Reflection on the Past Auction & Plans for Next Round of Kusama Parachain Auctions

Composable was not able to obtain a Kusama parachain slot in the most recent auction. However, we are incredibly thankful for our community of supporters that supported us through this process. From this experience, we have learned a lot about an effective parachain procurement strategy, and continue to be driven by the strong need for our offering. Thus, we announce plans for Kusama parachain procurement in the next round of auctions, with additional rewards for our early supporters.

Reflections on the Last Round of Kusama Parachain Auctions:

Composable itself has strived to obtain a Kusama parachain at auction, and unfortunately was not able to accomplish this during this round of auctions. However, it was clear that our community supports our mission and that our efforts to further incentivize the parachain contribution process for users is effective. As a recap, we have increased our rewards to 30%, with an additional 10% of rewards being distributed in the following manner — 5% to contributors who previously staked in our prior crowdloan, and restake the same amount. Additionally, 5% will be distributed to stakers who contribute to our next crowdloan after it has reached 100,000 KSM. These bonus rewards would be distributed during the next round of parachain auctions.

Kusama Auction Plans for the Future:

We believe that we are well positioned to obtain a Kusama parachain for Picasso in future auctions, and will continue to participate in this process when it becomes available. Users are able to withdraw their contributions to our crowdloan as stablecoins or KSM, using the form available here.

If you contributed to this first Kusama parachain crowdloan for Composable, and choose not to withdraw, we will reopen another Kusama parachain crowdloan shortly that user funds can remain in, providing a 5% bonus on rewards for this continued contribution.

Keep an eye out for more updates on how to contribute as we continue to work towards our goal of deploying Picasso on Kusama.

For more information about Composable and how it is architecting the unified DeFi landscape of the future, check out our socials:

Twitter | Telegram | Discord | Website | GitHub | LinkedIn

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The face of DeFi's future.

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