Vault Strategy Rewards for the Next 90 Days
In addition to our previously announced rewards of 0.7% of the Composable (LAYR) token distributed throughout our parachain strategy’s third week (link), we are providing further incentives for participating over the next 90 days. Thus, we reward users for their assistance in helping us continue to procure the KSM/DOT tokens needed for obtaining a Kusama or Polkadot parachain at auction.
Rewards will be available across a 90 day period starting on July 20th, with incentives being concentrated earlier in the time frame.
In the first 10 days, we will be distributing 780,000 LAYR tokens as rewards. In the subsequent 40 days, we will then allocate a total of 1,500,000 LAYR tokens as rewards. Then, in the final 40 days, we will reward users with 100,000 LAYR tokens. These tokens will be vested over 1 year.
These rewards will correspond with the period of our parachain Auction Token lock contract.
A recap of this lock contract:
Our lock contract enables users to lock up their parachain Auction Tokens (pAT) to boost earned LAYR by 25%, nominally. Users deposit all of their pAT, which prevents withdrawal for 90 days. Participants in our lock contract will also earn first access to our parachain vault strategy launchpad, as well as other strategies that we will launch as part of a number of partnerships we will be announcing.
A brief overview of our parachain vault strategy launchpad:
Composable is supporting access to parachains for other protocols by opening our parachain vault strategy to these other projects. Other organizations will be able to make use of our strategy to help them incentivize users from the Ethereum community to participate in their parachain auctions. Thus, we help these protocols become positioned for successfully procuring their own Polkadot/Kusama parachain at auction, while continuing to reward users participating in this process.
This will allow us to further build our community while we continue to prepare our bid for the parachain auction.
We are excited to announce progress and further details regarding our parachain ethos and strategy in the coming days. We anticipate that this 90 day period will continue to provide unique yielding opportunities to the Ethereum community through exposure to our parachain auction, and drive further community engagement and support for our parachain deployment, a key component of our mission.
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