SherpaX Crowdloan is Open

The Kusama auction starts and the SherpaX Crowdloan is open!

Kusama has a feature built-in that allows Parachains to open a decentralized crowd loan. SherpaX has opened one of those crowd loans allowing the community to contribute and lock their KSM for the duration of the Parachain lease. As a reward for locking their KSM, they are rewarded with SherpaX’s native token: KSX. After the lease is done, the community automatically has their KSM returned to their wallets.

SherpaX Crowdloan Incentive Plan

  • SherpaX will bid for an 8-period slot, meaning that when SherpaX wins a slot, it will lease that slot for 48 weeks.
  • If SherpaX wins an auction, KSX will be distributed once at all when the network is launched and connected to Kusama.
  • The contributed KSM will then be locked for 48 weeks. After that, the contributed KSM is automatically returned to your wallet.
  • All your KSX rewards will be released once SherpaX Connect to Kusama.

How Many Rewards can You Get?

  • The basic incentives for every 1 KSM contributed is 10 KSX
  • On top of this you get a quantity bonus according to the table below:
  • If you also refer a friend, both of you get a 5% referral bonus reward.
    Referral registration: https://ksmslot.chainx.cc/
  • We mentioned before that there would be a bonus if we didn’t win a slot, but you locked your KSM in the crowd loan. Well, we technically didn’t win the first 5 slots, so we’re adding an extra 5 KSX bonus to every KSM contributed! 🙌

Let’s use an example to make it a bit easier.

Alice locks 150 KSM in the crowdloan. She invites Bob who locks 50 KSM and uses Alice's referral code. Their rewards are then:Alice will receive: 150 * (10 + 10 * 40% + 10 * 5% + 5) = 2925 KSX
Bob will receive: 50 * (10 + 10 * 20% + 10 * 5% + 5) = 875 KSX
Per 1 KSM locked, you can have a minimum reward of 15 KSX and a maximum of 27,5 KSX.

We’re not done yet

How do I contribute?

https://chainx-org.medium.com/sherpax-crowdloan-tutorial-88086714ff1

Want to learn even more?

  • Official Kusama auctions website — here
  • A Polkadot-made FAQ about the crowd loans — here
  • A video explaining how to contribute to a crowd loan on Kusama — here
  • A written guide on how to contribute to a crowd loan on Kusama — here

About SherpaX

Website | Github | Twitter | Medium | Telegram | White paper

About ChainX

Website | Github | Wallet | Twitter | Medium | Telegram | White paper