DeFi

Subsocial set to bid for Kusama Parachain slot

Subsocial, the social network for the Polkadot ecosystem, will bid for one of the coveted parachain slots on Kusama (KSM).

The social network launched its crowdloan auction for the bid and invited KSM holders to join the action where they will be rewarded with the social network’s native token SUB.

Kusama is a public pre-production environment for Polkadot, one that allows any developer to experiment and test new blockchains or applications before releasing them on this network, according to Kraken.

Kusama and Polkadot are a combination of Dotsama, a multichain ecosystem that acts as a bridge to various blockchains.

Kusama has successfully onboarded 11 projects since launching its first parachain auctions in June, and the bid will allow Subsocial to list its token on decentralised exchanges like Karura.

Subsocial will allocate 16.5% of the initial total supply of SUB tokens or 16.5m to the crowdloan, with 15m to be distributed as guaranteed rewards and the remaining 1.5m to be allocated to referral bonuses.

The network’s potential in becoming the first social media platform to integrate with the Web 3.0 economy demonstrates the capabilities of the Dotsama ecosystem.

 

 

 

 

Fasika Zelealem

Having graduated from the University of Kent last year, Fasika has entered the crypto space as a Journalist for Coin Rivet. Outside of the fascinating world of cryptocurrency, Fasika is an avid sports fan with a keen interest in football.

Disqus Comments Loading...

Recent Posts

Here is why Bitcoin is still a lucrative investment in 2024

Those who enter the market at this time may be surprised to hear that Bitcoin…

8 hours ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

16 hours ago

The surge of Bitcoin NFTs: Everything you should know about Bitcoin ordinals

From digital art to real-estate assets, NFTs have become a significant attraction for investors who…

1 month ago

MEXC Partners with Aptos to Launch Events Featuring a 1.5 Million USDT Prize Pool

Singapore, Singapore, 21st October 2024, Chainwire

1 month ago