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.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.