future where blockchains seamlessly connect and interact: anyone can use any digital asset on any blockchain, trustless and without limitations. We work with Bitcoin, Ethereum, Polkadot, Cosmos, and others to expand interoperability, capital efficiency, and openness.
Our flagship product is interBTC — Bitcoin on any blockchain. A 1:1 Bitcoin-backed asset, fully collateralized, interoperable, and censorship-resistant, realizing the true free nature of BTC and decentralized finance. Kintsugi is our canary network on Kusama — the innovation hub of the Interlay network.