The SORA Network Kusama Parachain Auction
The SORA Kusama Parachain will give new superpowers to the Polkaswap DEX
- SORA will join the Kusama parachain auctions, starting in January and continuing until securing a slot
- For the crowdloan, it is proposed to mint 5000 XOR, use 2000 XOR to buy PSWAP, 2000 XOR to buy VAL, and 500 XOR to buy XSTUSD. Then the PSWAP, VAL, and XSTUSD will be vested to give rewards to contributors to the crowdloan, and the remaining 500 XOR will be distributed unvested to the contributors
- Because Kusama is a canary network, a brand new SORA Kusama Parachain network will be set up to become a parachain of Kusama
- Interoperability between the existing SORA network and the SORA Kusama Parachain network will be enabled via a bridge. SORA will be a parachain of Polkadot and Kusama and is not going to be a relay chain that competes with them.
- The SORA Kusama Parachain will use XOR as its native token and can be upgraded through on-chain governance, independently of the existing SORA network
The Interoperable Future on SORA
Since the first announcement of Polkaswap, it has been planned that SORA would become parachains of both Kusama and Polkadot. Now the time has finally come for the first parachain of the SORA ecosystem on Kusama. This is an important step for SORA, as it will enable access to a multitude of assets on other parachains in the ecosystem, as well as KSM tokens, which are vitally important to the SORA ecosystem because a treasury of these will be used to secure future parachain auctions.
Securing a parachain slot will also open up new worlds of tokens for trading on Polkaswap, bringing the project one step closer to becoming the ultimate source for cross-chain liquidity.
SORA Kusama Parachain
The SORA network is a living, breathing, growing infrastructure that is fit and flourishing as a standalone blockchain. It currently has a bridge connecting to the Ethereum blockchain and other bridges have been proposed as well. Taking the traction that the SORA network has currently, instead of converting it to a parachain directly, a brand new network, the SORA Kusama Parachain, will be set up as a sister network. This new network will connect to the SORA network via a bridge, and will be a full Kusama parachain. To avoid confusion with the SORA network, the new network will be called the SORA Kusama Parachain network.
The SORA Kusama Parachain will use XOR as its native token and will have the possibility to be upgraded through on-chain governance that will be independent of the existing SORA network. This gives endless possibilities for the SORA Kusama Parachain network to evolve over time. The SORA Kusama Parachain will expand the utility of XOR and help bring about the vision of many worlds, one economy.
SORA Parachain Crowdloan Rewards
This month, SORA will join the parachain auctions for Kusama, continuing until securing a slot. To reward contributors, 5000 XOR will be minted and distributed as follows:
- 2000 XOR will be used to buy PSWAP on Polkaswap and distribute to contributors proportionally; these rewards will be vested
- 2000 XOR will be used to buy VAL on Polkaswap and distribute to contributors in the same way as the PSWAP rewards; these rewards are also vested
- 500 XOR will be converted to XSTUSD and will also be distributed proportionally to contributors; these rewards are vested as well
- 500 XOR will be distributed proportionally to contributors, with full distribution occurring at the start of rewards vesting
The PSWAP, VAL, and XSTUSD tokens bought will be vested and subsequently distributed as rewards to crowdloan contributors, while the remaining 500 XOR will be distributed unvested. Total rewards distributed will depend on the amount raised and will be divided proportionally, based on contributions; a hard cap of 100,000 KSM is anticipated.
Vesting of rewards will be done linearly, every day, starting from the update of the SORA network that begins reward vesting, and ending at approximately the expiration time of the SORA Kusama parachain lease. Reward claiming will be available via the Rewards tab in Polkaswap.io. You can also use your crowdloan contribution rewards as they are released to get even more rewards on Polkaswap, such as the strategic bonus Liquidity provision, TBC, and Market Maker rewards!
Unlike some other crypto projects, SORA aims for a more egalitarian and economically sound reward distribution, so there are no whale bonuses. Everyone who contributes KSM to the SORA parachain crowdloan will be rewarded equally and in a decentralized, on-chain manner, without backroom deals.
It is important to note that a community referendum will take place in order to approve the parachain auction strategy, among other topics.
The community referendum approved the proposal on the 5th of December 2021, and the crowdloan rewards are as follows:
Though the schedule can change, we aim to start the crowdloan in January 2022. So please unstake your KSM tokens now if you are going to participate. This week there will be a referendum to mint 5000 XOR for the crowdloan rewards, and if it passes, then the XOR, VAL, PSWAP, and XSTUSD will be prepared into technical accounts for automated reward distribution in the future.
Stay tuned for more news and updates on SORA parachain progress, and as always we appreciate your support!
To stay in the loop with the latest implementations of the SORA network and Polkaswap, make sure to follow the Ecosystem updates, and finally, to get a taste of what is to come, watch the SORA Development Public Request for Proposal (RFP) Process Github Repo!
About SORA, Polkaswap, and Fearless Wallet
SORA is a new economic system aimed at creating a supranational multiverse economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.
One of the DeFi applications that will run on the SORA network is Polkaswap, a non-custodial liquidity aggregating, cross-chain AMM DEX designed uniquely for the Polkadot ecosystem with boundless liquidity through its one-of-a-kind Aggregate Liquidity Technology (ALT).
Fearless Wallet is a mobile wallet designed for the decentralized future on the Kusama and Polkadot ecosystem, with support for iOS and Android platforms. An awesome user experience, fast performance, and secure storage for your accounts. Fearless Wallet will integrate Polkaswap for easy, decentralized swaps of assets.