Composable Enables Participation in the Picasso Crowdloan using ERC-20 Stablecoins — Launching Tuesday, September 7th
To welcome more members into the Picasso community and help push towards parachain procurement, Composable is expanding its parachain crowdloan to accept stablecoins (the first Kusama crowdloan to ever do so) in addition to its previous allowance for KSM deposits. In turn, this opens up the Kusama and Polkadot ecosystem to a much broader audience.
This will be launching on Tuesday, September 7th.
Composable is pleased to make its crowdloan for Picasso, our Kusama parachain, even more accessible to users. We are accomplishing this by opening up participation in the Picasso Crowdloan to the deposit of Ethereum-based stablecoins, marking the first opportunity for users to contribute with stablecoins into a Kusama crowdloan. This new option will help us reach our goal of 100,000 KSM and obtain a parachain, while also bringing a valuable opportunity for participating in the Polkadot ecosystem to a wider range of individuals.
The New Stablecoin Participation Opportunity:
Users will now be able to use Ethereum-based stablecoins to participate in our crowdloan, which will follow a relatively standard format. Similar to KSM contributors, stablecoin contributors to the Picasso crowdloan will earn our parachain’s native Picasso Network token (PICA), with 20% (2 billion tokens) being allocated for this purpose.
To participate with stablecoins, users will invest their tokens into a Composable vault, locking them up for a 48-week duration. From there, these tokens will be used to purchase KSM. There will be a standard 2% fee upon conversion on participation in this vault. At the end of the parachain slot duration, the users will be able to claim this KSM through Polkadot.js wallets, or choose to obtain their stablecoins back to their Ethereum addresses. PICA rewards will be distributed to Polkadot.js wallets through a claim process.
Don’t forget — this crowdloan is the only opportunity we foresee for users to obtain PICA in the near term. Opening up the crowdloan to stablecoin staking provides a larger user base with the ability to earn these tokens, which will have important uses including governing which pallets are added to Picasso and other network decisions, staking and rewards for collators and data providers, and managing the treasury.
In this manner, we are pleased to be allowing more users to participate in our crowdloan and become Picasso Network community members by holding PICA. We are also excited to be paving the way for other crowdloans to follow our model and allow users to contribute with stablecoins, making participation accessible to a much broader user base.
Stay tuned for more details over the coming days.
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