Calam-azing News! We Won the Parachain Auction!
On August 29, 2021, Calamari officially appeared on the ballot as we prepared for a parachain auction bid on Kusama. About a month prior, on July 19, we published our parachain loan auction strategy, where we laid out the rewards system of 1 KSM: 10,000 KMA, as well as the rewards tranches, which are unlocked in 1 billion intervals with each new parachain slot.
Immediately following our bid listing, we have been receiving nonstop support from our community and contributors. Partners like Bifrost, Zenlink, and Fearless Wallet, as well as exchanges like Kucoin, Huobi, and MEXC, helped provide additional sources and incentives for participating in our parachain auction. Since the first day, we’ve been breaking records and moving at a tremendous pace to secure our parachain.
Winning & Breaking Records
On September 15, 2021, at 9:00 GMT, we secured parachain slot 7 after weeks of hard work from both the team and the community. Not only that, but we also broke the record for most contributors to a Kusama parachain auction — over 16,000 contributors to a single project!
Rewarding the Community
As we laid out in our PLO strategy, our rewards are unlocked in 1 billion intervals depends on the parachain slot. With a total of 3 billion in rewards, the first 1 billion were unlocked at the beginning of our parachain bid starting on August 29. At a ratio of 1 KSM to 10,000 KMA, that implied that rewards were exhausted after 100k in contributions. The second billion in rewards were unlocked when parachain slot auction 7 began. We quickly filled those rewards as well.
The third and final tranche of rewards were not supposed to be unlocked unless we headed into slot auction 8. But we have continued to receive overwhelming support from the community even after the 2 billion in rewards were exhausted. Therefore, on September 8, we published our official stance on additional participants: we will be honoring their contributions and they will be rewarded as well. This meant that, while the rewards for tranche 3 were not officially unlocked, we would be using the necessary rewards from that tranche to reward contributors who contributed over the 200k KSM mark.
Now that the parachain auction is over for Calamari, the hard work begins! Before we unlock our rewards for the parachain auctions, we must first complete a few steps:
- We will enable governance on our chain;
- We will enable token transfer;
- First block of contribution rewards are sent.
For a full schedule of how the rewards are unlocked, view our article on the PLO strategy.
Moving the Unused Rewards to Future Parachain Auctions
As described in our PLO strategy, any unused portion of the existing auctions will be moved into the PLO reserve for future auctions. After 48 weeks, we’ll need to bid for another parachain slot; at that time, these rewards (along with an additional 10%) will be available as rewards.
We officially raised 218,247 KSM. Translated into rewards, that is 2,182,470,000 KMA tokens that will be owned by contributors. Furthermore, we have bonus rewards for early supporters and referral fees. These are further KMA tokens going directly back to the community.
From a technical perspective, we have to execute on our product roadmap. In the short term, this means that we need to enable governance and token transfer. Beyond that, we will be implementing MariPay as our first product.
On behalf of the Manta Network and Calamari Network projects, the core team wants to say: thank you for all of your support, and welcome to the family! The hard work is just beginning, and we look forward to taking the journey with our amazing community by our side.
About Calamari Network
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Calamari Network is the official canary network of Manta Network, the privacy protocol built for the DeFi stack. Deployed on Kusama, Calamari will service private transacting and private swapping for all parachain assets on Kusama, including KSM.
About Manta Network
Manta Network is the on-chain privacy solution for blockchain assets build from the first principle. In short term, Manta will be a product that enables high-performance private DeFi transactions, such as FT/NFT transfer and AMM styled swap. In the long term, Manta will be the platform for privacy-preserving blockchain applications.
Manta’s founding team comprises many US cryptocurrency veterans, professors, and scholars whose experience includes Harvard, MIT, and Algorand. The advisors of Manta include Hypersphere Ventures co-founder Jack Platts, Polychain partner Tekin Salimi, former Web3 Foundation co-founder Ashley Tyson, and Consensys’ Shuyao Kong. Manta has previously completed a million-dollar seed round of financing led by Polychain and participated by Three Arrows Capital, Multicoin, Alameda, and Hypersphere. Manta is also a grant fund recipient of Polkadot’s official Web3 Foundation. Manta also is an outstanding member of the Substrate Builder Program and the Blockchain Accelerator of the University of Berkeley.