The Picasso Crowdloan
Our strategy that lead to a successful parachain procurement.
Any unclaimed rewards from the crowdloan will be transferred to the Picasso treasury, via a governance proposal, three months after the crowdloan vesting period is concluded
Picasso Crowdloan Details
Composable Finance has won the 13th Kusama parachain auction slot, raising 115,017 KSM and successfully securing a parachain to build out and deploy the Picasso network. Crowdloan participation was capped at 200,000 KSM and the crowdloan period will total 48 weeks, broken down into 8 lease periods of 6 weeks each.
Initially, 20% of Picasso’s native token supply was allocated to the crowdloan: 2,000,000,000 PICA. However, as a result of the bonuses awarded to crowdloan participants, the total allocated supply of PICA amounted to 30% (3,000,000,000 PICA).
Picasso Crowdloan Bonuses
We implemented a referral program where users were able to generate referral codes and obtain a 20% bonus on their PICA tokens if they brought in other users contributing a total of 100 KSM or more.
Early Participation Bonuses
Users who participated early on in the Picasso crowdloan received a boost on their earnings: participating in the first 12 hours provided such users with a 5% bonus, and participating in the first three days provided a 10% bonus.
Bonus to Prior Stakers
Within the 30% PICA rewards for crowdloan participants, 5% is allocated as a 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.
KSM purchase logs
You can find the purchase/sell logs corresponding to the Ethereum address for stablecoin contributors on our Github. They catalogue all of the Picasso stable coin conversions to KSM via TPS (the OTC desk of 3AC).