At 2:30 AM on November 5th, Polkadot’s No.42 referendum voted and the Parachain Slot Auction Crowdloan module was launched. The first batch of the Parachain Slots Auction is scheduled to start on November 11th.
Polkadot Parachain Slot Auctions are fast approaching for SubDAO to build a more powerful and secure network in the aspect of technology and community. For realizing the final aim of “One DAO Serves All”, bridging Web 2.0 and Web 3.0, and laying the sustainable economic foundation for a healthy parachain ecosystem on Polkadot, SubDAO has started a new exploration.
SubDAO deploys Starfish Network on the Polkadot network and issues the initial token GOV(Governance) as the bonus. Starfish Network will join Polkadot Parachain Slot Auctions from the first batch(Nov 11th, 2021) and always carry the vision of SubDAO to provide blockchain-based electronic agreement signing, DAO social networking, asset management, and other tools and services for Polkadot’s relay chain and parachain with the goal of winning the slot in the auction.
Polkadot allows parachains to source tokens for their parachain bids in a decentralized crowdloan, which is in line with the features of the DAO: security and transparency. This mechanism allows users to voluntarily lock their DOT until the slot lease ends to support their teams to win parachain slots. Teams can reward supports in however they consider appropriate and can set their own crowdloan rules. Each auction winner will be assigned a parachain slot for up to 96 weeks.
In the SubDAO crowdloan, anyone can participate in SubDAO crowdloan for supporting SubDAO to bid a slot by pledging DOT tokens while getting the GOV reward bonus at a certain rate in the process.
Starfish Network will participate in the bidding with DOT contributed by community users and win slots in the auction. When the Crowdloan begins, participants simply lock their DOT in the Crowdloan vault. This is a “‘smart contract,” a virtual vault stored on the blockchain that is instructed by computer code to secure the loaned DOT for two years. It can never be touched by the team. In return for their loans, contributors will receive GOV token as a reward. The specific rules of the reward will be as follows.
Total Crowdloan Rewards: 30% of the total supply(300,000,000 GOV) Basic Reward: 20% of the total supply(200,000,000 GOV). Users who pledge each DOT will get 20GOV as the reward(20GOV/DOT). 10,000,000 DOT will be raised as expected.
When completing the raising of each stage, the team will decide whether to launch the next stage based on the team’s auction conditions.
Besides the Basic Reward, 100,000,000 GOV will be deployed to the other reward items.
Early Bird Bonus
SubDAO will reward an additional 5% bonus to the first 1000 DOT pledged users based on the bonus they won in total as an Early Bird Bonus.
For example, as one of the first 1000 DOT pledged users, user A has pledged 10 DOT, he will get a 200 GOV basic bonus and an additional 5% of his total bonus, which means that he will get a 210 GOV bonus in total(200 + 200*5% = 210 GOV).
All referrers need to obtain the invitation link and exclusive referral code on the SubDAO official crowdloan page. If the user is successfully invited using the recommendation code, both he and his referee will receive a 5% reward of the referee.
For example, user A invites user B to contribute auction with the referral code successfully, both user A and user B will get an invitation bonus additionally according to the rules. The additional bonus will be 5% of user B’s total bonus.
Strong Supporter Bonus
Anyone who pledges over 100 DOT will gain an additional bonus. The rules are as follows:
When the total pledged DOT in the auction reaches a certain number, all supporters of the auction will gain a bonus. The rules are as follows:
When the parachain slot auction is completed at Starfish Network and Starfish Network operates successfully as Parachain, the GOV rewards will be immediately released by 34%, and be sent to the addresses of supporters; other 66% rewards will be linearly released to every supporter’s addresses in 96 weeks.
At present, SubDAO crowdloan is available on the following platforms:
General: Enter Polkadot.js Crowdlaon page and vote for ID 2018.
CEX: Huobi Global, OKEx, Gate.io, MEXC Global, etc.
Entry on Huobi: https://www.huobi.com/en-us/topic/dot-slot/detail/?id=2
Entry on OKEx: https://www.okex.com/earn/slotauction
Entry on Gate.io: https://www.gate.io/hodl/852
vCrowdloan: Bifrost, etc.
Unlock Liquidity: After the user votes, they can get vDOT to unlock the liquidity of the voting DOT
Entry on Bifrost: https://bifrost.app/vcrowdloan
Wallet: Math Wallet, etc.
To better meet the demand of the community, we are still working on more entries to the crowdloan, and more partners will announce soon, stay tuned.
SubDAO is a cross-chain DAO protocol based on Polkadot. It allows any decentralized organization to swiftly create and manage DAOs. We are committed to serving as a Web3.0 entry by providing blockchain-based digital agreement signing, DAO social networking, asset management, and other tools and services.
SubDAO has completed multi-million dollars financing from dozens of institutions including Huobi Ventures, OKEx Blockdream Fund, CMS, Hypersphere as well as investment by Messari founder Ryan Selkis. The founding team of SubDAO is composed of the former Technical Team leader of the IBM Group and many early well-known developers from Polkadot.