Kusama Crowdloan: Litmus wins parachain
Dear Litentry community,
The year started on a high note for Litentry as Litmus — our canary network on Kusama — has won the #23 Slot in the Kusama parachain auction with a total of 10,821 KSM raised from 849 contributors! We would like to THANK YOU for your tremendous support.
Crowdloan Reward Distribution
- LIT rewards: as promised, the community members who participated in the crowdloan will receive their LIT rewards linearly in each block. Right after Parachain onboarding has completed, we will verify if everything is normal, e.g. block producing, runtime upgrading, RPC, etc. After we confirm that the Parachain runs as expected, we will distribute our crowdloan rewards in LIT to your address.
- The estimated time will be 2 to 4 weeks after the Litmus Parachain onboards on Kusama which will be on the 20th of February.
- The LIT reward distribution will be using the Polkadot Vesting Pallet. When there are LITs available to vest for an account, users will have the ability to unlock vested amounts and get the LIT rewards.
What will happen to my KSM
The contributed KSM will remain locked for the duration of the lease (48 weeks), after which it can be unlocked. Meanwhile, if you contributed through the Bifrost platform, your KSM has been automatically converted into vsKSM which can be traded inside Bifrost SALP and participate in the 5,500 BNC farming event.
What comes next:
- The Litmus parachain will be onboarded to the Kusama Network at the start of the lease on February 20th.
- PNS and Drop3 will likely to be first onboarded to the Litmus parachain, depends on the product development progress.
- Litentry will continue developing and improving our products with the final aim being to serve our community in the best possible way. In the near future, we will also aim to win a parachain slot on Polkadot as Litentry. Additionally, we will work on completing the launch of Litmus on Kusama and rolling out the token so that rewards can be distributed to the team.
Thank you for reading and supporting Litentry!