Subsocial Network announced on November 11th the launch of a crowdloan campaign for participation in the Kusama parachain auction slot bid. The announcement comes barely two weeks after completing the 3rd Dotsama token claim round, where a total of 250,000 SUB tokens were allocated to 2,500 participating accounts.
The Subsocial ecosystem has positioned itself as an open platform that supports decentralized social networks and marketplaces. Unlike today’s social media platforms, Subsocial leverages Polkadot’s substrate blockchain infrastructure to enable the creation of decentralized and censorship-resistant social networks.
With the project looking to scale its potential in the Web 3.0 economy, it is no surprise that it will be bidding for a slot in the upcoming Kusama parachain auction. As such, Subsocial has invited Kusama (KSM) token holders to contribute towards the crowdloan. In return, the participants will be rewarded with Subsocial’s native token SUB.
According to the announcement, Subsocial has set aside 16.5 million SUB tokens to be distributed as incentives for participating in the crowdloan. 15 million of these tokens will be allocated as guaranteed rewards and the remaining 1.5 million as referral bonuses per the terms of the referral program.
Notably, contributions towards Subsocial’s crowdloan campaign will have a maximum cap of 100,000 KSM. This means that contributors stand a chance of receiving 150 SUB tokens per KSM, should the maximum cap be reached. Otherwise, they can receive more SUB tokens if Subsocial wins the parachain slot bid with a lower bid, say 50,000 KSM (300 SUB token rewards per KSM).
As for the referral program, the crowdloan participants will be given unique referral codes that can be shared with other members of the Dotsama community. These unique referral codes will allow the participants to generate 15 SUB tokens per KSM contributed by a referral. The referral bonuses will be shared equally (50/50) between the referee and referrer.
Any amount that remains from the 1.5 million SUB token referral bonus will be returned to Subsocial’s Treasury for the next crowdloan. It is also noteworthy that 80% of the SUB token rewards will have a vesting period of over 48 weeks, leaving 20% for immediate claiming and monetization within the Subsocial ecosystem.
Subsocial’s participation in the upcoming Kusama parachain slot auction marks a significant milestone, given the opportunity to join 11 other projects that have already been allocated slots through previous auctions. Additionally, SUB token will be set for listing on the Karura DEX (Winner of the first Kusama parachain slot auction) if the bid is successful, further boosting the token’s liquidity.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.