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What’s Next for the Snek

Published date: October 9 2021

After bribing the bouncers with 222,222 KSM, Snek finally got admitted to the parachain party at slot #8. Thanksss to all the supporters who helped us place the second highest bid in Kusama history so far! As a small gesture of appreciation, Snek has prepared a surprise for its early admirers - a modified vesting schedule for the BSX crowdloan rewards.

Here are the final Basilisk crowdloan stats:

Contributions: 18,560

Unique contributors: 11,891 

Average sacrifice: 18.6 KSM per unique contributor

Winning block: # 9301076

Winning bid: 222,221.915 KSM

Parachain slot end: 05 August 2022

To celebrate the occasion, we invited Snek to a HydraDX and Basilisk meetup which took place on Sep 29th in Lisbon. Nothing special, just some alpha shared with the 60+ attendees from the Portuguese ecosystem and beyond. If you are already feeling the FOMO, you can watch a recording of the event here.

Basilisk was well represented in Lisbon, with 3 talks about the learnings from our experience with crowdloans, LBPs (with leaked draft UI) and infra. The meetup was followed by a Snek party in the jungle. Thanks to all participants who attended, and to the Parity Ecosystem Development team for joining the drinking part. 

With no further time left to praise what is now history, we must take a glimpse into the future. In this post you will find our outlook on the exciting weeks and months which lay ahead for our ever growing community. We are also preparing a Community AMA upcoming Sunday, please check the end of the post for more details.

LBP Event

The first point on our agenda for the upcoming weeks is to wrap up the preparations for the LBP event. As you may already know, 5% of the BSX supply will be offered during an LBP event. Tokens obtained at the LBP event are subject to a vesting period of one month.

We are currently working towards launching 2 LBP’s which will run simultaneously for a duration of 5 days: kUSD / BSX and KSM / BSX. Since we are bootstrapping liquidity in and for the Kusama ecosystem, we figured we couldn’t go without a KSM pool. Besides offering more flexibility for the LBP participants, adding this second option would also address the current supply shortage of kUSD.

Admittedly, the road to LBP did not bypass the chaos which Kusama had promised us. Most recently, we stumbled against the very high deposit necessary for opening a bi-directional communication channel for cross-chain messaging. To make the integration with kUSD possible, both Basilisk and Karura would need to deposit a not-so-modest amount of 67 KSM. Together with other teams from the ecosystem, we are currently advocating to lower (or perhaps even abolish) the deposit for XCM communication channels.

Besides the difficulties surrounding the XCM deposits, there is one more important process which needs to be finalized before we can launch the LBP event. The Basilisk LBP implementation is currently undergoing an audit procedure. Once the results are out and any potential concerns are addressed, we will be ready to deploy the first Basilisk AMM for liquidity bootstrapping.

Crowdloan Rewards

Crowdloan participants will be able to start claiming the BSX rewards for their contributions shortly after the LBP event has concluded. To celebrate the successful crowdloan, the team has decided to modify the vesting schedule of the BSX rewards.

Instead of linear vesting over the whole duration of the slot, 30% of the BSX rewards will become claimable directly. The remaining 70% are subject to a linear vesting schedule during the remainder of the parachain slot (until 05 August 2022). The HDX bonus for crowdloan contributions will be distributed at a later date (a separate announcement will follow).

XYK pools and Liquidity Mining

At the end of the BSX LBP event, the kUSD / BSX and KSM / BSX pools will close at a weights ratio of 50:50. This will allow us to transition the LBPs into two regular XYK pools which will have the same starting price as the ending price of the LBP. From that point on, users will be able to become liquidity providers and earn rewards for liquidity mining using BSX and kUSD or KSM.

Once we have battle-tested our AMM implementations of LBP and XYK with our own BSX token, the most exciting part will come: Basilisk will be unleashed into the wild and made available to all cryptoassets which are looking for flexible liquidity bootstrapping in the Kusama ecosystem.

Community AMA upcoming Sunday

All the exciting stuff that has been happening over the past weeks may have raised some questions in the community. To help answer these, we are organizing a combined Basilisk & HydraDX Community AMA with founders Jakub & Jakub which will take place on Sunday Oct 10th at 19.00 CET in the HydraDX Discord server. You can ask your questions in #community-ama (Basilisk or HydraDX Discord). See you at the AMA!

That’s all for now, Snek back to work.