The Launch of the Picasso Crowdloan & Vault Strategy Update

  • We will be releasing the Picasso Network token (PICA) — the native token of the Picasso parachain, which lives solely on the Kusama parachain. PICA will have critical functionalities including allowing voting on which pallets are implemented first on Picasso, beyond our core pallets such as Apollo (oracle pallet) and Cubic (vaults pallet) that will already be available.
  • LAYR will be the native token for all of Composable Finance’s activities on both Ethereum and on Polkadot.
  • Similar to how DOT will be transferred to the KSM treasury at a later date (pending Substrate-Substrate bridges ), we are committed to allocating a portion of LAYR tokens to the Picasso treasury. Picasso governance will vote on how to spend these LAYR tokens.
  • 20% of PICA token supply.
  • A base level APY on their KSM powered by yield farms (more details to come soon).
  • The vault strategy will extend until the Polkadot parachain has been secured. Already to date, with $55M TVL, we have generated greater than 20,000 DOTs.
  • The existing LAYR token incentives will proceed as previously detailed. However, LAYR incentives will stop beyond the last 40 day period. This means that the next few weeks will be the last opportunity for users to obtain the LAYR token. From there, we will commence incentivizing these stakers with PICA.
  • As such, we are excited to launch additional strategies aimed towards Polkadot parachain procurement.
  • Users stake and lock their LAYR tokens in Ethereum vaults until Composable secures a Polkadot parachain slot. In the theoretical scenario in which Composable does not obtain a Polkadot parachain, the maximum locking period will be 1 year.
  • Stakers will be earning PICA tokens at a rate determined after monitoring the PICA network token, which will likely be released before LAYR. A maximum of 10% of PICA supply will be allocated to users who lock up LAYR upon LAYR TGE, on a diminishing returns curve; there will initially be a higher ratio of Picasso to LAYR tokens locked, reducing to a lower ratio of Picasso to LAYR tokens over time. In the event of the full 10% not being allocated to LAYR lockers, the remainder of this token supply will flow into the treasury, which will be run by governance, and primarily focus on grants to new projects on Picasso.
  • An airdrop of PICA to all wallets holding KSM.
  • The aforementioned referral program for users bringing other contributors to our crowdloan.
  • Reserves for distribution in future parachain auctions.
  • Which pallets can be incorporated onto the Picasso Network
  • Decisions on grants and other incentivization programs will be actioned through the treasury, and will be the location where transaction fees flow into
  • Which products on the Picasso network will be able to “graduate” to our Polkadot parachain
  • Public goods infrastructure: powering infrastructure providers, block explorers, wallets, and other key ecosystem partners

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