Subsocial's Crowdloan Is Coming!
We are extremely excited to finally announce our crowdloan details!
| | | |--|--| | Crowdloan Cap | 100,000 KSM | | Total Token Supply | 100,000,000 SUB | | Crowdloan Reward Allocation | 16,500,000 SUB (16.5%) | | Base Rewards | 15,000,000 SUB (15%) | | Maximum Referral Rewards | 1,500,000 SUB (1.5%) | | Minimum Tokens Per KSM | 150 SUB (.00015%) | | Referral Bonus | 7.5 SUB per KSM to both referrer and referee | | Initial Unlock | 20% |
Having watched and taken notes on other crowdloans, we have decided to keep it simple. Perfect communication and transparency is our #1 goal.
In total, there will be 100,000,000 SUB tokens at the start of the network. Of this, up to 16.5%, or 16,500,000 tokens, are being allocated toward this crowdloan. 15,000,000 of those tokens are guaranteed to be distributed as rewards, while the remaining 1,500,000, which are allocated to referral bonuses, may not all be distributed.
Our crowdloan will be capped at 100,000 KSM. We do not anticipate needing more than this, and will likely need less, but we are erring on the safe side. Therefore, if the cap is hit, the rewards will be 150 SUB per KSM. These rewards will not be at a fixed ratio - if we win with less than 100,000 KSM, contributors will receive more than 150 SUB per KSM. For example, if we win with exactly 50,000 KSM contributed, contributors will receive 300 SUB per KSM.
Contributors will also receive a referral code unique to their account. Any contributions made using this referral code will provide an additional 15 SUB per KSM contributed. These 15 tokens will be evenly split between the two parties - both the referrer and the referee will receive an extra 7.5 SUB per KSM contributed. As this is a fixed ratio, and not everyone will contribute with a referral code, we do not expect all of the tokens allocated to the referral bonus to be distributed. Any remaining tokens will be held by The Treasury, with the intention to be used during our next crowdloan.
Once tokens are distributed, 20% of crowdloan rewards will be available immediately. The remaining 80% will vest over the course of the parachain slot lease (up to 48 weeks). We believe that having a low initial unlock is in line with the use case of Subsocial. The point of the tokens is to use them to interact with the platform, create social networks, and have fun with monetization features.
Additionally, we have updated and finalized our token distribution and release schedule, which can be seen below, and will be added to our documentation shortly.
As previously mentioned, 16.5% of the total supply is allocated to our initial crowdloan. 10% has been reserved for the Subsocial Foundation, for marketing and growth efforts, and funding events like Hackathons. The entire Treasury allocation will be unlocked from the beginning, but these tokens will not really be circulating. This leaves us with a starting circulating supply of 6.9%, and 45% after 12 months.
We believe this crowdloan strategy will make us very competitive. The referral bonus also provides a way to help out your friends, while ensuring we can generate a large amount of social activity. Our team is still working hard to get the technical stuff ready, which you can read about here. Thank you for your support!
Content Lead & Community Manager at Subsocial, Content Lead at The Polkadot Experience & The Canary Network Experience, CBO at GM Parachain, Advisor at SkyLabsCorp & Chaos Collective, and PR at ChaosDAO