• Subsocial bids for Kusama Parachain slots
• Subsocial announces a Crowdloan Campaign, with a cap of 100,000 KSM.
• Crowdloan applicants can enjoy many rewards

Subsocial, a social platform that supports the ecosystem announced it was participating in bidding for one of Kusama’s most sought-after parachain slots. Subsocial invites KSM holders and others to join its crowdloan campaign. The social network will reward the KSM holders with Sub tokens.

It was a huge success that the Parachain Auction launched in June. Kusama is still developing a vibrant and interoperable network of applications after he has taken on eleven projects. Subsocial, an active social network in the Polkadot (Dotsama), community, has the potential of being the first social media platform that taps into the thriving Web3.0 economy. Subsocial will be a valuable asset to the industry. The Subsocial team aims at creating new integrations to showcase all the Dotsama capabilities.

Subsocial feels that the time is right to offer a slot in a parachain. The act, which will allow Subsocial to interconnect with Web 3.0 and increase its liquidity by listing its native SUB tokens on DEXs like Karura, will not only help it achieve its goals but also make the social network a more connected one. Subsocial started a transparent, clear crowdfunding campaign to respond to bid participation. The crowdloan was funded by 16.5million (16.5%) SUB tokens. 15% of that amount will be distributed as guaranteed rewards. 1.5 Million are still available for referral bonuses.

Crowdloan contributions are limited to 100,000 KSM. The standard reward will be 150 SUB for every KSM once the goal has been reached. Important to remember that the reward ratio can change at any time. Subsocial will get rewards if it gets a slot where the bid is lower than the capped limit. Crowdloan users also have the opportunity to receive referral bonuses. Referral codes will be assigned to each participant. Each referral earns a 15-Sub per KSM reward. These rewards will be split equally between referrer (the referee) and referee.

Unused referral funds will be returned by the Treasury to be used in the next crowdloan. A vesting schedule applies to the SUB rewards. Recipients will receive 20% of their rewards. Over the duration of 48 weeks, 80% will become vested. Subsocial will provide updates on crowdloans via its social media channels, such as Twitter, Discord or Telegram.

Continue reading on CoinQuora