- 1,000,000 TEER — 10% of Integritee’s total token supply — has been allocated to reward crowdloan backers for their support in upcoming Kusama auctions.
- New Early Supporter Bonus and Loyalty Rewards mean up to 400,000 TEER in additional bonus rewards are up for grabs.
It has now been 4 months since the Kusama Network parachain auctions began in June. Since then, 11 separate auctions have been conducted in 2 batches. Integritee officially participated in each auction between Slot 7 and Slot 11. Although we haven’t been successful yet, we have gathered a huge volume of valuable feedback from our backers and supporters. We thought that now would be a good time to reflect on this information and update our strategy prior to the next batch of auctions.
Kusama Slot Auctions & Crowdloan — A Very Quick Recap
Let’s begin with a quick recap of what the Kusama parachain auctions are all about.
Kusama: Kusama is the “canary network” of Polkadot — a live network with real economic incentives where projects can innovate, experiment and optimize their parachains. Launching a Kusama parachain is the first step towards gaining a parachain slot on the Polkadot network.
The Kusama Parachain Auctions: Each Kusama parachain slot is leased to a project for a specific time slot (lasting 6–48 weeks). The slot will be awarded to the project that provides the largest bond in the form of locked-in KSM.
Kusama Crowdloan: Backers can support their favourite projects by bonding or “locking-in” KSM for the duration of the lease period. Backers retain full access to their KSM once the lease period ends. In return for supporting Integritee, we offer crowdloan backers TEER token rewards.
How to Back Integritee in the Upcoming Kusama Crowdloan
There are many ways to support Integritee by staking KSM. Back us in minutes using any of these services to become eligible for rewards:
After carefully analyzing the community feedback and data from previous auctions, we have decided to update and increase our rewards for the upcoming batch. Many supporters felt that some of our incentive structures are too complex, so we have opted to simplify them. In addition, when analyzing the data from all winning auctions, it is clear that early momentum is often key. For this reason, we have added further rewards to encourage early participants. Please find a full breakdown of our new rewards structure below:
In summary, the key updates to our rewards structure compared to the previous batch of auctions are as follows:
- New Early Supporter Bonus to encourage early participation.
- New Loyalty Rewards to reward supporters who back us again.
- The Referral Program bonus has increased from 3–5%.
- The Guaranteed Rewards have been simplified by removing the time weighting calculation and increasing the reward. In future, in the event that Integritee does not win an auction, all supporters will get a Guaranteed Reward proportional to their contribution, no matter when they backed us.
If you would like to learn more about the Integritee project, visit our website, or follow us on Telegram or Twitter for the latest updates. To learn more about how to back Integritee in the upcoming Kusama auctions, visit our dedicated crowdloan page.
Integritee Announce New Rewards for Upcoming Kusama Auctions was originally published in Integritee Network on Medium, where people are continuing the conversation by highlighting and responding to this story.