Get ready for the Heiko Crowdlown cKSM Redemption
Oh how time flies!
Nearly 10 months ago, Heiko successfully secured 10th auction slot with more than 200k KSM collected from 10K+ individual contributors. Since then, Parallel team has launched 6 DeFi products on Heiko Parachain including: AMM, Liquid Staking, Money Market, Liquid Crowdloan, Payment Streaming and Yield Farming.
As much as we would like to give ourselves a pat on the shoulder and claim all the credits, we simply can’t. None of these would be achieved without the support from the amazing Parallel community that we are so lucky to work with. Only with your valuable feedback and suggestions, are we able to make Heiko into a DeFi SuperDApp that people enjoy.
We deeply appreciate each and every one of you for following us onto this journey.
Now that our lease is coming to an end, it is time for our early contributors to get back their precious KSM and move along with us to the next stage. A variety of yield opportunities will be readily available for your otherwise idle KSM, and we have prepared a smooth on-boarding interface for those of you who are not familiar with using DeFi products. More information will be provided later in this article.
For those of you wondering what will happen to Heiko after the lease ends, worry not! As of July 25th, Heiko has secured the 45th auction slot, so the operation on Heiko Parachain will continue as normal.
cKSM Redemption TL;DR
Who?
The redemption process is exclusively prepared for those who contributed to Heiko’s first crowdloan with Heiko liquid crowdloan service (A.K.A. cKSM holders).
Users who contributed to Heiko crowdloan directly through polkadot.js will receive back their contributed KSM automatically once the lease period is over.
Wen?
The cKSM redemption is estimated to go live on August 15th, roughly a week after the end of the lease period.
Given the fact that this is our first redemption event and that we have a such large number of contributors involved, a series of careful testings is needed for the process to be as seamless as possible, and hence the time window. Nevertheless, the time given above is our safest estimation. In reality the redemption process will most likely be ready before then.
How?
1) When the time is ready, head to Crowdloan Reward page, connect your wallet and you will see the “Redeem KSM” button at the top right corner of the page:
2) Click “Redeem KSM”, and you will be directed to a new window with a list of cKSM you are currently holding:
3) Click the “Redeem” next to the batch of cKSM whose Status is showing as Claimable, and a new window will pop up for you to confirm the amount of KSM you would like to redeem:
4) Note that there is an option for you to directly supply the redeemed KSM into Heiko Money Market for additional yield. You can toggle it off if you would like the redeemed KSM to be sent directly back to your wallet:
5) Click “Redeem (amount) KSM” Button, and sign the transaction in your wallet:
6) After the transaction goes through, you will see a “Success” notification on the top right of your screen:
🎉🎉 Congratulations! You have now successfully redeemed your KSM! 🎉🎉
A few things to be noted:
- You are going to need a small amount of HKO for the claiming transaction in step 5. If you don’t have any HKO left in your wallet, feel free to send a dm to Parallel Finance official Twitter account and ask for some. We would love to help!
- If you decide to supply the redeemed KSM directly to Heiko Money Market (toggle on in step 4), the KSM will not appear in your wallet after the transaction. Instead, you will be able to see your KSM lend position in Heiko Money Market page and you can withdraw your position whenever you’d like.
Have any more questions?
Join our Telegram or Discord and ask for help! The amazing community members and our super responsive mods will be able to assist you with anything you need.
Again, Parallel team would like to thank you all for your participation in Heiko’s first crowdloan and constant support along this journey.There are so much more in the pipeline that we can’t wait to share with you!
Stay in touch with us.
Website: https://parallel.fi
Twitter: https://twitter.com/ParallelFi
Telegram: https://t.me/parallelfi_community
Discord: https://discord.gg/buKKx4dySW