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Subsocial Network Takes Part in Kusama Parachain Slot Bid

Published 11/11/2021, 09:00 AM
Updated 11/11/2021, 09:00 AM
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.

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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.

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