Astar Crowdloan Event — Part I
Overview
Almost exactly five years after the vision of a heterogeneous multichain framework was first outlined in the Polkadot Whitepaper (aka the Polkadot Paper), parachains are now officially ready for launch on Polkadot. The news that Polkadot is now technically capable of supporting its first parachains was announced on October 13th, 2021, by Polkadot founders Gavin Wood and Robert Habermeier. The announcement was followed by a motion for Polkadot Council to open up the network’s first parachain slot auctions, proposed to begin on November 11th, 2021.
Astar Network is ready to join the auctions on Polkadot. We are happy to introduce Astar Crowdloan Event.
Parachain Slot Auctions
Parachains connect to Polkadot by leasing a slot on the Relay Chain for up to 96 weeks at a time, with the option to renew. Parachain slots are assigned by an on-chain auction, with auction winners locking up a bond in DOT for the duration of the lease. Auctions and crowdloans raise the bar for blockchain projects, incentivizing them to demonstrate their technology and gain community support prior to launch.
Crowdloan one-pager
Users would be able to stake their DOT’s through our crowdloan page. Astar made sure the experience is very easy for users to start staking their DOT in our crowdloan event.
Parachain tokenomics
This will be shared in the upcoming article (Astar Crowdloan Event Part II). Released before the start of the Polkadot crowdloan.
Reward scheme
Astar will change the strategy for the Polkadot auctions. One of the biggest reasons for changing was that the Kusama strategy was very hard for users to understand. The bonus rate wasn’t easy to calculate and missed users joining our crowdloan. We changed the strategy for the Astar Crowdloan Event and use a fixed amount for each DOT invested. This amount is the minimum amount for every staker to receive.
For example: 2.5 ASTR / 5 DOT.
More information about the exact fixed number for each DOT will be provided in the second part of this article series.
The minimum amount to join the Astar Crowdloan Event is 5 DOT. A minimum contribution amount is necessary to prevent spam and to facilitate the smooth operation of the crowdloan mechanism. The mimimum amount is set by Parity.
Bonus scheme
NOTE: this bonus scheme will be activated as soon the crowdloan campaign starts! Follow our socials or newsletter to receive more information about the launch date.
Astar has created 4 bonus levels! Everyone who is eligible can apply for one or all bonuses levels. In this section, all levels are explained with their requirements. In total there is 5% of the total supply reserved for this bonus scheme.
- Referral
- Early Bird
- Lockdrop Participant
- SDN Lockdrop
Referral
You get 10% in ASTR based on the DOT staked by your friends.
For example: if your friends contributed 10 DOT, you will get 1 ASTR bonus from the reward pool!
Requirements:
- Your address for referral is only valid if you joined the Astar Crowdloan Event with that address and a minimum of 5 DOT.
- Your friend needs to add your Polkadot address in the referral field.
- For every 5 DOT invested by your friend, you will receive 0.5 ASTR tokens. The more your referrals invest in our crowdloan, the more bonus you can accumulate.
- Bonus is distributed before we enable token transactions.
Early Birds
Get a 20% bonus on your stake if you join before the end of auction 1.
Requirements:
- Join the Astar Crowdloan Event before the end of the first auction, November 18th, 2021.
- The minimum stake amount in the Astar Crowdloan Event is 5 DOT.
- Bonus is distributed before we enable token transactions.
Lockdrop Participants
Get a 5% bonus on your stake.
Requirements:
- You need to have joined the ETH lockdrops during 2020 to be eligible for this bonus.
- Join the Astar Crowdloan Event with the same wallet you hold PLM tokens.
- The minimum stake amount in the Astar Crowdloan Event is 5 DOT.
- Bonus is distributed before we enable token transactions.
SDN Lockdrop
Those who have been following us from the beginning have an experience with lockdrops. The method is very simple: lock your SDN and get ASTR tokens. What is the reward? You get 1 ASTR per 100 SDN you lock through our Crowdloan one-pager.
NOTE: SDN lockdrop will be activated in the first week of November! Get your SDN ready to be eligible for this bonus.
Requirements:
- -Lock SDN through our Crowdloan page (activated during the first week of November)
- No minimum amount but tokens need to be transferrable.
- Your SDN will be locked for 6 months!
- Your lock has to be activated before the first Auction on November 11th, 2021, starts.
- Join the Astar Crowdloan Event with the same wallet you hold SDN tokens.
- Bonus can be claimed after the locking period.
The unused amount of the 5% bonus goes to the treasury or further incentives in the next auctions during the first crowdloan.
Final words
Astar Network (previously known as Plasm) is a dApp hub on Polkadot that supports Ethereum, WebAssembly, and layer 2 solutions like ZK Rollups. Astar aims to be a multi-chain smart contract platform that will support multiple blockchains and virtual machines. Polkadot Relay Chain doesn’t support smart contracts, that’s why it’s important for the ecosystem to have a parachain that enables this for all developers who want to build in the Polkadot ecosystem. Astar is here to provide the best solution for all developers by not only supporting EVM but making a parachain where EVM and WASM smart contracts can co-exist and communicate with each other. Astar is also ready to answer the need for scalability by providing layer 2 solutions from day 1.
Besides being a true supporter of Gavin Woods vision and by building on Substrate from the early days. Astar received the most Web3 grants in the Polkadot ecosystem with a total of 7. Astar believes that we and all other projects in the Polkadot ecosystem are building the future Web3.0 infrastructure.
Feel free to reach out to us!
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Astar Crowdloan Event — Part I was originally published in Astar Network (Previously Plasm) on Medium, where people are continuing the conversation by highlighting and responding to this story.
