For a very long time, Kylin have said that they are aiming to launch directly on Polkadot to save time on managing two parachains.
However, the growing adoption of Kusama, and its ability to act as a currently ready implementation layer — right now — have changed the context of that initial plan. They will always prioritize a more rapid path to adoption and implementation of Kylin Network and DeData standards. Right now, the most rapid and robust path includes Kusama.
Kylin itself is now very close to completing the querying functionality of the data warehouse (i.e. v0) — Kylin believe it makes sense now to launch a canary network and test out the integrations with our many partners both Polkadot based and others. Kylin can only do that in the very near term via Kusama.
One of the major priorities of this path is to utilize the Kusama bridge to ETH to integrate they Solidity-based partners and offer they community the ability to provide data to them. This Kylin feel will be of fundamental strategic importance as Kylin have a multitude of partners sitting out in the ether (pun intended) and they want to be able to integrate them and test out integrations as much as possible. Ultimately, the traffic — in terms of real implementation paths — is currently on Kusama so it makes sense for to have a presence there.
When Will Pichiu’s PLO Launch?
Pichiu Network intends to begin its Parachain Loan Offering in conjunction with the start of the seventh or eighth Kusama parachain auction. The exact date is TBD, so stay tuned for details on this
How Do You Participate?
The Pichiu team is working on various, easy ways for you to participate in the PLO, which will reward you with $PCHU, which is Pichiu’s native token. More details will be released in the upcoming days as the plans are finalized. To be the first to be notified about any news or updates of our PLO, as well as any general information on Pichiu and Kylin Network, again, join telegram channel: https://t.me/KylinOfficial.
The swapping mechanism has been scrapped — Pichiu will now airdrop $KYL holders with $PCHU. Also, the total supply has been reduced to 100m. i.e. 10% of the supply of $KYL.
The new tokenomics can be found below:
Lock Drop Rewards
Total lock drop rewards amounts to 5%.
Total rewards 6%
Snapshot details will be shared shortly after winning our slot, so stay tuned.
Based on holder rewards of 6%, 6m / 173m equates to 0.034 $PCHU per KYL.
The values will of course be different for lock drop rewards as its 5% instead of 6%
To clarify, the team will only be using the remaining funds to further reward the community holders and increase adoption via education/tutorials/marketing initiatives.
One thing that Kylin have learned is that they need to add the governance functionality to allow the $KYL holders to propose and vote, and therefore have a more valid feedback loop moving forward for these types of initiatives as Kylin iteratively move toward a DAO. Pichiu will focus on adding this functionality as soon as Pichiu is launched. This also applies to the other team funds.
Pichiu network is about rewarding our community, the vast majority of the funds will be used for the community and pushing adoption.
In addition, Kylin have also taken the decision to exclude private/seed investors from the rewards. All rewards will only be given to addresses who have bought Kylin from the whitelisted launch and after.