KILT’s Crowdloan: How to Participate
UPDATE: 1 September — KILT’s crowdloan is closed.
We hit our max cap of 220,000 KSM very quickly on 1 September at 3pm CEST, and further voting for KILT is not possible.
We were thrilled to see the early excitement from our community, with more than 12k contributions voting for KILT since 27 August, when we launched the voting with the below announcement.
KILT aims to secure slot #6. The auction continues through Wednesday 8 September at 11:00 GMT which includes the candle phase.
Earlier post is below.
If you’ve got your KSM ready, head over there now and vote for KILT!
To vote in KILT’s auction bid:
- KSM holders can lock their KSM for KILT via the Fearless wallet or Polkadot.js — see instructions below.
- If you want to support us and your KSM is currently being used for staking, unstake now.
- If you don’t own KSM and want to participate, you need to purchase KSM and start voting for KILT then.
- The minimum crowdloan contribution for KILT is 0.1 KSM.
Kusama crowdloans are run as candle auctions. For this reason, we encourage our community to enter their bids up to September 3rd at 9:00 GMT. Afterwards, you can continue to support KILT with additional bids until the auction ends on September 9 at 9:00 GMT.
KILT’s crowdloan reserve
KILT is bidding for an 8-period parachain slot; when secured this lease will last for 48 weeks total. Participating in a crowdloan means the KSM you lock is unavailable to you during the unlocking, bidding, and parachain lease period.
Transferring or staking KSM is not possible during this time. We’ve set aside a crowdloan reserve of 4.5 million KILT Coins in order to say “thank you” for your support. This reserve is set aside for distribution by the KILT governance when KILT is decentralised. BOTLabs, the entity behind KILT Protocol, will vote in the parachain auction process but is excluded from this reserve.
KSM : KILT
The maximum cap for KILT’s crowdloan is 220,000 KSM; when 220,000 KSM is received no further bids will be accepted.
KILT’s crowdloan reserve is set aside for the governance to divide among the crowdloan supporters (excluding BOTLabs). This means that if governance follows our proposal and the maximum cap is achieved, you can get a minimum of 25 KILT Coins per 1 KSM that you bid in support of KILT’s parachain slot. If the maximum cap is not achieved, you would receive even more. Everyone who voted for the successful KILT bid would receive these coins regardless of when their KSM was placed.
When the parachain slot expires, or in the event that KILT is not successful in obtaining a slot within the 6–10 auction period, the Kusama crowloan module automatically returns your KSM to your wallet within 8 weeks.
First, you need to buy KSM or use the unlocked KSM you already have. Then decide if you want to participate via Polkadot.js or the Fearless wallet.
Instructions for both are below.
Polkadot.js: If you have a KSM account
If you have available KSM on Polkadot.js, go to the crowdloans page on Polkadot.js and click “Contribute” in the column on the right next to KILT Spiritnet.
This will open up a pop-up window.
- Select the account you wish to contribute from.
- Select the amount of KSM you wish to contribute.
- Click “Contribute” (bottom right).
You will then be asked to sign and submit this transaction.
Congratulations — you’ve now successfully voted for the KILT parachain slot!
Polkadot JS: If you don’t have a KSM account yet
If you don’t already have a KSM account on Polkadot.js, set one up by following the steps outlined here and watch the how-to video. (Ignore the “DOT” header — the process is the same for DOT and KSM).
When you go to https://polkadot.js.org/apps/#/explorer to begin the process, make sure you switch to the Kusama network before you follow the instructions.
You can do this by clicking on the network on the top left (see arrow).
This opens up the network options. Click “Kusama & Parachains”.
This opens up the Kusama network options. Select a network and click “Switch”.
When the Kusama network loads, click “Network” in the top bar, and “Parachains” in the dropdown.
Click on the “Crowdloan” tab.
This opens the list of active crowdloans. Then follow the instructions at the top of this section for contributing to the KILT crowdloan.
Set up an account with Fearless Wallet; download links are on their website here and you can ask any questions on their Telegram here. You can buy KSM directly via Fearless Wallet as part of the setup process.
When your account is securely set up, go to the “Crowdloans” tab at the bottom of the screen.
Select KILT from the list of ACTIVE crowdloans.
Add the amount of KSM you wish to bid. This view will indicate the network fee, estimated reward, and leasing period. You can also see the crowdloan info specific to KILT, such as the amount raised, time left and a link to the KILT crowdloan page.
Tap “Continue” to proceed.
Check that the amount you are adding to the KILT auction bid is correct.
It’s that simple to add your KSM to the KILT auction bid via the Fearless Wallet.
Helpful resources from Kusama and Polkadot
If you haven’t participated in a Kusama parachain auction before, it’s very important to DYOR (do your own research!) to become more familiar with the process. We strongly recommend taking a look at these Kusama and Polkadot resources:
- Kusama: Parachain Auctions overview and video How to Participate in Crowdloans on Kusama
- Polkadot: Crowdloans Wiki
- Polkadot Decoded: General overview “Auctions, Crowdloans, and Parachains, Oh My!”