Composable Finance’s Picasso project, which raised over 115,071 KSM in the crowdloan stage, earned the 12th auction spot on Kusama (KSM/USD) parachain. The funds equate almost $51 million, Invezz learned from a press release.

Composable now hold the rights to an 11-month lease on the Kusama network – from November 28, 2021, to November 6, 2022. With the crowdloan process, there are more than 10,304 investors, but they aren’t relinquishing ownership of the Kusama locked in. Contributors can retrieve their KSM when the lease is up.

Cosmin Grigore, CEO of Composable Finance said:

We’re truly thankful to our loyal community and all of the contributions made for the Kusama Network crowdloan, Picasso. Our underlying principle for the Picasso parachain is that through collaboration we will be able to create the strongest foundation layer. As the foundation layer develops through additional substrate palettes, the ecosystem as a whole further evolves and creates more ground to innovate.

The only costs incurred come with staking KSM. Contributors will be rewarded with PICA tokens as compensation. The total supply of these tokens is 10,000,000,000, with a fifth locked up for crowdloan stakers. Picasso stakeholders will get 50% of their PICA tokens upon TGE.

Crowdloans have become a common way of winning parachain auctions because only the best projects have a chance. The community chooses which projects are most deserving of a slot, which the platform can then use to launch and operate decentralized networks.

Among Picasso’s interesting features are rewards for holders and collators alike. Collators will earn transaction fees. Some will flow into the treasury, while others will be burnt.

Grigore added:

Simplicity is key. Whilst we develop sophisticated responses to complicated problems, our focus has always been about beautiful design, simple interfaces, and unlimited support for the leading user experience in the space. Picasso, our parachain built on the Kusama Network, has enhanced interoperability, customization, and security over traditional blockchain infrastructure.

The post Composable Finance’s Picasso raises 115K KSM, takes 12th place on parachain appeared first on Invezz.

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