Subsocial Network is an open platform that supports the creation decentralized social networks. It announced November 11th it would be taking part in the Kusama parachain auction.
Subsocial has announced that it will bid to win one of Kusama’s parachain slots. This is in an effort to grow its community within the Dot or Kusama communities. Kusama token holders (KSM), have been invited to take part in the crowdloan. A total of 16.5million (16.5%) SUB tokens are available as rewards.
The Kusama parachain slots auction was launched in June 2021. Karura, a Polkadot DEX, won the initial auction. Through this initiative, eleven parachain slot projects were awarded. Subsocial hopes to become part of this growing group, establishing itself as the leading social network building platform on Polkadot.
Subsocial’s core uses Web 3.0 as a means to establish a decentralized NFT market and social media platform. The platform’s infrastructure is built on Polkadot’s substrate blockchain framework and IPFS tech stacks to support decentralized file storage. Users can thus create social media sites that are decentralized, censorship-resistant and secure.
Following the parachain slot bid, Subsocial’s native token SUB stands to gain significantly if the project wins a slot. First, the project is most likely to appear on many DEXes in Polkadot, which includes Karura.
Additionally, crowdloan participants who receive SUB tokens can start using them to monetize Subsocial’s ecosystem opportunities. The native token allows Subsocial users, in addition to supporting additional monetization options such as tipping their favorite content creators and deploying their own censorship-resistant chains, to use Subsocial.
Subsocial’s Crowdloan Campaign
Subsocial has allocated 16.5 millions SUB tokens as rewards to KSM token owners who dedicate tokens towards crowdloan campaigns. These tokens can be divided into two categories: participation rewards and referral programs.
Crowdloan participants can only borrow 100,000 KSM. If the limit is reached, they will receive 150 Sub tokens for each KSM. If Subsocial wins the parachain slot, contributors will get more than 150 tokens for each KSM. Contributors will be awarded 300 Sub tokens each KSM if Subsocial is successful with a bid of 50,000 KSM.
Contributors to the crowdloan will be able to earn referral bonuses in addition to SUB tokens. Referrers will receive unique referral codes that will allow them to earn 15 SUB per KSM token they refer. These rewards will then be divided 50/50 between referrers and referees.
As per parachain slot leasing, vesting for 80% SUB token rewards is over 48 weeks. The 20% remaining can be claimed on receipt. The initial unlock of 20% of the SUB rewards is expected to go a long way in stimulating the use of Subsocial’s network and its capabilities.
Although the auction of parachain slots is an important milestone, Subsocial already has distributed more than 750,000 tokens via the Dotsama token claims initiative. To reach the goal of 1,000,000 distribution, the project will hold its fourth Dotsama token claims round.