Contributing to Composable DOT crowdloan with stablecoins: How it works
Disclaimer: Information as of Dec 16, 2021. For the most recent updates, dive into our comprehensive documentation here.
We have officially launched our crowdloan campaign to secure a Polkadot parachain, $LAYR. We are mirroring the strategy of our previously successful procurement of our Kusama parachain, Picasso. As with Picasso, our Composable Parachain crowdloan is the first project to accept stablecoins as crowdloan contributions for the parachain auctions on Polkadot, thus opening up the Dotsama ecosystem to a broader audience.
Below is a walk-through on how to participate using the ERC-20 stablecoins: USDT, DAI and USDC.
Enter into the Polkadot ecosystem
The primary aim for enabling participation using Ethereum-based stablecoins is to foster exposure to the Polkadot ecosystem across the board, ensuring a broader and more robust community of token holders.
Users are able to deposit stablecoins into Composable’s vault at a standard fee of 2% upon conversion, and we will use these tokens to purchase DOT, which will be contributed towards our parachain auction. At the end of the lease duration, users will be able to claim this DOT through Polkadot.js wallets, or choose to obtain their stablecoins back to their Ethereum addresses. LAYR rewards will be distributed to Polkadot.js wallets through a claim process.
Additionally, we have allocated 12% of our LAYR token supply to reward contributors to our DOT crowdloan with additional incentives listed as follows:
- Users who previously contributed KSM or Stablecoins to our Picasso crowdloan will receive a 5% bonus.
- Users who contribute in the first three days will be issued a 10% bonus. (until Friday 17th Dec 21:00 EST)
- And 20% referral bonus to users who refer a sum of 1000 DOT using our referral codes
You can find more details about our Polkadot parachain procurement plans and LAYR token distribution in case you missed it.
Be a part of Composable’s Polkadot parachain journey
To join in and contribute towards the procurement of our Polkadot parachain visit crowdloan.composable.finance, and follow the simple steps below.
Our vault will be available at 0x4adA5227e164a37a0183eC6Ce93222232f6A00F1, and upon clicking the above link, you will be directed to the page as seen below.
Now select your preferred contribution option. In this case, “Contribute with Stablecoins”
Next, Connect your preferred wallet
Enter your stablecoin crowdloan referral code (if you have one or check the community). Click “Submit referral”. It is important to note that stablecoin referral codes can only be used when contributing stables.
Next, enter the amount you wish to contribute, approve and deposit.
Voila! You have just successfully contributed your stablecoins to our cause, and we thank you for being a part of this journey with us.
As you can see, you can keep track of your stablecoins contribution and referral bonuses on the “Contribute with Stablecoins” section.
Learn more on how you can support Composable through our Ambassador Program
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