The Calamari Crowdloan on Kusama

Read more about the details of Calamari (by Manta Network), our upcoming PLO strategy, and how to participate

Calamari will be the first privacy-preserving DeFi stack powered by zkSNARK on Kusama. The project, which is Manta Network’s Canary Network, will receive new features before Manta Network.

About Calamari Network

Calamari, Manta Network’s canary-net (the canary-net is an early, highly experimental version of Manta Network, where all new features will be released and tested first), is the plug-and-play privacy-preservation parachain built to service the Kusama DeFi world. It combines Kusama and zkSNARKs to bring on-chain privacy to transactions and swaps. As part of its own suite of products, Calamari Network offers:

1. MariPay, its token-agnostic private payment service. MariPay supports the private transfer of Kusama and its Parachain assets, including major crypto assets supported on Kusama. Users can transact popular assets like stablecoins and wrapped BTC while simultaneously reaping the benefits of on-chain privacy through ZKP.
2. MariSwap, its private AMM-based DEX. MariSwap offers users the capability of swaps between parachain assets while preserving the privacy of the user addresses. It also provides never-before-seen features in the industry such as private liquidity pools.

Calamari will be the only platform on Kusama that can meet user on-chain privacy needs, boost anti-surveillance, and ensure private tokens’ decentralization and interoperability.

About Calamari Token ($KMA)

$KMA is the first community-driven deflationary utility token where rebate rewards, redemption rewards, and token burns are generated from the Calamari privacy-preserving network usage. The Initial Distribution of KMA is up to 10 billion tokens. There will be no new token generation unless KMAs for the crowdloan are consumed.

The Calamari token ($KMA) is a utility token that rewards token holders with a rebate and redeem mechanism on MariPay and MariSwap usage fees. $KMA has a burn function for redemption. Moreover, $KMA also has governance and other extended functions.

Calamari Token Distribution

KMA will be distributed in a community-driven method. The majority portion of KMA tokens will be owned by community members.

There is no team allocation; furthermore, there are no private rounds or private investors. The token’s distribution will be a fair launch and favorable to early participants.

The Parachain Loan Offering

When Will Calamari’s PLO Launch?

Calamari Network intends to begin its Parachain Loan Offering in conjunction with the start of the sixth Kusama parachain auction. The exact date marking the commencement of the sixth auction is unclear at the time of writing; the fifth auction is finishing up now, and will end on Friday, July 23, 2021. After that auction completes, there will be a review period before beginning the second batch of auctions (auctions 6 through 10). At the moment, the duration of the review period is unclear.

How Do You Participate?

The Calamari team is working on various, easy ways for you to participate in the PLO, which will reward you with $KMA, which is Calamari’s native token. More details will be released in the upcoming days as the plans are finalized. Currently, what we can say is that we are talking with some large exchanges to support our PLO; furermore, we are working on releasing our own app to provide support as well. To be the first to be notified about the updates of our PLO, as well as that of the general Calamari and Manta Network, sign up for our newsletter.

About the Calamari PLO

Up to 3,000,000,000 (3 billion) KMAs, or 30%, of the total supply will be distributed to KSM contributors. The cap of Calamari’s crowdloan will be 300,000 KSMs which means no more KMAs will be available for KSM contributors after the cap is reached. Any unused KMA from the 30% allocation will be put directly towards the next parachain auction!

Unlocking the Full 3 billion KMA in Stages

For the Calamari crowdloan, the full allocation of 3 billion KMA will be distributed evenly over three stages (1 billion KMA unlocked per stage). Each new stage is unlocked if we don’t win the auction slot. For example, stage 1 begins (1 billion KMA) with slot 6. If we don’t win slot 6, then stage 2 opens up (an additional 1 billion KMA) with slot 7 auctions. If we don’t win slot 7, then stage 3 opens up (an additional 1 billion KMA for a total of 3 billion in distribution). Stage 3 is the final unlock. In more details:

1. The first stage has a cap of 1 billion KMA for KSM contributors which means a cap of 100,000 KSMs raised. If Calamari wins the auction during each stage, the remaining KMAs will go to the treasury for future auctions. Otherwise the next stage opens up if we don’t win the slot auction.
2. The second stage cap is 2 billion KMA and 200,000 KSM. If Calamari does not win theslot auction during this stage, it will go to the third stage.
3. In the third stage, 3 billion KMA will be distributed for a cap of 300,000 KSM.

Bonuses for Contribution

Calamari crowdloan contributors will receive 10,000 KMAs per 1 KSM contributed as rewards for their contribution to the crowdloan by default. The fixed ratio guarantees that rewards for KSM contributors won’t change with the amount of KSM Calamari raised. This makes it fair for all participants, regardless of the when they enter.

That being said, we want to show our appreciation for the early supporters. To do that, we are offering early bonuses to the first 1,000 contributors on our crowdloan.

The first 500 contributors receive an extra 10% bonus Calamari. For example, if Gabriela contributes 5 KSM, she receives 50,000 KMA by default. As one of the first 500 contributors, she receives an additional 10% bonus, or 5,000 KMA. In total, Sally receives 55,000 KMA as a reward for her early contribution.

The next 500 contributors receive an extra 5% bonus Calamari. For example, if Georgi contributes 5 KSM, he receives 50,000 KMA by default. As one of the contributors who are the first 501–1,000, he receives an additional 5% bonus, or 2,500 KMA. In total, Georgi receives 52,500 KMA as a reward for his early contribution.

Referral Bonus

As an added bonus, Calamari crowdloan contributors can also refer their friends and colleagues to participate in the Calamari crowdloan. Both the referrer and their referred counterparts receive a 2.5% bonus each, or 5% bonus in total split between the two.

For example, if Georgi refers Kevin, and Kevin contributes 10 KSM, he receives 100,000 KMA. Because Kevin used Georgi’s referral code, Kevin receives an additional 2.5%, or 2,500 KMA for a total of 102,500 KMA. Georgi also receives an additional 2.5% calculated from Kevin’s base contribution, or 2,500 KMA.

Other Details

Parachain Slot Duration

For Calamari to be successfully launched on Kusama, we need enough KSMs to secure a parachain slot. Calamari will bid for 8 periods each with a duration of 6 weeks (48 weeks).

Lock Period

Calamari will bid for parachain slots through a crowdloan. The collective KSMs will be locked for 8 periods (6*8 weeks) from the moment Calamari wins a slot until the duration ends. If Calamari does not win a slot, the KSMs will be unlocked and refunded to their original owners.

Reward Vesting

After Calamari wins a parachain slot, 34% of KMA will be released to crowdloan participants. The remaining 66% will be vested every 8 weeks on an equal basis.