Subsocial (SUB) is organizing a crowdloan auction for its Kusama parachain slot bid. The team says the crowdloan campaign is designed to be simple and transparent Kusama, with 16.5 percent (16.5 million SUB) of the initial total supply of its native SUB tokens allocated to participants.
Subsocial Crowdloan Auction Begins
As part of efforts towards a successful parachain slot bid on the Kusama network, Subsocial, a social network for the Polkadot and Kusama ecosystem is conducting a crowdloan auction to raise funds and give KSM holders a chance to benefit from the goodies it has to offer.
For those who are unaware, Subsocial is an open platform for decentralized social networks and marketplaces. With Subsocial, anyone can launch their own decentralized, censorship-resistant social media network with built-in monetization systems.
Built with the Polkadot (DOT) and IPFS tech stacks, Subsocial is a social network at the very heart of the Dotsama ecosystem (Polkadot and Kusama) and it’s uniquely positioned to tap into the tools and technologies that make up Web3.0 – the Internet of Value.
16.5 Million SUB Tokens up for Grabs
Per a press release shared with BTCManager, contributions to the crowdloan auction will be capped at 100,000 KSM, and if the cap is reached, participants will be rewarded with 150 SUB tokens for each KSM they contributed.
However, the team has made it clear that SUB rewards are not fixed to a particular ratio and as such, contributors will receive a higher number of SUB tokens per KSM they deposit, if Subsocial wins a parachain slot with less than 100,000 KSM. For instance, if Subsocial successfully secures a parachain slot with just 50,000 KSM, contributors will receive 300 SUB per KSM, says the team.
That’s not all, Subsocial crowdloan auction participants will have unique referral codes and will earn juicy referral bonuses of up to 15 SUB per KSM contributed by their referrals and the bonuses are split 50: 50 between the referrer and the referee, with unused referral funds from the 1.5 million SUB allocation returned to the Subsocial Treasury and used for the next crowdloan event.
What’s more, the team says SUB rewards will be subject to a vesting schedule. Once received, participants will only be able to use 20 percent of the SUB tokens they received, while the remaining 80 percent will vest over the 48 weeks of the parachain slot lease.
“The low initial unlock is designed to stimulate the use of the token for its various intended utilities in the Subsocial ecosystem. Users can get started by creating their own social network and playing with monetization features,” explained the team.