Disclaimer: Since the details of Kusama Parachain auction are not fully disclosed yet, this information can be changed in the future.
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In total, we have a 30% reserve for Kusama Network auctions. For the first auction, we will use 15% of SDN tokens (6,750,000 SDN). All crowdloan and auction participants can get SDN tokens by locking KSM tokens for 11 months (1-8 consecutive periods).
We will have a redenomination and 15% will be aound 6,750,000 SDN. Learn more about redenomination here. Some people who are not good at math often misunderstand the concept of redenomination. In terms of value, this doesn’t affect the community and your tokens at all. Polkadot and even European Union executed (re)denominations. If you are interested, you can find so many examples in our history.
Shiden Network is one of the Kusama Parachain candidates. Parachains connect to the Relaychain by leasing a slot via permissionless auction. In other words, we need to win the slot auction to lease a Parachain slot. After the start of the lease period, we deploy our mainnet on the acquired slot.
To collect KSM tokens as fast as possible, we choose to crowdfund our slot lease using Kusama’s crowdloan mechanism, allowing KSM holders to contribute by locking up their own KSM tokens for 11 months. We will reward their contributions by providing SDN tokens.
After 11 months, KSM tokens will be returned. Hence, this is neither an ICO nor a direct investment. This is a “staking”.
We will use 15% of the total supply (6,750,000 SDN) and bid for 1-8 slots (7days×6weeks×8slots=336 days). Shiden is a community-driven project and is proud of distributing 65% for the community members in total.
After locking KSM tokens, slot auction participants will receive SDN tokens automatically. Tokens will be locked for one month and have nine months of vesting. We will introduce a new incentive scheme and recommend joining our crowdloan as early as we start the campaign. The earlier you participate, the higher the bonus rate.
The PLO consists of “Crowdloan” and “Auction”. We are going to conduct our crowdloan before the auction. We highly encourage KSM holders to join our crowdloan as soon as possible if they participate in the PLO. The Plasm Network team will publish more details before the actual auction.
Before the auction, we creates a crowdloan campaign, setting a maximum of total allowed contributions and a campaign end date (likely 1-24 slots), and we invite our community member to participate in it.
- Early participation bonus
- When to start our crowdloan