Subsocial, the decentralized social network for the Polkadot ecosystem, has revealed it will bid for a Kusama parachain slot. Furthermore, Subsocial will offer existing holders of Kusama’s native KSM token attractive incentives to participate in a crowdloan campaign to finance the bid.
Subsocial will allocate 16.5% of the initial total supply of its active SUB token to crowdloan participants. Of those, fifteen million will be distributed as guaranteed rewards, and the balance used for referral bonuses. Contributions will be capped at 100,000 KSM and rewards at 150 Sub per KSM. However, if Subsocial secures a slot for less than 100,000 KSM, rewards could reach 150 SUB.
Participants can also generate 15 SUB tokens for referrals. Furthermore, unused SUB tokens from the referral programme will be returned to the treasury and used in the next crowdloan. Rewards are subject to a vestment schedule. Meaning 20% will be immediately available, but the remaining 80% will vest over the remaining 48 weeks of the parachain slot lease.
Subsocial hopes the generous incentive programme will help secure a coveted Kusama parachain slot, enabling it to become the first social media company interconnected with web 3.0.
Subsocial will post further updates about the progress of the crowdloan campaign and answer any questions from the community on its social channels, Twitter, Telegram, or Discord.
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This post was last modified on Nov 10, 2021, 13:24 GMT 13:24