SherpaX Crowdloan is Open

The second batch of Kusama auctions are set for the beginning of September and the SherpaX Crowdloan was the very first to open! KSM holders can now lock their KSM in a crowdloan and receive KSX through Polkadot.js, Fearless wallet made by SORA, Polkawallet, MathWallet, or exchanges like OKEx, KuCoin, and Kraken.

As the canary network of ChainX, SherpaX will participate in the auction of the Kusama slot and access Kusama as a parachain. SherpaX will share the security of the entire Kusama network and can communicate with other parachains through the XCMP protocol to truly realize multi-chain and cross-chain.

Kusama parachains connect to the network by leasing a slot on the Relay Chain via permissionless auction. Kusama is rolling out the second batch of parachain auctions as we speak. In order to have the community support us in winning a slot, we’ve opened a crowdloan.

SherpaX Crowdloan

Kusama has a feature built-in that allows Parachains to open a decentralized crowdloan. SherpaX has opened one of those crowdloans 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 will join the Kusama slot auction when the 6th auction is started.
  • 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 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.

Crowdloan rewards

As a reward for locking up your KSM in the SherpaX Crowdloan, we’ll be distributing KSX to your wallet address. KSX has an initial supply of 21 million, increased with 10% additional issuance every year. Just like with PCX is KSX a utility token used for transaction fees and governance.

  • 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-pre.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 crowdloan. 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

We have some additional rewards lined up for our community! Everyone who contributes to the SherpaX Crowdloan will receive a ComingID NFT. The details are still a bit fuzzy, but a little fairy told us these ComingID will be able to mine KSX.

Want to learn more about what a ComingID is? Start here.

How do I contribute?

We’ve written a detailed guide here 👇

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

Want to learn even more?

Here are some resources to get you up to speed on various things:

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

About SherpaX

SherpaX is the canary network of ChainX and will serve as a testbed for new developments in Bitcoin Layer 2 technology.

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

About ChainX

ChainX will become the largest Bitcoin Layer 2 Network in the world. The first Substrate blockchain to go live will provide Polkadot with the most valuable digital assets on the market. Committed to realizing trustless and decentralized bridges for Bitcoin and other assets, it forms an inter blockchain asset gateway, pathing the way for a truly interoperable network of blockchains.

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

ChainX is the largest Layer-2 network of Bitcoin, based on Substrate, and will evolve into the Polkadot Secondary Relay Chain.