Social Network Subsocial Launches Crowdloan Auction for Kusama Parachain Slot Bid
Open platform for decentralized social networks and marketplaces Subsocial has announced it will be bidding for one of the coveted parachain slots on Kusama.
As part of the process, the social network has also invited KSM holders to take part in its crowdloan campaign. In order to encourage participation, participants will get rewards in the projects’ native SUB tokens, which have multiple uses in the Subsocial platform.
We should take into account that after launching the first parachain auctions in June, Kusama has so far onboarded 11 projects and is working on the development of an ecosystem of applications.
Thanks to all its features, Subsocial is set to become the first social media platform that directly integrates with the Web 3.0 economy. Subsocial is committed to providing as much value as possible by developing features and integrations that showcase the rich functionality and capabilities of the Dotsama ecosystem.
Now that Subsocial is about to make a bid for a parachain slot, the social network expects to increase liquidity for the SUB token by allowing it to be listed on decentralized exchanges such as Karura.
The social network is also launching a crowdloan campaign in which it will allocate 16.5% of the initial total supply of SUB tokens or 16.5 million to the crowdloan. Of those, 15 million will be distributed as guaranteed rewards, while the remaining 1.5 million will be allocated to referral bonuses.
It must be noted that contributions to the crowdloan will be limited at 100,000 KSM. When this limit is reached, rewards will be 150 SUB per KSM. However, if Subsocial wins a slot with a bid of less than 100,000 KSM, contributors will receive rewards higher than 150 SUB per KSM.
Crowdloan participants are also eligible to earn referral bonuses. Each participant can win up to 15 SUB per KSM contributed by their referrals, which are divided 50:50 between the referrer and the referee.
Updates about the progress of the crowdloan campaign and answers to any questions can be found on its social channels, Twitter, Telegram, or Discord.