Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Subsocial Network Takes Part in Kusama Parachain Slot Bid

CryptocurrencyNov 11, 2021 09:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
Subsocial Network Takes Part in Kusama Parachain Slot Bid

  • Subsocial enters bid for Kusama Parachain slot.
  • Subsocial launches a crowdloan campaign capped at 100,000 KSM.
  • Various rewards await crowdloan participants.

Subsocial, the social platform for the Polkadot ecosystem, announced its participation in the bidding of one of the most sought-after parachain slots on Kusama. Consequently, Subsocial also encourages KSM holders to take part in the launch of its crowdloan campaign. In return, the social network shall generously reward them with SUB tokens.

The launch of the first parachain auction in June has received overwhelming results. After onboarding eleven projects, Kusama continues to develop a booming and interoperable system of applications. Being an active social network for the Polkadot and Kusama (Dotsama) community, Subsocial has the potential to be the very first social media platform to tap into the thriving Web 3.0 economy. Subsocial is more than ready to bring value to the industry. It aims to draft new integrations that will display the full capabilities of the Dotsama community.

Subsocial believes the right time has come to bid for a parachain slot. Aside from its goal to become a social network that interconnects with Web 3.0, the act will also increase the liquidity of its native SUB tokens by having them listed on decentralized exchanges (DEXs) like Karura. In response to its bid participation, Subsocial launched a clear and transparent crowdloan campaign. It allocated 16.5 million (16.5%) of the initial total supply of SUB tokens to the crowdloan. Of that number, 15 million are to be given away as guaranteed rewards. Meanwhile, the remaining 1.5 million is reserved for referral bonuses.

The limit for crowdloan contributions is capped at 100,000 KSM. Once reached, the standard rewards will be 150 SUB per KSM. It is also important to note that the rewards ratio is not fixed. For example, if Subsocial gets a slot with a bid of less than the capped amount, rewards will be higher than the earlier ratio. Crowdloan participants also have the chance to earn referral bonuses. Each of them will receive a unique referral code and each referral will generate a reward of 15 SUB per KSM. This figure will be divided equally between the referrer and the referee.

In the event of unused referral funds, they will be given back to the Treasury and be used for the next crowdloan. The SUB rewards are under a vesting schedule. 20% of the rewards will be given upon receipt. 80% will be vested over the 48 weeks of the parachain slot lease. Regarding crowdloan updates, Subsocial will keep its users posted through its social channels like Twitter (NYSE:TWTR), Discord, or Telegram.

Continue reading on CoinQuora

Subsocial Network Takes Part in Kusama Parachain Slot Bid

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
Sign up with Email