Composable is rolling out additional incentives for people who stake in our Picasso Crowdloan strategy.
An additional 10% of Picasso’s native token (PICA) supply will be allocated to contributors, on top of the rewards we have announced so far.
Should we not secure the 10th or 11th slot, resulting in an additional crowdloan in the next slot auctions, 5% will be given to contributors who previously staked in our prior crowdloan, and restake the same amount. Additionally, 5% will be distributed to stakers who contribute to the crowdloan after it has reached 100,000 KSM. These bonus rewards would be distributed during the next round of parachain auctions.
The 5% boost is based on the new amount that the user stakes in the winning auction that must be at least equal to the amount previously contributed.
Reviewing the Picasso Crowdloan and its Incentives
Composable has previously set aside 2 billion PICA (20% of the total PICA supply) to distribute as rewards for Picasso Crowdloan stakers. Half of this PICA will be distributed upon the token generation event (TGE), and the remaining half will be distributed linearly within 48 weeks. Now, this has been increased to 30%, with an additional 10% coming from the previously announced 30% of liquidity mining.
As described in a previous post, the PICA token has several key use cases including a role in governance, distribution to collators, data provider staking, network usage, and the Picasso Network Treasury. Furthermore, as previously mentioned, 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.
Should we do an additional crowdloan, we have already set aside bonuses for stakers in the crowdloan. These rewards include:
- 5% bonus to those who staked in the first 12 hours
- 10% bonus to stakers in the first three days
- 20% bonus for those who refer a total of 100 KSM using our referral codes
A unique feature of the Picasso Crowdloan, which we would also offer in our next crowdloan, is that we accept DAI, USDC and USDT stablecoins. These deposited stablecoins are then used to purchase KSM to assist in our parachain auction bid.
We are excited to be rewarding community members who continue to support our crowdloan and look forward to generating further investment opportunities for those who want to stake in our ecosystem.
For more information about Composable and how it is architecting the unified DeFi landscape of the future, check out our socials: