Totem KAPEX Pledge Round Starts Monday 18 July 2022 🚀
To receive your maximum Kapex Allocations on our Polkadot Parachain — don’t forget to fulfill your Pledge!
Now that Totem Kapex Parachain has won Auction #20 on Polkadot on 24th June 2022, we are excited to announce the start of the Pledge Round, and provide an update on where we are since that momentus event.
First things first — a Big Thank You 😘…
…to the entire community who helped us win the 20th Auction on Polkadot!
Considering how many parachains and parathreads there will be in the future, you have all managed to secure us a slot not only on Polkadot, but a slot in the history of Blockchain and the Cryptocurrency space in general.
With the current bear market upon us, future blockchain historians will look back on you early adopters and wonder how it must have been to be so early in Polkadot at such a harsh time. The way we think of it is that timing is everything and when you start at the bottom of a market — the only way is up.
So don’t lose heart — we have weathered the last bear market as we have been building since 2018 in the Polkadot Ecosystem — and we have nothing to fear from the current one either.
Polkadot Decoded
Our founder was one of the few speakers who was asked to do not one but two talks at the Polkadot Decoded conference at the end of June.
Chris appeared in NYC on the mainstage and gave a talk about accountants — the financial secret police — and appeared on the technical second stage providing a 45 minute workshop on how to prepare your parachain for production.
It was a key event for us as we had been the most recent winner on Polkadot going into the conference, and we made many new friends.
KAPEX Parachain — Current State
You may have noticed that our parachain is not yet producing blocks. This is a temporary state whilst we ensure that our Parachain infrastructure ready. We have also engaged SRLabs to run a security audit in the first week of August and once that has been completed, we will onboard our collators to launch the KAPEX parachain — and then the fun begins!
KAPEX Post go-live Upgrade.
The Kapex Parachain will undergo a post go-live upgrade to the latest version of the code from the Parachain Template, Substrate and Polkadot. This will happen before allocations are distributed, and before the balance transfer lock is lifted to ensure that the network is stable. We will announce the expected upgrade some time in August.
The reason for the upgrade is that the Polkadot network has undergone significant changes since we uploaded our parachain to Polkadot in April. It seems like such a long time ago now, and it is in development terms. We need to ensure that our parachain gets all the benefits of that upgrade.
We will also set out our plans over the coming year and will publish that as soon as we can.
The Pledge Round Begins
For those who contributed in the KAPEX Parachain Crowdloan on Polkadot, you now have an opportunity to fulfil your pledge to get the full allocation of KAPEX coins on the Kapex Parachain.
We have updated our Crowdloan DAPP so that it can help you fulfill your pledge in the easiest way possible. Although this announcement takes place on 15th July 2022, the Dapp will not take transactions until 18th July on or before midday CET.
The Dapp shows you a new more accurate calculation of your rewards and gives you the opportunity to fulfill your pledge up to 100% of your Crowdloan Contribution Amount earning the maximum amount of KAPEX for your Crowdloan and Pledge contributions.
The reason why this is a “more accurate” calculation — but not the final calculation — is that prior to the end of the Crowdloan we could not know the exact amount that was raised. Now that we have that information, we can get reasonably close to a final amount.
The figure still does not include your referral rewards which means that it is a minimum amount of KAPEX that you can expect to receive. Yes you read that right — you will get more than this!
Pledge Schedule
The Pledge Round will officially begin on or just before midday CET on 18 July 2022. It will end at midnight CET on 8 August 2022.
Totem Meccano will be deprecated… but not just yet.
The Totem Meccano CanaryNet has served us well over the last three years, but we need a new testnet as this one is not compatible with the latest versions of the Kapex Parachain.
Before we close this testnet however, early adopters will be given an opportunity to migrate their free allocation of $TOTEM coins to the Kapex Parachain. So although we know that Meccano must die, it won’t happen for a while until we have prepared the migration.
Last date for Meccano will be announced before the end of August 2022. We hope to have details on how to claim the migrated allocations of KAPEX by then as well.
Thats all for now. Stay tuned for more information in the coming weeks and if you have questions please reach out to us!
Totem Accounting is building the world’s first peer-to-peer accounting protocol and network. It’s not just a first for blockchain, it’s a first for accounting too. If you want to join our team checkout our career pages or reach out to us on one of our social channels:
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