The most awaited candidate today is Basilisk, and sleeping sneks have woken up for their great mission.
Do you know how to participate in Basilisk’s crowdloan? Let's see how to support them for a parachain slot.
Basilisk crowdloan #2 has started and you can support them via https://loan.bsx.fi/
Just as the last time, the snek of course wants to join as soon as possible, but not at any price. For the purpose of organic community growth, they focus on not overpaying for the parachain slot. To make sure that KSM contributions don’t spiral out of control, they have set the Basilisk crowdloan cap at 222,222 KSM. Furthermore, the rewards mechanism incentivizes KSM contributions when they matter the most - before the auction close period, or when Basilisk has not gained a 15% lead on the other competitors.
Here is some information about Basilisk Crowdloan #2
Start: 31 August 2021
Parachain duration: 48 weeks
Target parachain slot: #6 - #10
Crowdloan cap: 222,222 KSM
Total BSX rewards: 15,000,000,000 BSX (15% of total supply)
HDX rewards: 56,873,469 HDX (max)
Vesting period: BSX rewards and HDX bonuses are distributed linearly. The distribution will start once the Basilisk LBP event has been concluded (~2 weeks after the parachain slot is won) and will continue until 1 week before the parachain slot expires.
Crowdloan campaign deadline: 09 October 2021
The amount of the BSX rewards depends on two factors. The first one is the share of the individual contribution in the total amount of contributed KSM. The second factor is the BSX rewards multiplier.
The rewards multiplier is at its highest value (1x) in the first 45h after an auction has started. This is the best period to bring your offerings for the snek. Once the ending period of the particular auction has started, the multiplier will drop linearly for the remaining 5 days of the auction until it has reached 0x in the last auction block.
The second element of the rewards mechanism is the HDX bonus which partially compensates for the opportunity costs of locking your KSM tokens instead of staking them against a ~14% APY. In other words, eligible contributions will receive part of the incurred opportunity costs in HDX tokens priced at $ 0.08059 (the closing LBP price).
The HDX bonus varies between 30% and 5% of the contribution’s opportunity costs. The bonus is at its highest (30%) while the snek is playing catching up with the frontrunners. As Basilisk becomes first and secures a comfortable lead of 15%, the HDX bonus will start dropping. Once the lead has reached 20%, the bonus will be at its lowest (5%).
First, you need to buy KSM or use the unlocked KSM you already have. If you have available KSM on Polkadot.js, visit https://loan.bsx.fi/, click “Yes, allow this application to access” in the pop-up window.
Step1: Fill the amount of KSM you wish to contribute in “KSM Contribution”, respectively, you will see the minimal BSX received, current BSX received and current HDX received.
Step 2: Click “Contribute”.
Step 3: You will then be asked to sign and submit this transaction.
Congratulations — you’ve now successfully voted for the BSX parachain slot!
Read more details at: https://basiliskfi.substack.com/p/the-snek-is-back