7.15 Billion $KMA Moved to Treasury
Calamari has officially locked 7.15 billion $KMA into the treasury. Moving forward, the funds will be unlocked through governance.
Calamari Network today announces a further step towards project decentralization through the activation of its treasury. 7.15 billion $KMA has been moved into the treasury. As a reminder, a total of 10 billion $KMA exists, and $KMA is a deflationary token.
Total Locked $KMA
While the PLO was originally 30%, the entire allocation was not required to secure the parachain slot on Kusama. A total of 2.28 billion $KMA (2,277,429,443 $KMA precisely) were exhausted for the PLO. While that amount has fully been distributed to Calamari Network crowdloan contributors, 66% of those distributions have been unlocked for claim at the time of writing this article. 34% remains locked.
In other words, with (1) the 7.15 billion $KMA that have been moved to treasury and (2) the 774 million $KMA that is still locked up in crowdloan rewards, the current circulating supply of $KMA is 20.75%. 79.25% of $KMA remains locked.
Commitment to Decentralization
Calamari Network has been focused on taking a decentralized approach to bring privacy to the entire Kusama ecosystem. The network was born from a fair token launch approach; no tokens were reserved for core contributors or private investors. The first users to receive the token were those who contributed to getting the Calamari Network parachain up and running. This was done by successfully securing a parachain auction through the Kusama crowdloan.
Shortly after the parachain launch, Calamari Network enabled community governance on-chain. After enabling, the project has undergone several runtime upgrades, each one requiring community consensus to enable. Token voting with $KMA has pushed several 3.1.x upgrades, which have enabled other features including the launch of a community collators program.
Moving forward, the $KMA within the Calamari treasury will need to be unlocked by governance. Future tokens from the treasury will be used as incentives for airdrops, liquidity farming, development grants, future crowdloans, $MANTA token lockdrop, and various community activities. The approvals for the aforementioned activities and events will be proposed, and decided through governance.
This movement into the treasury has been taken prior to the launch of the upcoming private payment service, MariPay, which will enable privacy for various parachain assets within the Kusama ecosystem. The testnet for this service is already live, codenamed Dolphin.
About Calamari Network
Calamari Network is the official canary network of Manta Network, the privacy protocol built for the DeFi stack. Deployed on Kusama, Calamari will service private transacting and private swapping for all parachain assets on Kusama, including KSM.