In a nutshell: The game is on! We are gearing up to get krest, peaq’s canary network, a parachain slot on Kusama, Polkadot’s wild and chaos-loving sister. Join our quest and lock some of your $KSM to help us get past the finish line — and get some krest tokens for the trouble. You can participate via Polkadot.js or Bifrost, and the tokenomics breakdown is waiting for you here here. Want more deets? Read on!
To go live on Kusama or Polkadot, a project has to first secure a parachain slot for itself. This is done through auctions, and holders of $DOT and $KSM can choose to lock in their tokens to support projects they believe in — and reap the rewards, too. This is known as a crowdloan, even though no loans are actually made. There are usually rewards for contributors, though, so it’s all good.
So now, we’re happy to announce that the crowdloan for krest, peaq’s canary network and the world’s first Economy of Things simulation network is officially live! If you happen to have some $KSM tokens lying around and are in the mood for adding some krest tokens on top of those, here’s all you need to know.
krest crowdloan overview
- krest Parachain ID: 2241
- Targeted Auction: #72-#75
- Ending Block (Estimated) — #17,273,588
As a contributor, you:
- Get a 10% bonus if your contribution is more than 500 $KSM
- Besides that, you will have all of your locked $KSM back once krest’s 48-week parachain lease period wraps up
- Parachain slot lease period: 48 weeks
- $KSM lock-up period: 48 weeks
- Vesting: 12-month linear vesting starting at TGE (Token Generation Event)
- Eligibility: Conditional on user’s agreement to Terms and Conditions, no KYC needed
- Reward token: krest
- Redeeming $KSM: You will receive your locked $KSM back automatically, without any manual input
How to participate:
- Polkadot.js — Through this digital vault, you can access any crowdloans on Kusama and Polkadot. This method is best suited for those who have some experience with the crowdloan mechanism.
- Bifrost — Stake your $KSM and receive liquid $KSM derivatives that you can use while your tokens are locked for the duration of the slot lease period.
Don’t have a wallet on Kusama yet? No worries, head here to learn how to set one up quickly and safely. To take part in the crowdloan, you will need to stake your tokens into an escrow account that will automatically release them back to your wallet once the lease period expires. If the crowdloan is successful, you will also receive krest tokens in line with the vesting schedule. You can check up on any auctions at this link.
krest is peaq’s canary network, and the world's first and only Economy of Things simulation network. krest is your home for socio-economic, technical, community, and governance innovation and experimentation within the peaq ecosystem. It enables the community to launch dApps, DePINs, and tools for the Economy of Things and assess their impact in a live environment on a public blockchain network without running the risk of causing real-world harm.
Head here for a refresher on the vision and idea behind krest.
Relay Chain: Kusama
Supply Structure: Inflationary. 5% of krest tokens are expected to be minted each year. In addition, burning mechanisms set to a balancing ratio will allow the chain to maintain a stable token supply over time.
Total Supply: 400,000,000
Supply at Genesis: 400,000,000
Head to our documentation section to learn more about the krest crowdloan and token. If you’re new to parachain auctions, there’s a handy summary for you there as well.
Got any questions? Don’t hesitate to head to Discord and ask, we’ll be happy to help. And if you don’t happen to have a few spare $KSM in your jacket, but still wouldn’t say no to some krest tokens, there’s another way to get in. Fire up your Raspberry Pi and join the EoT simulation DePIN on peaq to take part in an upcoming airdrop.
Join the Economy of Things
- Know anyone passionate about IoT and decentralization? Send this blog their way!
- Be the change you want to see! Start building on peaq today, or get your idea funded.
- Build peaq. Join the community.