Crust Network Launches Crowdloan for Kusama Parachain Auctions – Press release Bitcoin News
PRESS RELEASE. Crust Network has recently launched their crowdloan for the Kusama Parachain Slot Auctions, including details on rewards for KSM token holders that join the Crust crowdloan campaign.
Crust Network is a decentralized cloud project in the Polkadot ecosystem, enabling projects and users to easily and cheaply utilise decentralized cloud services for website, file and data storage, and other use-cases.
Crust has announced the parallel network Crust Shadow will participate in the Kusama parachain slot auction, with the Crust Mainnet to participiate in the Polkadot auctions. In order to prepare for the Kusama auctions, on May 15th, Crust Shadow was successfully registered as a parallel chain for Kusama with the ID number 2012.
Crust Maxwell Preview Network
Crust Network launched their Preview Network, Maxwell, in early February of 2021. The Maxwell Preview Network integrates all core functions of Crust, including token staking, decentralized storage market (DSM), file retrieval mechanisms, and more, aiming to have the same functionality as the Crust Mainnet.
Since launching the Preview Network, over 600 PB of storage capacity has been added by storage nodes, and CRU stakers, validators and storage nodes have been rewarded.
Kusama Parachain Auction Crowdloan
As part of the process for launching a parachain on Kusama, projects need to win an auction by submitting KSM (the Kusama native token) in a bid, with the highest bidder in the candle auction winning access rights for a Kusama parachain for up to 48 weeks.
To garner support from the community in the auction, Crust has launched a crowdloan in which KSM holders can pool together their KSM tokens in support for Crust’s parachain bid. In return, if Crust is successful in winning the auction, crowdloan participants will be rewarded with CRU (Crust Network Mainnet Token) and CSM (Crust Shadow Native Token).
The rewards for supporting Crusts crowdloan are as follow:
|Reward Distribution Time||Reward Distribution Rate|
|Crowdloan Period||Distributed once a week||1 KSM : 0.07 CRU + 14 CSM|
Total Rewards: 15,000 CRU + 3,000,000 CSM
|Slot Lease Period||30% immediately released|
10% released every 6 weeks
|If KSM raised is less than 50,000:|
1 KSM : 1.5 CRU + 300 CSM
If KSM raised is more than 50,000:
Total Rewards: 75,000 CRU + 15,000,000 CSM
For instance, John contributes 100 KSM on the day of the crowdloan activity launching; Crust wins the auction 4 weeks later; the parachain lease period to win the auction is 48 weeks; a total of 48,000 KSM join the crowdloan, then John will receive:
- Crowdloan Rewards: 100 KSM receives 7 CRU and 1,400 CSM every week; 28 CRU and 5,600 CSM over the 4 weeks. All tokens are fully unlocked.
- Slot Lease Rewards: 100 KSM receives 150 CRU and 30,000 CSM. 30
John can receive a total of 178 CRU and 35,600 CSM by participating in the Kusama parachain slot auction on Crust.
OKEx, a centralized exchange, and wallets imToken and MathWallet are also supporting several projects in the upcoming parachain crowdloan process, offering users a convenient method to join Crust’s crowdloan campaign and receive rewards.
On June 16th, Crust distributed the first batch of rewards for the Kusama crowdloan, with a total of 322 CRU and 64,546 CSM distributed to crowdloan participants that had contributed 4,610 KSM for the Crust Shadow bid. The next snapshot for rewards is set to be on June 23rd, with rewards distributed the same day.
Crust Network recently launched Crust Grants, a foundation to help fund and incubate teams and projects building on the decentralized cloud infrastructure and applications of Web3.0. Crust Grants has begun to accept their first applicants, and are actively looking for more teams building across the different decentralized cloud layers to support.
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