A teaser for the Dora Factory-KSM Kusama Crowdloan.
0x65E4
March 19th, 2022

The Dora Factory Foundation is excited to release additional details on our Kusama auction strategy. All details will be released on March.21st, 2022.

The Dora Factory team has designed the Dora Factory-KSM parachain auction strategy with fairness. First and foremost, we want to win a parachain slot; and we plan to do so while still upholding the values we see as integral to the Kusama Network.

  • In order to achieve broad participation in the Dora Factory-KSM network, Dora Factory-KSM will use a crowdloan to fund its auction bid.
  • There are 33,000 DORA tokens allocated to reward crowdloan contributors. This puts a vital portion of the network tokens directly into the hands of the community within one year of the Dora Factory-KSM launch.
  • Following a successful campaign and deployment of the Dora Factory-KSM parachain on Kusama, reward distributions will be made on-chain: 100% vesting over the course of the lease (48 weeks).
  • Contributions can be made through the Dora Factory-KSM crowdloan official partner, Parallel.
  • Note that the native token for the Dora Factory-KSM network will still be the DORA token.
  • In addition to the information provided below, please visit the Dora Factory page to learn more about the network and the crowdloan page for more in-depth information on the crowdloan process.

Why Dora Factory-KSM

Kusama has proven to be an experimental, risk-taking, community-led network that has its own personality and use cases. Dora Factory-KSM will function as the canary network for our DAO-as-a-Service. As a parachain on Kusama, Dora Factory-KSM will have access to the latest code, features, and integrations available.

We have taken an intentionally radical approach with the token distribution for Dora Factory-KSM. There are no allocations for VCs or even the founding team. We will be distributing 100% of the tokens to the community, starting with the Dora Factory-KSM crowdloan. Everyone will have the same opportunity to participate in the network.

Dora Factory-KSM is meant to be an experiment in the spirit of Kusama. We hope the Kusama community is empowered by Dora Factory-KSM. We have developed the Quadratic Funding, Moloch, and a few other on-chain governance pallets native to Kusama. That applies to builders, many of whom are building DAOs on Kusama and will leverage Dora Factory-KSM services. But it also applies to partners and all community members who want to help shape the future direction of the network.

The spirit behind the Dora Factory-KSM is to build a reliable DAO-as-a-Service for Hacker Movement and more. But it takes time and effort to build a powerful suite of on-chain tooling that’s trustworthy, especially in the Kusama/Polkadot ecosystem. One thing, however, is clear. Dora Factory-KSM isn’t going to be a vital part of that DAO story without the participation of all of the community members that have helped the network get to where it is today — and all of the new members that will bring their innovation and devotion to the community.

We welcome you to join us and help shape the future of DAO-as-a-Service together.

Crowdloan Contributions

Dora Factory-KSM will open its crowdloan to contributions soon. We are incredibly focused on achieving broad participation in the crowdloan. You can contribute your KSM to the crowdloan through Parallel. A tutorial with step-by-step instructions on how to contribute through Parallel will be posted on the Dora Factory blog shortly, but for general instructions please see below:

  • You must obtain KSM, and your KSM must be transferable (unlocked). This includes both staking and democracy locks. The KSM unbonding period is 7 days.
  • You must also have a Dora Factory address where you have confirmed access to the private keys. The DORA token rewards will be paid out to this address, and they cannot be retrieved if you use an address that you cannot access. Note that the rewards will be paid out on Dora Factory-KSM, not on Ethereum.
  • You will likely have the option to pre-register for the crowdloan, depending on timing, but this step is optional.
  • Once the crowdloan opens, you will be able to lock your Parallel. We will provide a tutorial in advance so you know what to expect, and how to verify the authenticity of the application/crowdloan.
  • Please be aware of scams. Crowdloan contributions are made through a special transaction using the campaign index and NOT by transferring KSM to a specified address. The Dora Factory Foundation will release the Dora Factory-KSM Crowdloan details at the start of the campaign.

There is one other important detail to note about your KSM in this crowdloan. KSM contributed to a crowdloan will be locked if the campaign is:

  • Successful (i.e., Dora Factory-KSM wins a slot): Your contribution will be locked for the duration of the parachain lease (48 weeks). A contributor can trigger the refund of the locked tokens at the end of the lease.
  • Unsuccessful (i.e., Dora Factory-KSM does not win a slot): Contributors can trigger the refund of their locked tokens at the end of the campaign (i.e. the Campaign End Date).

Rewards

Dora Factory-KSM has allocated 33,000 DORA tokens, to reward its crowdloan contributors. We’re targeting to raise 11,000 KSM tokens for the crowdloan to bid in the Kusama parachain auction for an initial 48-week year parachain slot. We are using this as a way to achieve token distribution for Dora Factory-KSM. Upon successful launch of the Dora Factory-KSM parachain, 100% will be distributed weekly over the life of the lease (48 weeks).

We believe that the initial distribution of token holders has a profound and lasting impact on the network’s trajectory. As the canary network of Polkadot, the Kusama Network is a special opportunity to be optimistically crucial in our efforts to achieve a fairer and broader distribution of initial tokens on Dora Factory-KSM.

There will be a hard cap of 11,000 KSM tokens for the crowdloan. The DORA token reward ratio will be 1 KSM: 3 DORA.

For example:

  • Penny contributes 100 KSM to the crowdloan.
  • At auction close, there is a total of 10,000 KSM in the crowdloan.
  • Therefore, Penny’s reward is 300 DORA at a ratio of 1 KSM : 3 DORA

Crowdloan contributors will be able to track overall contributions throughout the crowdloan campaign through the Dora Factory Foundation. The Foundation will work with Parallel to provide a statistics page that will show the current total contributions to the crowdloan and the ratio of KSM to DORA.

Throughout the crowdloan campaign, you will be able to increase your contribution and there are no minimum or maximum contribution limits.

Claiming Rewards

The rewards distribution mechanism will be on-chain. Once the crowdloan has ended, the participants will be added to the rewards pallet.

  • 100% of rewards will vest over the lease duration. This vesting schedule will not follow a static rewards distribution schedule. Instead, contributors may claim their rewards at any time, at which point the number of vested rewards will be automatically calculated based on the number of intervening blocks. The individual contributors are in control of when to claim their rewards.

What’s Next?

We are eagerly waiting for additional details from Parallel and will update you on this website as this information is released and as more details are finalized. Join the Dora Factory Network Twitter, and Telegram for updates as well.

Arweave TX
Ih359AshIit0EmpfH9AtC5PHWhegywyEPY6Sac-4B5Y
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0x65E48050f924cE5B6B4D4a8D4e4240048b38D057
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