- Subsocial secured a highly coveted parachain slot on the Kusama Network.
- The project hits crowd loan cap of 100,420.69 KSM during the auction.
- Subsocial to distribute 16.5m sub tokens after securing kusama parachain slot.
The Kusama network continues to be one of the solid ecosystems in the space that keeps supporting many other crypto projects. Today, the Subsocial platform successfully secured a highly coveted parachain slot on the Kusama Network. Furthermore, the project hit its crowd loan cap of 100,420.69 KSM during the auction. The network won the slot by launching its bid for the Kusama parachain last month.
SubSocial founder Alex Siman react,
We are thrilled to have Subsocial secure a parachain slot on Kusama. This will allow us to build all sorts of innovative integrations in the Social Finance sector. Our community’s support has been incredible.
Subsocial is a platform open for decentralized social networks and marketplaces built on the Polkadot ecosystem. In addition, it has a native crypto asset — SUB token. The network used this token to reward the KSM token holders that supported the proposal of Subsocial to the KSM parachain bid. Best of all, the network plans to distribute 16.5 million SUB tokens to contributors after its parachain goes live early next year.
The success of SubSocial in the bidding enables anyone in the platform to own their own decentralized, censorship-resistance social network closer to reality. It also uses the Substrate blockchain framework and IPFS for decentralized file storage. With this, Subsocial can connect its technology to the Polkadot and Kusama networks.
The parachian slot on Kusama enables Subsocial to leverage XCMP, Kusama’s cross-chain message-passing protocol, to communicate with other parachains on Kusama. As a result, it will allow Subsocial to build feature integrations with those parachains that benefit itself while adding value to other projects.
The advantage of this feature is that SUB tokens, which are needed to transact on Subsocial and participate in governance, will be easier to obtain by being listed on decentralized exchanges. The integrations will also make it possible for other social tokens to be used on the Subsocial platform.
On the other hand, Subsocial’s Kusama parachain is set to go live on January 8, 2022. Its current betanet will be relaunched as a standalone mainnet. This means it will operate two chains, connected by a bridge and sharing the same SUB token. Subsocial requires two chains as the standalone mainnet to perform better, while the parachain is necessary for feature integrations.