PolkaSmith Crowdloan for Kusama Parachain Auction Batch 2 is Open
As the second batch of Kusama Parachain Auction will start on the 1st of September, we are pleased to announce that PolkaSmith crowdloan is now OPEN for early contribution. Visit the PolkaSmith crowdloan site to get started.
PolkaSmith is a one-stop production hub creating borderless and frictionless DeFi and NFT applications on the Kusama network (ID number: 2009). This PolkaFoundry’s canary network aims to serve early-stage startups that need to grow quickly and easily experiment with bold new ideas.
The total supply of PolkaSmith’s native token will be 70,000,000 PKS, a fixed and deflationary amount. Like PolkaFoundry’s native token (PKF), PKS is a utility token used for transaction fees, network staking, and on-chain government.
It is crucial for PolkaSmith to secure a parachain slot on Kusama by winning an auction to launch and pave the way for mainnet PolkaFoundry’s future deployment on Polkadot. Therefore, in the successive waves of Kusama auctions, we now introduce a NEW crowdloan campaign to gather adequate funding from community support and bid for the parachain lease period of 48 weeks.
Let’s take a look at PolkaSmith’s new crowdloan campaign and how supporters can start contributing today!
🎁Crowdloan Rewards & Vesting Schedule
KSM holders can now lock their tokens on our crowdloan to receive reward PKS after the PolkaSmith wins a Kusama parachain auction. Indeed, we will allocate 15% of the total supply of PKS to reward contributors. When our parachain lease of 48 weeks expires, the locked KSM will be returned to the contributors.
Total Reward Pool: 10,500,000 PKS (15% total supply)
Reward Rate: approx. 350 PKS/ 1 KSM (the final rate will be prorated over the total number of participants)
🔔 Bonuses
🔸 Early bird: Before the snapshot time (5:00 PM UTC, August 29), the top 100 contributors who lock the largest number of KSM will each receive one ticket to join the Kaby Arena ($KABY) public sale on GameFi Launchpad. Each ticket will be equivalent to a 500$ worth allocation of $KABY token. Moreover, the top 3 picked at the snapshot time will each get a bonus ticket of the same allocation.
🔸 Referral: The contributors who refer others to the crowdloan using their unique code will be rewarded with 10% of the amount of PKS of those referents.
📌 Note:
- The early bird and referral bonuses apply to contributions on the PolkaSmith Crowdloan site, NOT on any other third-party platforms.
- To be eligible for early bird bonuses, make sure that on the contribution page, you fill out the ERC-20 wallet address that you will use to register on the GameFi launchpad later.
- Any fraud attempt including but not limited to creating multiple accounts to take advantage of referral bonuses, will be reviewed and penalized accordingly.
- If PolkaSmith fails to win a parachain lease after five auctions (5 weeks starting from the 1st of September), we will stop the crowdloan campaign and return all KSM immediately.
✅ Vesting schedule
After PolkaSmith wins a parachain slot, 35% of PKS delivered immediately, and 65% PKS vested over ten months.
📍 Important Update
Our recent post on PolkaFoundry Medium on August 21 accidentally stated outdated information that contributors will earn 500 Red Kite points per KSM when locking KSM through PolkaSmith crowdloan on Red Kite.
We officially confirm that for Kusama Parachain Auction Batch 2, PolkaSmith Crowdloan no longer offers contributions through the Red Kite launchpad. Hence, there is no reward in terms of the Red Kite point.
📘How to Join PolkaSmith Crowdloan
Most approved third-party platforms to host crowdloan like Polkadot.js.org, MEXC, OKEx will only be available when the crowdloan opens.
Good news! You don’t have to wait and can make an early contribution now on our official PolkaSmith crowdloan site. Here is the step by step instruction:
- Prepare a certain amount of KSM in a Kusama account to support PolkaSmith. Please note that KSM needed to be unstaked at least seven days to be used in crowdloan;
- Visit the PolkaSmith Crowdloan site, click [Connect Polkadot.js Extension], save your Referral Code to send it later to your friends
- Scroll down to enter the amount of KSM to contribute and your ERC-20 wallet, click [Submit Contribution];
- A popup will appear. Enter your [Password] and hit [Sign the transaction]. Now on the page, it will show “You have successfully contributed.”
👉 If you are unfamiliar with Kusama, follow this tutorial to create your first Kusama account.
👉 To know more about Kusama parachain slot auctions and crowdloans, read the docs at https://kusama.network/auctions.
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ABOUT POLKASMITH
Implemented on Kusama Network, PolkaSmith is a canary chain of PolkaFoundry, a one-stop production hub creating borderless and frictionless DeFi & NFT applications. PolkaSmith will be a reliable platform for early-stage startups to unleash their creativity, experiment with bold new ideas, and hack the growth.
ABOUT POLKAFOUNDRY
PolkaFoundry is a platform for building borderless and frictionless DeFi & NFT dapps on Polkadot. It aims to be the one-stop production hub for DeFi & NFT dapps with all the necessary features, services, integrations, and tools for DeFi experiments, innovations, and real-world solutions. Taking advantage of Polkadot’s interoperability and scalability and integrating many DeFi-friendly services into the platform, PolkaFoundry also provides UX-enabling features that make dapps as easy to use as everyday applications and bring dapps to the masses.
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