We are eager to continue moving towards our Kusama parachain bid with the current Picasso Crowdloan. Here we provide a walkthrough explaining how you can participate.
As previously announced, Composable has launched a standard crowdloan for Picasso, our parachain. With this additional step, we believe we will be well-positioned to obtain a Kusama parachain at auction in one of the five slots beginning with that on September 1st. This will allow us to actualize our vision of bringing DeFi into Polkadot early on, and enabling all sorts of dApps to be built in this ecosystem.
Picasso Crowdloan TL;DR:
Our crowdloan will follow a relatively standard format. As a reminder, crowdloan participation will be capped at 100,000 KSM. The crowdloan period will be 48 weeks, divided into 8 6-week lease periods. Participants (stakers) in our crowdloan will earn our parachain’s native Picasso Network token (PICA), with 20% (2 billion tokens) being allocated for this purpose. Rewards will be slightly higher for participants in the first 24 hours of the crowdloan. Keep in mind that the crowdloan is the only opportunity we foresee for users to obtain PICA, which will have important use cases such as voting on which pallets to add to Picasso. As another way to boost rewards, our referral program lets users generate referral codes, earning them a 20% bonus on PICA earnings if they bring in other participants that contribute at least 100 KSM.
How To Guide: Participating in the Picasso Crowdloan
Once our crowdloan feature goes live, it will be available at http://picasso.composable.finance. Click on the option to contribute to the crowdloan and you will be directed to the following page:
In this interface, you will be able to select the wallet you would like to deposit from, input how many KSM you would like to stake (with the amount of KSM available in your wallet also visible to you), and input any referral codes that you have been given from others. You will also be able to see your estimated PICA rewards from your stakings, and how much of the crowdloan share of PICA rewards this would be.
Once you are ready to stake your KSM, hit “Contribute”.
At the bottom of the page, you are also able to generate a referral code to pass along to others. You can click the “?” icon for more information about this referral code:
Once you have contributed, you will be able to see your position in the crowdloan under “My Position”:
Here, you will see a summary of your KSM contributions so far, the corresponding estimated PICA rewards, and whether or not you have obtained the referral bonus. You also have the option to “Contribute More” KSM to the crowdloan, which sends you back to the previous interface.
If you click on the “Current Referral Bonus” you will be able to view the progress you have made towards obtaining the 20% referral bonus:
From the main crowdloan page, you will also be able to view the overall auction status, and its comparison to our targeted KSM raise:
We appreciate your faith and contributions in Picasso and Composable, and look forward to what we can create together.
For more information about Composable and how it is architecting the unified DeFi landscape of the future, check out our socials: