If you have questions regarding KILT’s crowdloan, you can look here.
Can I contribute to the KILT crowdloan before the auction starts?
Yes, you can contribute to the crowdloan before September 1st, when the auction officially starts as long as the cap of 220,000 KSM for the KILT auction bid is not yet reached.
If I change my mind, can I withdraw my KSM from the crowdloan before KILT wins a slot?
No. Once KSM has been contributed to a crowdloan it automatically remains in the module until it is “retired”. If successful, that will be at the end of the 48-week lease period; if unsuccessful, it will roll into the next auction in the series (there will be 5 auctions in this round) until successful or until the series ends.
Where are the KSM held during a crowdloan?
All KSM contributed to a crowdloan are held on-chain in the respective crowdloan module on the Kusama network.
How long will my KSM be held for the KILT Parachain?
Your KSM will remain in the crowdloan module from the time it is added until it is released at the end of the 48-week lease period, if the auction is successful.
Can I stake my KSM after I bid in KILT’s auction?
No, once you commit your KSM to the crowdloan module you cannot use it for voting, staking or any other activities until it is released at the end of the lease period.
What happens if KILT doesn’t get a slot in auction six?
If an auction is unsuccessful, the KSM contributed remains in the crowdloan module to support the next auctions (7-10) until successful or until the series ends.
How long is the parachain slot lease?
Leases on parachain slots on Kusma can range from 6 weeks to 48 weeks (8 lease periods). KILT is bidding for a 48 week slot.
I added 1 KSM to the crowdloan. Can I add more now?
Yes, as long as the auction period is open you can add more, unless the cap of 220,000 KSM for the KILT auction bid has been reached.
If I contribute my KSM after the candle has gone out, does my KSM stay locked up until the end of the slot?
Yes, all KSM in the crowdloan module will remain there until it is released either after the lease period ends (if the auction is successful) or after the end of auction 10 (if unsuccessful).
If the crowdloan candle goes out before I contributed my KSM, do I get my KILT Coin rewards?
After KILT successfully wins a slot, all KSM participants will be eligible for a minimum of 25 KILT Coins for every 1 KSM contributed as a “thank you” for their support. These Coins have been set aside as a reserve by BOTLabs GmbH and can be distributed by governance after KILT is decentralised.
Decentralisation is planned to occur after we secured the slot, launched KILT mainnet and launched additional features including the governance mechanism. BOTLabs, the entity behind KILT Protocol, will vote in the parachain auction process but is excluded from this reserve.
How long before KILT becomes decentralised and the crowdloan is paid out?
There are a few technical steps here, so we cannot provide a firm date when the crowdloan reserve payout may occur. Key milestones are:
- Secure KILT parachain slot via crowdloan
- Launch KILT mainnet
- Test and launch KILT governance
- Decentralisation of the network and activation of governance
- Governance votes on distribution of the crowdloan reserve
Are there any restrictions for residents or citizens of some countries to participate in the crowdloan?
From a technical perspective you can participate in crowdloans without any restrictions. However, your participation may be restricted by the regulations in your own jurisdiction; please review these before participating.
Is there a minimum amount of KSM for participating in the crowdloan?
Yes, the minimum is 0.1 KSM for each vote.
Is there a maximum amount of KSM for participating in the crowdloan?
No, unless the maximum cap of 220,000 KSM has been reached for the auction.
What’s the cap of the KILT crowdloan?
The cap f the KILT crowdloan is 220,000 KSM. This means that no more than 220,000 KSM in total can be contributed to the crowdloan.
What wallets can I use to participate in the crowdloan?
To vote for KILT’s auction bid, KSM holders can lock their KSM for KILT via Polkadot.js or the Fearless wallet. Please do your own research before participating, especially if you are using any other platform that offers crowdloans.
If I support the KILT crowdloan with 1 KSM, how many KILT Coins will I receive?
Governance can allocate the “thank you” after KILT is decentralised. The reserve has been set up so that 4.5 million coins could be shared among all crowdloan supporters (with the exception of BOTLabs GmbH, the legal entity behind KILT). The crowdloan is capped at 220,000 KSM, ensuring a minimum ratio of 25 KILT Coins per KSM.
What happens to the KSM I bid when KILT wins a parachain slot?
When KILT wins its parachain slot the KILT blockchain will be on-boarded as a Kusama parachain. The collected KSM tokens will be locked in the KILT crowdloan module on-chain on Kusama for the entire duration of the parachain slot (48 weeks).
After the parachain auction
Once the KILT parachain starts running can I withdraw my KSM?
Once KSM has been contributed to a crowdloan it automatically remains in the module until it is “retired”. If successful, that will be at the end of the 48-week lease period.
When will I get my KILT Coins from the crowdloan reserve “thank you”?
This will be decided by governance after the KILT network goes live and is decentralised. Decentralisation is expected to occur around 2-3 months after the network goes live and we assume that the vote on the “thank you” will take place soon after that.
How will I get my KILT Coins from the crowdloan reserve?
It is planned that the KILT Coins from the crowdloan reserve would be distributed to your KILT Coin address following a governance vote after KILT is decentralised. This KILT Coin address is automatically derived from the KSM address that you used for your crowdloan vote.
Will the KILT Coins I get be unlocked?
It is expected that half the KILT Coins you received will be unlocked coins; the other half will be vested over a period of 6 months. Vested coins can be used for staking and voting.
How much is a KILT Coin worth?
The KILT Coin is not yet live, is not yet tradeable and is not yet on exchanges, therefore it currently has no developed market value.
What happens at the end of the KILT parachain slot lease?
At the end of the parachain slot lease your KSM will be returned via the crowdloan module.
Will I get my KSM back at the end of the KILT parachain slot?
Yes, at the end of the 48-week lease period your KSM will be returned via the crowdloan module.
Will there be another KILT crowdloan when this slot expires?
By the time the first KILT parachain slot expires KILT will be a decentralised network run by the token holders (via a system of governance). Any decisions regarding additional crowdloans for Kusama and Polkadot will be made by governance.