Subsocial Community, an open platform designed to assist the creation of decentralized social networks and marketplaces, introduced on November eleventh that it is going to be taking part within the upcoming Kusama parachain slot public sale.
As per the announcement, Subsocial will bid for one of many aggressive Kusama parachain slots to scale its ecosystem throughout the Dot and Kusama neighborhood. The mission has since invited Kusama (KSM) token holders to take part in its crowdloan, the place a complete of 16.5 million (16.5% of the entire provide) SUB tokens can be allotted as rewards.
Launched in June 2021, the Kusama parachain slot public sale has been an infinite success, with Karura (a Polkadot-based DEX) profitable the primary public sale. A complete of 11 tasks have since been awarded parachain slots by means of this initiative. Subsocial is seeking to be a part of this rising record, setting itself aside as the first social network-building platform on Polkadot and Kusama.
On the core, Subsocial leverages Net 3.0 to introduce a decentralized social media and NFT market. The platform’s infrastructure is constructed on Polkadot’s substrate blockchain framework and IPFS tech stacks to assist decentralized file storage. As such, customers can create decentralized and censorship-resistant social media platforms.
Following the parachain slot bid, Subsocial’s native token SUB stands to achieve considerably if the mission wins a slot. For starters, it’s more likely to be listed on standard DEXes throughout the Polkadot ecosystem, together with Karura.
Moreover, crowdloan members who obtain SUB tokens can begin utilizing them to monetize Subsocial’s ecosystem alternatives. This native token permits Subsocial customers to deploy their very own censor-ship resistant chains and tip their favorite content material creators, alongside supporting different in-built monetization choices.
Subsocial’s Crowdloan Marketing campaign
As talked about, Subsocial has put aside 16.5 million SUB tokens to reward KSM token holders that may dedicate their tokens in the direction of the crowdloan marketing campaign. Out of those, 15 million SUB tokens can be allotted as participation rewards, whereas the remaining 1.5 million tokens can be allotted to a referral program and distributed as per the stipulated phrases.
The crowdloan has a cap of 100,000 KSM which implies that members will get 150 SUB tokens per KSM if the cap is achieved. Nonetheless, ought to Subsocial win the parachain slot with a lesser bid, the contributors will obtain greater than 150 SUB tokens per KSM. Assuming Subsocial wins with a 50,000 KSM bid, contributors will obtain 300 SUB tokens per KSM.
Moreover the SUB token rewards, contributors to this crowdloan may also earn referral bonuses. The contributors can be allotted distinctive referral codes, enabling them to generate 15 SUB for every KSM token contributed by their referrals; these rewards can be cut up on a 50/50 foundation between the referrer and the referee.
Notably, 80% of SUB token rewards can be subjected to a vesting interval of over 48 weeks as per the parachain slot lease. In the meantime, the remaining 20% will be claimed upon receipt. The preliminary unlock of 20% of the SUB rewards is anticipated to go a good distance in stimulating the usage of Subsocial’s community and its capabilities.
Whereas the parachain slot public sale bid is a big milestone, Subsocial has already distributed over 750,000 SUB tokens by means of the Dotsama token declare initiative. The mission is about to carry the fourth Dotsama token declare spherical to hit the 1 million distribution goal.