Subsocial bidding for in-demand Kusama parachain slot

2021-11-12 17:01

Subsocial, Polkadot’s (DOT/USD) social network, announced it is bidding for one of the most demanded parachain slots on Kusama (KSM/USD), Invezz learned from a press release. Subsocial has invited KSM holders to take part in its crowdloan campaign in exchange for coveted rewards in SUB, the project’s native token.

Kusama has onboarded 11 projects

Kusama has successfully onboarded 11 projects since the launch of the first parachain auction this June. It is developing a flourishing, interoperable application ecosystem. As Polkadot’s social network, Subsocial can become the first social media platform that directly integrates with the blossoming Web 3.0 economy.

Increasing liquidity for SUB

Subsocial wants to offer as much value as possible by developing integrations and features, which showcase the rich capacity and functionality of its ecosystem. The network’s move to bid for a parachain slot will increase liquidity for the SUB token by enabling its listing on Karura and other DEXs.

Subsocial to allocate 16.5M tokens to transparent crowdloan

In line with the bid, Subsocial is launching a simple, transparent crowdloan campaign, to which it will allocate 16.5 million or 16.5% of the initial total supply of SUB tokens. Most of those (15 million) will be granted as rewards. The rest will be distributed as referral bonuses. The upper limit of contributions to the crowdloan is set at 100,000 KSM.

Easy reward generation

Participants in the crowdloan can earn referral bonuses easily. Each one gets a unique referral code, which makes it possible to generate rewards of 15 SUB per KSM contributed by their referrals. These are split between the referrer and the referee halfway. If there are any leftover referral funds from the 1.5 million SUB allocation, they will be used for the next crowdloan.

SUB rewards subject to a vesting schedule

When a reward is received, a fifth will be available immediately. The remainder will vest over a period of 48 weeks, in which the parachain slot is leased. The low initial amount is aimed at stimulating the use of the SUB token in the Subsocial platform. Users can create a social network to get started.

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