[Jun 14] Official Update on PolkaSmith and Parachain Auction Plan on Kusama Network

TL,DR:

  • PolkaSmith will generate 70,000,000 PKS on Kusama Network instead of migrating from PKF as announced before.
  • PolkaSmith will join the Kusama parachain auction from the 1st one and bid for an 8-lease period.
  • 10,500,000 PKS is reserved for auction reward pool. Hence, one contributed KSM will get approximately 350 PKS in reward.
  • Contributors will receive an additional 500 ePKF for each contributed KSM, during the time their KSM is locked, whether PolkaSmith wins or loses the auction.
  • PolkaSmith’s crowdloan is currently available on Polkadot.js.org, Fearless wallet, and OKEx exchange. Crowdloan on Red Kite will go live soon.

Implemented on Kusama Network, PolkaSmith is a canary chain of PolkaFoundry, a one-stop production hub creating borderless and frictionless DeFi & NFT applications. PolkaSmith will be a reliable platform for early-stage startups to unleash their creativity, experiment with bold new ideas, and hack the growth.

PolkaSmith’s Token Metrics

PKS is the native token of PolkaSmith. There is no pegging or mapping between PKS and PKF (PolkaFoundry’s native token).

Total supply: 70,000,000 PKS

Token allocation:

  1. Parachain Auctions: 30%
  2. Parachain Auction Reserve: 5%
  3. Ecosystem: 25%
  4. Treasury: 15%
  5. Marketing: 10%
  6. Team: 5%
  7. Backers: 10%

PolkaSmith’s Auction Details

  • Website: https://polkasmith.polkafoundry.com/
  • Auction reward pool: 10,500,000 PKS (15% issued tokens)
  • Auction slot target: 1-8 lease, an 8-period slot (48-week duration)
  • Method: Crowdloan
  • Crowdloan target: 30,000 KSM
  • Crowdloan duration: 6 weeks covering Batch 1 of 5 weekly auctions
  • Crowdloan start: 11 June 2021

Rewards for Contributors & Vesting Schedule

Early bird rewards

Contributors who contribute their KSM for PolkaSmith’s crowdloan regardless of the platform for the first seven days since the crowdloan starts will receive an additional 10% of their reward PKS.

In case PolkaSmith wins at Batch 1

  • All contributors will share the auction reward pool (10,500,000 PKS). The amount of PKS each contributor receives will be prorated based on the amount of KSM each person has contributed.
  • Contributors will receive 35% of their reward PKS on the day PolkaSmith starts its parachain, then continue receiving their remaining PKS monthly over 10 months.
  • Contributors who join the crowdloan via Polkadot.js and Red Kite launchpad will receive an additional 500 ePKF for each KSM they contributed. The benefits from owning ePKF will apply during the time their KSM is locked.

ePKF is a special point on Red Kite, equivalent to 1 PKF staked. Even if you don’t stake any PKF on Red Kite, you can get the same tier benefits as staking PKF on Red Kite when owning a corresponding amount of ePKF.

  • All contributed KSM will be locked from the day they are bonded to PolkaSmith’s crowdloan to the end of the 48-week leasing period.

In case PolkaSmith loses at Batch 1

  • All contributors who join the crowdloan via Polkadot.js and Red Kite launchpad will receive an additional 500 ePKF for each KSM they contributed. The benefits from owning ePKF will apply from the time the contributor contributes their KSM until the end of the crowdloan duration (6 weeks from June 15).
  • All contributed KSM will be locked from the day they are bonded to PolkaSmith’s crowdloan to the end of the crowdloan duration of Batch 1.

Example

John contributed 2 KSM for PolkaSmith’s crowdloan on Polkadot.js on June 16. PolkaSmith raised 30,000 KSM.

  • If PolkaSmith win at the first auction on June 21

PKS rewards for John = (2*(10,500,000/30,000))*110% = 770 PKS

ePKF rewards for John = 2*500 = 1,000 ePKF

John will receive 269.5 PKS on the day PolkaSmith start leasing. One month from that day, John will receive 50.05 PKS monthly over ten months.

John will receive 1,000 ePKF on June 16. By owning 1,000 ePKF, he can benefit from the Dove tier on the Red Kite launchpad from 16 June 2021 to 23 May 2022. His contributed KSM will also be locked during this time.

  • If PolkaSmith loses after six weeks of the crowdloan duration

John will receive 1,000 ePKF on June 16 and benefit from the Dove tier from 16 June 2021 to 2 August 2021. His contributed KSM will also be locked during this time.

How to join PolkaSmith’s crowdloan

Currently, there are three ways to participate in PolkaSmith’s crowdloan.

  1. Via Fearless wallet application
  2. In Kusama crowdloan on Polkadot.js
  3. On OKEx exchange

Visit HERE for the detailed guideline about how to contribute your KSM to PolkaSmith’s crowdloan.


ABOUT POLKASMITH

Implemented on Kusama Network, PolkaSmith is a canary chain of PolkaFoundry, a one-stop production hub creating borderless and frictionless DeFi & NFT applications. PolkaSmith will be a reliable platform for early-stage startups to unleash their creativity, experiment with bold new ideas, and hack the growth. Visit PolkaSmith’s website at http://polkasmith.polkafoundry.com/ for more information.

ABOUT POLKAFOUNDRY

PolkaFoundry is a platform for building borderless and frictionless DeFi & NFT dapps on Polkadot. It aims to be the one-stop production hub for DeFi & NFT dapps with all the necessary features, services, integrations, and tools for DeFi experiments, innovations, and real-world solutions. Taking advantage of Polkadot’s interoperability and scalability and integrating many DeFi-friendly services into the platform, PolkaFoundry also provides UX-enabling features that make dapps as easy to use as everyday applications and bring dapps to the masses.

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