Composable Finance’s Token Incubator: Distributing Native Tokens of Projects on Picasso
Composable Finance announces the release of our incubator pool, a staking program which distributes the native tokens of projects launched on our Kusama parachain Picasso to PICA stakers .
With so many interesting products being announced in the Composable Finance ecosystem, we wanted to create a low-effort way for our users to get exposure to every project building on our infrastructure. Today, we’re happy to announce that we’ve started developing an incubator pool strategy to give PICA token holders direct exposure to our nascent ecosystem on Kusama. In short, PICA token holders that lock their tokens for a period of time, will receive a portion of the native tokens from projects deployed on Picasso; anyone who stakes PICA in this will be entitled to receive a share.
Reviewing PICA and the Token Distribution Strategy
PICA serves as the native token for our Kusama parachain, Picasso. This native token has several use cases including governance, incentivisation for collators, and paying network transaction fees.
The total supply of PICA will be 10 billion. The distribution of this asset is broken down here:
As previously announced, the only way to earn PICA in the near future is through participation in our Picasso Crowdloan. Two billion PICA have been set aside for distribution to those who stake in this strategy.
Stakers in the crowdloan will receive 50% of their PICA upon the token generation event (TGE). The rest of the earnings will be distributed linearly within 48 weeks.
Our Token Incubator Strategy
Once PICA is distributed, holders of the asset will have the opportunity to lock their native Picasso tokens in a vault to gain access to further rewards. All participants who choose to partake in this strategy will earn a percentage of the native token supply for projects launched on Picasso — so long as the projects have native tokens.
Composable Labs, the incubation and testing ground of Composable Finance, will serve a key role in the development of projects launched on Picasso. Composable Labs itself is already developing projects that will bring a myriad of cross-layer and cross-chain solutions to the DeFi ecosystem, ranging from primitives to sophisticated trading tools.
We also recently announced the Composable Grant Program which invites developers to submit proposals to create Substrate pallets on Picasso and cross-layer applications utilizing Mosaic. The recipients of these grants will work closely with Composable Labs to develop their projects.
Once they launch, projects that have native tokens will set aside a portion of these assets for distribution to those who are locking their PICA tokens. The percent of native tokens to be distributed will be dependent upon the project. More of these details will be shared with our community once they are decided.
This token incubation strategy is an ideal way for people to get early access to become invested and involved in projects on Picasso. Beyond that, it provides Composable with another opportunity to reward our community members for participation.
If you are a developer with a project you think fits our ecosystem and goals, and you would like to participate in SDK alpha testing with Composable Labs, reach out to me on Telegram at @brainjar.