The Composable Crowdloan
Our crowdloan on Polkadot was critical in allowing us to successfully obtain the 8th Polkadot parachain slot during the 7th round of auctions of these parachains. Over 9 thousand users participated in our crowdloan, depositing a total of 6,075,485 DOT (a value of over $163 million).
For transparency, we are continuing to publicize the crowdloan approach we took when bidding for a Polkadot parachain. Please note that the information in italicized text below is outdated for this reason:
Our crowdloan strategy improved upon existing crowdloans by offering augmented flexibility and earning opportunities for users, such as the depositing of stablecoins and enhanced incentives for participants. For our Polkadot crowdloan, participation was capped at 25 million DOT.
This crowdloan was available on our app. Users were able to stake stablecoins or DOT, earn an APY on their stakings, and support the ever-growing Composable ecosystem. Our Polkadot crowdloan went live within a few days of its announcement, allowing users to bid in the second batch.

Rewards

We initially offered offering 12% of LAYR supply to crowdloan contributors, with 25% vesting on TGE, and the remainder vesting over 1.5 years. As the amount staked in our crowdloan continues to accumulate, we have designated additional awards to be unlocked according to the same vesting schedule, amounting to a total of 14% of the LAYR token supply.
See a breakdown of our early bird incentives for this initial 12%:
  • 5% bonus to those who staked in the first 24 hours
  • 5% bonus to those who previously contributed KSM and stablecoins to the Picasso Crowdloan
  • 10% bonus to stakers in the first three days of opening the crowdloan
  • 20% bonus for those who refer a total of 1000 DOT using our referral codes
Additionally, we announced an increase in the rewards for Composable crowdloan stakers. These added rewards come on top of the above early bird incentives.
The timing for this increase in rewards aligns perfectly with the Composable crowdloan having recently reached the milestone of over 3 million DOT staked.
We decided that, if we passed the 4 million DOT staked mark, we would add an additional 2% of total LAYR supply to crowdloan contributors. We ended up significantly surpassing this milestone, thus unlocking these additional rewards.
With the extra 2% increase thus unlocked, it means we increased our total LAYR supply distributed to crowdloan supporters from 12% to 14%.
As stated in a previous article, we will also be issuing PICA rewards through a claim process to members who participated with stablecoins during our Picasso crowdloan. The claim process is scheduled to take place before Composable’s LAYR tokens are distributed, so that prior crowdloan participants will be recognized during the distribution of rewards of LAYR.
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Rewards