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Astar Crowdloan Event — Part II

Published date: October 29 2021
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Astar Crowdloan Event — Part II

Recently, we released our bonus structure to our community. Now we will educate everyone about the Astar Crowdload Event strategy.

Astar Crowdloan Event — Part I

We also explained everything in our latest Crowdcast:

Click here to view the presentations used during the Crowdcast.

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.

Parachain tokenomics

The total amount for the first parachain auction is 20% of the total supply. (= 14,000,000 ASTR)

20% is divided in:

  • Crowdloan + auctions = 15% or 10,500,000 ASTR
  • Bonus pool = 5% or 3,500,000 ASTR

To bid in an auction, Astar agrees to lock up (or bond) DOT tokens for the duration of the lease. While bonded for a lease, the DOT cannot be used for other activities like staking or transfers. DOT tokens will be collected through crowdloan.

Astar goes for the maximum lease slot of 96 weeks (around 2 years). All DOT’s collected in the Astar Crowdloan Event will be locked for 2 years. ASTR tokens will be held under vesting conditions.

ASTR vesting

Crowdloan participants: those who obtained ASTR (incl bonus) through the Astar Crowdloan Event will have linear vesting of 22 months. Vesting starts after enabling token transactions. 10% will be made transferable when transactions are enabled.

Tokens who are still locked or under vesting can be used in dApp Staking or future CrowdStaking.

Tokens who are still locked or under vesting can be used in dApp Staking or future CrowdStaking.

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.

Fixed amount of ASTR for each DOT!

Fixed amount of ASTR for each DOT! This ratio is based on the amount raised during the Astar Crowdloan Event. Basically, we will distribute a total of 15% of our initial supply to Astar Crowdloan participants based on your DOT contribution.

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.

How to join our crowdloan?

You can find all the tutorials on how to join here:

  • How to join through Polkadot.JS
  • How to join through Exchanges
  • How to join through Wallets
  • How to join through Partners

Polkadot Parachain Lease Offering

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's 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!
Website | Twitter | DiscordTelegram


Astar Crowdloan Event — Part II was originally published in Astar Network (Previously Plasm) on Medium, where people are continuing the conversation by highlighting and responding to this story.

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