PolkaSmith Kusama Parachain Auction in a Nutshell
📢 25 Aug — Latest Updates:
For Kusama Parachain Auction Batch 2 that starts on the 1st of September, we have now introduced a new crowdloan campaign HERE. The crowdloan information published in the following publication is no longer valid.
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This article will be a brief introduction to PolkaSmith plan for Kusama Auction. At the same time, you can find a concise guide about How to join PolkaSmith crowdloan in the later part of the article.
View the infographics version of this article HERE.
PolkaSmith Auction Plan
We will start by bidding for parachain lease 1st ~ 8th. Understanding that competition for Parachain is intense, if PolkaSmith doesn’t win the first auction, we will keep bidding until we win an auction. In the end, our target is to get a Parchain for the duration of 8-lease period. To achieve that target, we aim to source 30,000 KSM for parachain bids.
PolkaSmith Crowdloan
Contributors to PolkaSmith crowdloan will share a 10,500,000 PKS reward pool, weighted by the amount of KSM contributed plus early bird reward. If we reach the target of raising 30,000 KSM, each KSM locked will get contributors approximately 350 PKS in reward.
Besides, contributors to PolkaSmith crowdloan can earn Red Kite point bonus when contributing through Red Kite. Red Kite point is a unique point on our launchpad, Red Kite. Each Red Kite point is equivalent to 1 PKF staked on Red Kite. Even if you don’t stake any PKF on Red Kite, you can get the same tier benefits.
📌Note: Red Kite point is only meaningful in Red Kite, it will no longer exist when KSM gets unlocked.
How to Join PolkaSmith Crowdloan
You can use either Polkadot.js Extension Wallet, Fearless Wallet, or contribute directly on OKEx.
Polkadot.js Extension Wallet
First of all, you need to install the Polkadot.js Browser Extension, create a wallet on Kusama Relay Chain, and fund your wallet. If you already have a wallet on Polkadot Relay Chain on Polkadot.js, simply switch the network.
Then, you can choose to join our crowdloan on one of these three platforms:
Option 1: Contribute on Polkadot.js.org
Option 2: Contribute on Red Kite
We highly recommend contributors to PolkaSmith join our crowdloan on Red Kite as the Red Kite point bonus will be automatically applied there.
The last step is also to enter your [Password] — [Sign the transaction] on Polkadot.js Extension popup.
Option 3: Contribute on Newland
Fearless Wallet
Fearless is a mobile wallet designed by SORAMITSU for Kusama and Polkadot. Joining crowdloan on Fearless wallet is quite simple, yet it will not allow you to claim the Red Kite point bonus.
OKEx
Desktop users can directly visit the Kusama crowdloan page on OKEx HERE. Similarly, you can also contribute from OKEx mobile app, as follows:
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.
Visit https://redkite.polkafoundry.com/#/join-polkasmith for more information.
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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