The Picasso Crowdloan has Reopened

With the next auction commencing on October 23rd, 2021, the Picasso crowdloan is reopening to both KSM and stable coins. We are excited to see there being additional rounds of auctions for Kusama parachains, and would like to be first movers.

Hence, the crowdloan has already opened for this round of contributions. It is available at https://crowdloan.composable.finance/. The early participation bonus of 5% applies to users who have already participated as well as those who participate in the 12h period starting at 10pm CET. Users who participate in the first three days will receive a 10% bonus.

A reminder, we will be distributing 20% of Picasso token supply to crowdloan stakers.

We have also implemented a referral program where users can generate referral codes, and will obtain a 20% bonus on their Picasso Network tokens if they bring in other users contributing a total of 100 KSM or more. Users’ who were previously eligible for the referral bonus, will have this bonus honored. Users who were not eligible, and new stakers in this round will be able to generate new referral codes.

Additional Rewards Beyond Prior Round

As mentioned previously, there will be a 5% bonus to contributors who previously staked in our crowdloan, and restake the same amount or greater. The bonus will be subject to the amount contributed to the prior round. Additionally, there will be 5% additional PICA tokens as rewards set aside should we pass 100,000 KSM.

PICA Token Use Case

50% of PICA received upon contributing to our crowdloan is released at TGE with the remainder being released linearly within 48 weeks in order to be used in various use cases in our ecosystem: transaction fees, governance (voting which pallets built on Picasso are upgraded into the runtime and what projects will be migrated to the DOT parachain), staking PICA for the Apollo, our MEV-resistant oracle, and collator staking. Additionally, stakers of PICA will be able to earn tokens from projects incubated by Composable Labs that deploy on Picasso, as mentioned previously here.

Existing Stablecoin Withdrawal Period

Given that a new crowdloan is initiated, we are also reopening stable deposits. However, users who have previously deposited need not do anything, the Composable team will recontribute the assets to the crowdloan.

Users can still withdraw their stablecoins from the prior round, but we have shortened the withdraw period to Wednesday at 12pm CET. The withdrawal process will still be available on https://crowdloan.composable.finance/ until then. Users should keep in mind that withdrawals in stables incur an additional 1% fee, due the conversion back to stablecoin from KSM.

We are looking forward to this upcoming round, and are excited to be participating once again in the Kusama parachain auctions.

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