Karura Parachain Slot Auction Participation Overview
Acala Network
2021-01-27 03:27
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In the face of market uncertainty in 2021, how to better grasp the times and trends?

In the face of market uncertainty in 2021, how to better grasp the times and trends?

Acala will give you the answer.

In the face of market uncertainty in 2021, how to better grasp the times and trends?

On January 22, Acala held an online live discussion seminar on "Overview of the Karura Crowdloan & Auction Process", which attracted 6010+ viewers around the world to watch in real time. This time, we discussed the differences and advantages between Karura and Acala networks, what is the recommender mechanism for parachain slot bidding, and the process for Karura network to participate in Kusama parachain auctions.

In addition to the basic parachain auction rules, this article will focus on the Karura (Acala Pioneer Network) participation in the Kusama (Polkata Pioneer Network) parachain slot auction notices, the use of the Pioneer Network asset KAR, and the Karura online process, etc. For basic popular science content, see the recommended reading articles at the end of the article.

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As shown in the figure, the six small boxes contain several key parameter information about Karura slot bidding, which will be introduced in detail below:

01

The total amount of Karura network assets in Acala Pioneer Network is 100 million, and the total amount is fixed. The economic model of inflation is not adopted, and with the development of the network, a deflation model may appear. Although many project parties adopt an inflationary economic model design, one of the main reasons is to encourage users to do Staking, so as to ensure network security. However, Karura of Pioneer Network can share network security after accessing the Kusama parachain, so Staking is not particularly necessary for Karura.

Total Token

The total amount of Karura network assets in Acala Pioneer Network is 100 million, and the total amount is fixed. The economic model of inflation is not adopted, and with the development of the network, a deflation model may appear. Although many project parties adopt an inflationary economic model design, one of the main reasons is to encourage users to do Staking, so as to ensure network security. However, Karura of Pioneer Network can share network security after accessing the Kusama parachain, so Staking is not particularly necessary for Karura.

Like the Acala mainnet, Karura, the first network, also has an on-chain sovereign fund (dSWF) jointly governed by KAR holders. The foundation purchased as many KSM as possible in the early stage to ensure that Karura can always use Kusama's parallel Chain slots, so as to achieve sustainable development (Learn more: "Build an irreproducible AUM asset management barrier through a new DAO operation mode").

02

When the Karura network has obtained enough KSM, users who hold KAR can participate in governance to determine the distribution of benefits, such as deciding whether to destroy or not.

KAR Reward Share Percentage

03

In order to reward users who help Karura successfully bid for the slot, about 11% of the total KAR will be used as a reward. Users can understand this as "Paradrop", which is a bit like a lock-up airdrop, but it is not a lock-up airdrop in the traditional sense, because the KSM locked by voting will be used to bid for slots on the Kusama relay chain. It should be noted that the KSM locked by the user has not passed through the project party, and all KSM participating in the auction are still locked in the original chain address.

KSM to KAR Reward Ratio

Assuming that when users are willing to lock their KSM for 12 months to support Karura during the bidding process, users can get at least 12 KAR for every 1 KSM involved. Why is it the least, because everything is unknown before the end of the parachain slot, and there is a game in slot bidding, and it depends on the participation of users. More importantly, the parachain slot auction adopts a candle auction, and no one knows when the auction will suddenly end.

04

Early lock-up

lock cycle

05

After users participate in the parachain slot auction, part of the KAR rewards obtained through "Paradrop" can be circulated in the early stage. To put it simply, all KAR rewards will be displayed in the user's wallet balance, but only 30% can be used, such as transfer transactions or participation in some DeFi product services. Then the remaining portion will be released linearly, and the release period is the same as the slot lease period, tentatively set at 12 months.

According to the collection of community opinions, we currently plan to bid for a 12-month slot usage period (the specific time needs to be announced by Polkadot officially, and it is only an estimated period at present). Moreover, about 36% of the users in the survey of the Karura slot auction warm-up activity choose to be willing to lock for 12 months, and even more than 20% of users are willing to lock for 24 months. So in fact, more than 50% of people are willing to lock for 12 months or more.

Referral Rewards

06

Although 24 months is a longer period of stable operation for Karura, considering various factors, 12 months may be a better choice for users. Therefore, we plan to tentatively set the duration of the slot rental at 12 months (1 year).

