Announcing Unique Network Crowdloan on Polkadot

Published in

Unique Network

4 min readMar 3, 2022

On 14 thMarch, Unique Network will launch the crowdloan campaign to participate in the 3 rdbatch of Polkadot’s parachain slot auctions. Here’s what you need to know to get involved and support our blockchain!

The start of the crowdloan campaign on 14 thMarch will give our community members enough time and opportunity to understand and participate in various Bonus and referral programs, before the auction starts for Lease Period 8 (LP8)

Three months after Quartz won the 14 thauction to become a fully-functioning Kusama parachain, we’re incredibly excited to move forward with another huge milestone for our platform and community: a DOT crowdloan.

Deploying as a parachain on Polkadot will allow Unique to tap into the full interoperability, scalability, and security of the Polkadot Network so that we can continue our mission of enabling composable and advanced features for NFTs and the blockchain industry.

As was the case with our Kusama crowdloan process, our Polkadot crowdloan will help us crowdsource the capital required to fund a lease for Unique Network to operate on Polkadot for a fixed period of time. To do this, we will utilise a crowdloan to rally support from our community and raise the capital (DOT) required to lease a parachain. The DOT is bonded (or locked) into a Polkadot-sponsored account for the full lease period, after which the DOT will be returned to contributors. Contributed DOT will never be directly accessible by Unique at any point of the crowdloan or lease period.

How does the Polkadot Crowdloan Work

We will open up the crowdloan to seek community support, which the community and investors can provide to the Network by contributing DOT. Once Unique Network wins the parachain slot auction, we will launch on the Polkadot Network and start distributing the UNQ tokens to the crowdloan contributors. The UNQ token rewards will be sent to the same address you used to contribute to the crowdloan.

Crowdloan Rewards

Up to 150,000,000 UNQ tokens will be allocated for UNQ Rewards for the Crowdloan Contributors. The rewards will be determined based on the reward curve shown below.

The sooner you contribute, the more UNQ you will receive! The first DOT contributed will earn you 20 UNQ and the last DOT contributed will be rewarded with 5.28 UNQ

Please refer to the Unique Network Crowdloan Page for more information.

Bonus Rewards-Community

The intention in allocating bonus rewards is to reward our early supporters, members who contribute to community growth and the adventurous creators and developers who use our tools! We will share various categories for bonus rewards for the community soon.

Bonus Rewards-SUPER SUPPORTERS Program

This program is designed to reward large contributions in DOT for Unique Network crowdloan. The extra rewards for Super Supporters Program will be determined by the total number of DOT contributed in one transaction towards the Unique Network Crowdloan

10,000 DOT or more in contributions will be rewarded with an extra 15% reward in UNQ Tokens
100,000 DOT or more in contributions will be rewarded with an extra 30% reward in UNQ Tokens

Unique Token Utility & Tokenomics

UNQ is our network’s utility and governance token; it helps us unlock unlimited potential for next-generation NFTs through our open-sourced white-label solution: NFT marketplaces, flexible ownership structures, freemium gaming models, and interoperability tools to scale our scalable blockchain tools.

The UNQ token will facilitate the exchange of value between Users, Treasury and the Unique Protocol. Utility and governance in the ecosystem is delivered through the dual roles of UNQ:

Payment for Transactions

NFT transactions
Smart contract transactions

Staking

App Promotion Staking
Reputation Staking
Vote Staking (Governance)

Tokenomics

The total supply of Unique is 1,000,000,000 with a circulating supply at genesis of 67,770,56 tokens. Inflation will run at 10% in year 1, decreasing consistently to 4% by year 10.