Referral Rewards

Most of the users in the Karura slot auction warm-up event have filled out the Waitlist questionnaire, and all users who have filled out the questionnaire correctly before will receive an exclusive invitation link afterwards. If the user has a recommendation behavior during the participation process, then we will have an additional 10% KAR reward to the recommender and the referee (5% for each party), and this invitation link is the referral reward entrance.

Suppose A recommends B to participate in Karura's parachain slot auction, and clicks to participate through A's invitation link. Then when Karura successfully bids for Kusama's parachain slot, B will get X amount of KAR rewards for helping Karura win the parachain slot auction. In addition, A, as a referrer, will receive an additional KAR reward of X5%, and B, as a referee, will also receive an additional KAR reward of X5%. In the end, A gets a reward of X*5% KAR, and B gets a reward of X (1+ 5%) KAR.

Note: The larger X is, the greater the extra reward you will get, and the size of X depends on the number of assets locked by the recommender and other participation conditions

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01

The purpose of Karura Xianxing network asset KAR

KAR practicality

*Native network transaction fee

*Transaction fees involved in smart contract DApp

* Deposit for deploying Runtime modules

*……

* Deposit for deploying smart contract modules

02

*Collector node rewards

KAR Governance

* Election of council members

*……

03

*referendum

**
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Kusama will open a crowdfunding module for slot auctions, users can choose to support Karura and lock their own KSM in the crowdfunding module

  • Connect to the parachain test network Rococo V1 for related tests (currently at this stage)

  • Parachain-related codes will be deployed to Kusama after testing

  • Announcing the schedule for the first parachain slot auction

  • Kusama will open a crowdfunding module for slot auctions, users can choose to support Karura and lock their own KSM in the crowdfunding module

  • Candle auction begins

  • When Karura successfully took the slot, the genesis block was born

  • Candle auction begins

04

When Karura successfully took the slot, the genesis block was born

《Overview of the Karura Parachain Auction Process》

Distribute KAR rewardshttps://www.crowdcast.io/e/overview-karura-crowdloan

video review

Replay 🔗:

In addition, the live broadcast also introduced basic science popularization for new community partners, such as what is Polkadot? What is Kusama? What is Acala? If you are not familiar with the basic network knowledge, you can click on the relevant links below to browse.

* Polkadot: A must-see strategy for beginners: the most complete collection of Polkadot parachains

*Kusama: DOT or KSM? 9 questions to understand the value opportunity on the eve of Polkadot's ecological explosion

*Auction Popularization: How to participate in Polkadot Parachain Crowdloan?

*Acala Popular Science: Acala 2020 Panoramic Data Review

*Development: teach you how to quickly build projects on Acala

*Tutorial: Acala Mandala testnet TC5 version operation tutorial

*Research: Farewell to the "barbaric era", how does Polkadot's parachain auction bid farewell to the bubble economy vicious circle?

*Auction Popularization: Focus on Kusama Parachain Lease Offering (PLO), Karura Xianxing.com is the first to participate

*Review: The popularity continues to rise, Karura slot auction warm-up event review

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Hereby declare

Acala has not issued any tokens yet, and you cannot currently purchase Acala tokens. Any transaction, giving, mapping transaction is forged. Please refer to the only official channel (Twitter, Medium, WeChat official account) for all token-related distribution and other news. Please be vigilant and tell each other to avoid being deceived. If you find a scam, please report it to the Acala team.

Acala will inform the community about the relevant details about 45 days before the start of the parachain slot auction, so that users can have enough time to unlock their own KSM/DOT and participate in the Acala parachain slot auction. To get the latest details about Acala parachains in time, please click the link to subscribe:https://acala.network/newsletter-sign-up.html

About Acala

Acala - the world's first decentralized open financial alliance, Polkadot Ecological Finance Center, aims to create an open financial framework in conjunction with the Polkadot ecosystem, bringing financial stability, liquidity and accessibility to global encrypted assets. Core Layer 1 modules such as the Honzon protocol for cross-chain multi-asset collateralized stablecoins, the Homa protocol for releasing Staking asset liquidity, and decentralized exchanges have been launched. At present, Acala has received official financial support from the Web3 Foundation, and has received investment from several world-renowned institutions including Polychain, Pantera, ParaFi, Hypersphere, Digital Currency Group, CoinFund, 1confirmation, and HashKey.

Acala Network
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